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Featured Image Credit: TikTok/better.com
The CEO of an online company brutally sacked 900 of his employees over Zoom, before telling them that they were so lazy and unproductive that they were ‘stealing’ from their customers. Take a look below:
43-year-old Vishal Garg is the CEO of New York based online mortgage firm Better.com, and he called a meeting with around nine percent of the firm’s employees last Wednesday to tell them that they were fired.
On the call, which appeared to be filmed and uploaded on social media by an employee, he told them: “This isn't news that you're going to want to hear... If you're on this call, you are part of the unlucky group that is being laid off.
“Your employment here is terminated effective immediately.”
Ahead of that news, he had said: “I come to you with not great news.
“The market has changed, as you know, and we have to move with it in order to survive so that hopefully, we can continue to thrive and deliver on our mission.
“This isn’t news that you’re going to want to hear.
“But ultimately it was my decision. And I wanted you to hear 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. This time, I hope to be stronger.
“We are laying off about 15 percent of the company for a number of reasons — the market, efficiency and performances and productivity.”
That figure was later corrected to nine percent, but it’s still a lot of people losing their jobs.
One of the workers filmed that call as it was ongoing, sharing the moment that they were sacked, as well as cursing their CEO for doing it.
Whilst Garg cited market fluctuations for the decision, he also hinted towards ‘performance and productivity’ problems in a later blog post.
He said: “You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system?
“They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated,”
In a later statement, Garg said: “Having to conduct layoffs is gut-wrenching, especially this time of year.
“However, a fortress balance sheet and a reduced and focused workforce together set us up to play offense going into a radically evolving homeownership market.
“I think they could have been phrased differently, but honestly, the sentiment is there.”
This isn’t the first time that Garg has been criticised for his treatment of employees.
Last year, Forbes obtained an email from the boss that said: “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”
LADbible has contacted Better.com for a comment.