Watch: Better.com CEO lays off 900 employees in US, India via Zoom call

Topics employees | layoff

Ahead of the holiday season, Vishal Garg, the CEO of US-based digital-first homeownership company Better.com, dropped a bombshell via a Zoom call on his 900 employees in the US and in India.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg reportedly told the staff during the Zoom video call last week, reported CNN Business. "Your employment here is terminated effective immediately."

15 per cent of employees of the New York-headquartered company have lost their jobs as part of the cost-cutting exercise. This is the second round of lay-offs Garg has undertaken, he said.

“This isn’t the news that you’re going to want to hear but ultimately it is my decision and I wanted you to hear it from me. It’s been a really really challenging decision to make. This is the second time in my career I’m doing this and I do not want to do this. The last time I did it, I cried,” Garg is heard saying in the clip that is going viral on social media.

Garg, who founded online homeownership company Better.com in 2016, said all US-based employees laid off will get four weeks of severance, one month of full benefits and two months of cover-up for which we will pay the premium. He said they will get an e-mail from the HR detailing the benefits.

 



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel