Over a Zoom call on December 1, Vishal Garg, the CEO of Better.com, fired 900 employees from his company in India and the United States. A video of the Zoom call meeting, in which the CEO was seen announcing his decision to the employees, has been making rounds on the internet.
An employee, who was seemingly present during the call, recorded it on her phone and posted it to social media. The news comes as a shock just in time for holidays.
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“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,” Vishal Garg was heard saying in the video.
He went on to say, “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.”
During the conference call, Vishal also mentioned that this was the second time in his career that he has had to make a similar decision. “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% of the company for a number of reasons — the market, efficiency and performances and productivity,” he added.
Employees who have been laid off will be entitled to four weeks of severance, two months of cover-up for which the company will pay the premium, and one month of full benefits, according to the CEO of the US-based digital company.