The Indian-born CEO of an American homeownership company suddenly laid off more than 900 employees at a Zoom webinar, accounting for about 9% of its total number of employees, on the grounds that market efficiency, performance and productivity were the reasons behind this move.
According to CNN, during the Zoom webinar last Wednesday, Better.com CEO Vishal Garg suddenly announced that the mortgage company would lay off approximately 9% of its workforce.
According to the report, Gage listed market efficiency, performance and productivity as the reasons behind the dismissal.
“If you participate in this conference call, you are a member of the unfortunate group that has been fired,” he said on the phone.“Your work here ends immediately,” Gag said.
According to the report, the CEO notified more than 900 employees on the phone that they would be fired before the holidays.
Then he said that employees may receive emails from the human resources department detailing benefits and severance payments.
CFO Kevin Ryan said in a statement to CNN Business: “Having to make layoffs is a painful thing, especially at this time of year.”
“However, the combination of a fortress balance sheet and a reduced and dedicated workforce allows us to play an offensive role in entering a rapidly growing home ownership market.”
At the same time, Fortune magazine reported that Gag accused employees of being inefficient, working only two hours a day, and “stealing” things from colleagues and customers.
“This is the second time in my career to do this, and I don’t want to do it. The last time I did this, I cried,” Gag said on the phone.
Those fired include diverse, fair and inclusive recruitment teams.