YIKES: CEO Lays Off 900 Employees Over A 3-Minute ZOOM Call … Calls Out Epic Laziness

Written by Wes Walker on December 6, 2021

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If you have the Jeffrey Toobin understanding of ‘work from home’ productivity and effort, that pandemic gravy train might be crashing to a stop.

It just did for 900 employees on a Zoom call that the boss called out for working two hours but billing for eight. What, did these folks forget that productivity has metrics that can be tracked?

The company in question is a mortgage lender named Better (dot) com.

No sooner had the $7 billion mortgage lender startup been pledged a $750 million cash infusion than CEO Vishal Garg delivered the grim news, informing employees in a one-way call that they would be receiving an email from human resources with details of their severance packages.

“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg told his soon-to-be ex-employees, reported CNN, citing a recording of the call. “Your employment here is terminated effective immediately.”

…“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 Thursday in posts later confirmed to Fortune, explaining what went into determining who would be laid off. “They were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated.”

After the layoffs, Garg didn’t lay off. In a follow-up call, he told the remaining lucky employees that he would be scrutinizing their productivity, some of the participants told Fortune. Two of those employees told Fortune that he had actually used the word “bloodbath” to describe the coming year. — NYDailyNews

When asked to defend laying people off just before the holidays, he answered that these layoffs should have happened 3 months ago.

Among the layoffs? His entire diversity and inclusion team.

Was this the sensible business decision in cutting loose a crapton of people who didn’t take their jobs seriously, or was this guy a coldhearted Ebenezer Scrooge?

Whether the stand itself was the right one or wrong one, it’s a rare thing to see anyone in a prominent position take a bold stand of ANY kind.

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