For hundreds of employees, it was a Zoom termination call from hell. According to a CNN report, Vishal Garg, the chief executive officer (CEO) of mortgage lender Better.com, fired over 900 employees over a Zoom call. On Wednesday, he held a Zoom webinar in which he announced that 9% of the company’s workforce would be laid off. According to CNN, the CEO said on the call, “If you’re on this call, you’re part of the unfortunate group that is being laid off.” “Your employment here is immediately terminated,” he added.
Vishal Garg cited market efficiency, performance, and productivity as reasons for the layoffs. According to Fortune, Garg accused these employees of “stealing” from their coworkers and customers by being unproductive and only working two hours per day.
“Having to conduct layoffs is gut wrenching, especially this time of year,” the company’s chief financial officer (CFO) Kevin Ryan said in a statement to CNN.
“However, a fortress balance sheet and a reduced and focused workforce, combined with a reduced and focused workforce, set us up to play offence in a radically evolving homeownership market,” he added.
The CEO stated during the Zoom call that this is the second time he has made such a decision and that he did not want to do so. He said he cried the last time he did so.
Many people have lost their jobs as a result of the coronavirus pandemic, which is a major setback given that people are already in financial distress due to the health crisis. Job loss exacerbates the problem. Many business leaders have described job losses during the coronavirus (Covid-19) pandemic as “catastrophic.”
Temporary layoffs were cited as the main cause of the high unemployment rate of 14.7 percent in April of last year in the United States. According to the Harvard Business Review (HBR), Covid-19 has caused “deep and long-lasting” damage to the job market.
According to the report, not only are managers dealing with the stress and sadness of having to let go of a large number of employees, but many are also experiencing underlying anxiety about their own jobs.
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