topic Re: Better.com CEO fires 900 employees over Zoom in Credit in the News

Better.com CEO fires 900 employees over Zoom

txwallflower — Sun, 05 Dec 2021 23:15:02 GMT

Here is a linlk to the article Better.com CEO fires 900 employees over Zoom - CNN

Thought it appropo to post this in the Mortgage section.

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.

"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."

Among those fired were the diversity, equity and inclusion recruiting team

I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.

Re: Better.com CEO fires 900 employees over Zoom

FinStar — Mon, 06 Dec 2021 00:52:03 GMT

@txwallflower wrote:
Here is a linlk to the article Better.com CEO fires 900 employees over Zoom - CNN
Thought it appropo to post this in the Mortgage section.

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.
"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."

Among those fired were the diversity, equity and inclusion recruiting team

I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.

The revised figure, which obviously doesn't make the news better for those who were impacted, was 15% of the workforce.

Re: Better.com CEO fires 900 employees over Zoom

Mr_Mojo_Risin — Tue, 07 Dec 2021 00:50:20 GMT

@txwallflower wrote:
Here is a linlk to the article Better.com CEO fires 900 employees over Zoom - CNN
Thought it appropo to post this in the Mortgage section.

Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays.
"If you're on this call, you are part of the unlucky group that is being laid off," Garg said on the call, a recording of which was viewed by CNN Business. "Your employment here is terminated effective immediately."

Among those fired were the diversity, equity and inclusion recruiting team

I know members have used this lender. If you read the article, the CEO sounds like he should have fired himself based on how he has talked to his employees in the past.

In the video one might think Mr. Varg is looking for sympathy " The last time I did this I cried" 🙄

Re: Better.com CEO fires 900 employees over Zoom

Anonymous — Tue, 07 Dec 2021 18:42:01 GMT

it's not personal it's business, so i don't know why a person would cry over firing people he doesn't know personally. Sad for those losing thei jobs right before the Holiday but if they've been with the Company a long time they should get some compensation package. Sucks that they now have to find new jobs rather abruptly which is why people should have an emergency fund for such things.

As for the firings themselves I don't see why they could have just waited one Month, surely they aren't doing that poorly with the Housing market doing so well? I mean this would seem like the best times for Mortgage Companies.

Re: Better.com CEO fires 900 employees over Zoom

FinStar — Tue, 07 Dec 2021 20:13:01 GMT

@Anonymous wrote:
it's not personal it's business, so i don't know why a person would cry over firing people he doesn't know personally. Sad for those losing thei jobs right before the Holiday but if they've been with the Company a long time they should get some compensation package. Sucks that they now have to find new jobs rather abruptly which is why people should have an emergency fund for such things.

As for the firings themselves I don't see why they could have just waited one Month, surely they aren't doing that poorly with the Housing market doing so well? I mean this would seem like the best times for Mortgage Companies.

Well, the company already knew and had the data about 2 months ago sooo. It was very poorly executed from a leadership perspective.

Re: Better.com CEO fires 900 employees over Zoom

CreditCuriosity — Wed, 08 Dec 2021 02:46:17 GMT

Was a business decision just very poorly executed.

Re: Better.com CEO fires 900 employees over Zoom

Creditplz — Thu, 09 Dec 2021 23:45:45 GMT

I had a bad experience with this guy once... he called me and tried to gain my business but I ended up looking for a B&M bank... ended up going with BofA for 1.5M mortgage.

Re: Better.com CEO fires 900 employees over Zoom

Anonymous — Wed, 08 Dec 2021 10:07:31 GMT

@CreditCuriosity wrote:
Was a business decision just very poorly executed.

True and this certainly was an efficient method to thin the herd. It was "only business" !

Certainly lacked treating people as humans and with respect.

Re: Better.com CEO fires 900 employees over Zoom

pizzadude — Fri, 10 Dec 2021 14:41:22 GMT

I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12

Re: Better.com CEO fires 900 employees over Zoom

4sallypat — Fri, 10 Dec 2021 16:06:25 GMT

Based on my recent experience with Better.com for a first time home mortgage, I have to say I saw this coming.

After getting pre-qualified and then due to the market conditions requiring a full desktop UW hard pull loan pre-approval, the Better rep I was assigned was a rookie in NYC while we are in CA.

The rep promised the moon (low APR, refund on closing, etc) but could not perform when we had an offer accepted (21 day escrow).

Our real estate agent ran around in circles trying to get the pre-approved loan package as a requirement for the offer acceptance.

She had to contact 3 different Better.com people in differeent parts of the country to find the location where our pre-approval package was hiding (CT).

Then the Better rep said that the 3 week escrow is too short for funding.

Lost out on the house and went with a local mortgage broker.

Re: Better.com CEO fires 900 employees over Zoom

NRB525 — Fri, 10 Dec 2021 18:13:21 GMT

@pizzadude wrote:
I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12

A company can't just pull the plug on employees, which is literally what they did here. There's a whole raft of exit requirements to properly off-board any employee. The class action lawsuits are going to ream this company for millions.

Re: Better.com CEO fires 900 employees over Zoom

CreditInspired — Mon, 13 Dec 2021 22:01:01 GMT

@NRB525 wrote:
@pizzadude wrote:
I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12
A company can't just pull the plug on employees, which is literally what they did here. There's a whole raft of exit requirements to properly off-board any employee. The class action lawsuits are going to ream this company for millions.

I don't know, especially if it's an At-Will employment.

Re: Better.com CEO fires 900 employees over Zoom

SoCalGardener — Sun, 02 Jan 2022 01:02:09 GMT

@NRB525 wrote:
@pizzadude wrote:
I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12
A company can't just pull the plug on employees, which is literally what they did here. There's a whole raft of exit requirements to properly off-board any employee. The class action lawsuits are going to ream this company for millions.

Sure they can. I lived in Texas before moving back home to California, and it's a "fire at will" state. There is absolutely *no* protection for employees--at all. As long as the employer doesn't break any federal anti-discrimination laws, they're free to fire at will, for any or no reason, at any time, with no severance pay or any other termination kind of package.

Re: Better.com CEO fires 900 employees over Zoom

Anonymous — Tue, 04 Jan 2022 06:14:05 GMT

@SoCalGardener wrote:
@NRB525 wrote:
@pizzadude wrote:
I'd put low odds on anything coming out of this, but the CEO is "taking time off effective immediately" and the company has engaged a third party to "do a leadership and cultural assessment".

https://www.businessinsider.com/better-ceo-takes-leave-fires-900-employees-zoom-2021-12
A company can't just pull the plug on employees, which is literally what they did here. There's a whole raft of exit requirements to properly off-board any employee. The class action lawsuits are going to ream this company for millions.
Sure they can. I lived in Texas before moving back home to California, and it's a "fire at will" state. There is absolutely *no* protection for employees--at all. As long as the employer doesn't break any federal anti-discrimination laws, they're free to fire at will, for any or no reason, at any time, with no severance pay or any other termination kind of package.

Right. There might have been some federal WARN requirements, depending on location numbers etc.

Re: Better.com CEO fires 900 employees over Zoom

NRB525 — Wed, 05 Jan 2022 10:59:09 GMT

Same effect :

https://nypost.com/2021/12/10/better-com-hikes-severance-pay-as-ex-workers-explore-lawsuit/

Re: Better.com CEO fires 900 employees over Zoom

pizzadude — Thu, 20 Jan 2022 19:18:39 GMT

Vishal Garg, the founder of digital mortgage lender Better.com, who fired about 900 employees over Zoom last month, has reportedly returned to his position as CEO a little more than a month after announcing he was "taking time off" from the job.

"As you know, Better's CEO Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach," Better.com's board said Tuesday

https://www.cnet.com/tech/services-and-software/better-com-founder-reportedly-returns-to-ceo-duties-after-mass-zoom-layoff/

Re: Better.com CEO fires 900 employees over Zoom

OmarGB9 — Tue, 25 Jan 2022 14:17:09 GMT

@pizzadude wrote:
Vishal Garg, the founder of digital mortgage lender Better.com, who fired about 900 employees over Zoom last month, has reportedly returned to his position as CEO a little more than a month after announcing he was "taking time off" from the job.

"As you know, Better's CEO Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach," Better.com's board said Tuesday

https://www.cnet.com/tech/services-and-software/better-com-founder-reportedly-returns-to-ceo-duties-after-mass-zoom-layoff/

I seriously doubt he did any of that...he just wanted this to all blow over.

Re: Better.com CEO fires 900 employees over Zoom

RobynJ — Sun, 20 Mar 2022 16:11:17 GMT

As for an at will state I can attest that this is the same in Delaware also.

Re: Better.com CEO fires 900 employees over Zoom

Adkins — Mon, 21 Mar 2022 09:26:53 GMT

This fiasco just gets worse. Employees learned of new layoffs when severance checks appeared in their payroll app.

The mass layoffs at digital mortgage lender Better.com have reportedly started, according to employees and other sources at the company, and affected workers are finding out by seeing a severance check in their Workday account — the company’s payroll app.

The layoffs were meant to be announced by the company on March 9, but one employee — who wishes to remain anonymous due to fear of repercussions — told TechCrunch that “they accidentally rolled out the severance payslips too early.” Better.com execs reportedly planned the layoffs for March 8 but moved the date to March 9 when news of the initial date leaked.

So incredibly unprofessional, but it's par for the course it appears.

Re: Better.com CEO fires 900 employees over Zoom

GApeachy — Mon, 21 Mar 2022 12:19:17 GMT

“You guys know that at least 250 of the people terminated were working an average of 2
hours a day while clocking in 8 hours+ a day in the payroll system?” he wrote. “They were
stealing from you and stealing from our customers who pay the bills that pay our bills. Get
educated.”

Guess this is a Thing:

Last year, WW International, the company formerly known as Weight Watchers, was also
criticized for mass firings over Zoom.