CEO of the US-based company Better.com, Vishal Garg reportedly fired 900 employees of his company which comprised nine per cent of his company’s entire workforce, over a zoom call. The reason behind their abrupt termination? Market efficiency, performance and productivity, were cited by Garg.
The CEO alleged that the employees were ‘stealing’ from their colleagues and customers by being unproductive throughout the day and working just 2 hours a day, said a Forbes report.
The CEO, via a video conference, said, “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.”
“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,” Garg said on the call.
The decision came just days ahead of the holiday season which is celebrated with much fervour in the West. He then said that the employees could expect an email from the Human Resource department with further details pertaining to the termination.
“Having to conduct layoffs is gut-wrenching, especially this time of year,” CFO Kevin Ryan of Better.com said in a statement.
“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,” he added.
Among those fired were the diversity, equity and inclusion recruiting team.
- International aid reaches Tonga with clean water, supplies
- Omicron in community transmission stage, dominant in metros: INSACOG
- UAE bans private drones after deadly attack on Abu Dhabi
- True honour to Netaji would be to follow his ideology of inclusivity & secularism: family
- BJP eyeing 2/3rd majority in Manipur; Open to post-poll alliance: CM
- India’s economy has bright spots, a number of very dark stains: Raghuram Rajan