New Delhi: Vishal Garg, the CEO of US-based digital-first homeownership company Better.com, in a brutal Zoom call fired his 900 employees in the US and in India, citing market efficiency, performance and productivity the reasons behind the mass lay-off.
“If you’re on this call, you are part of the unlucky group that is being laid off,” Garg told the staff during a Zoom video call on Wednesday, reported CNN Business. “Your employment here is terminated effective immediately.”
About 15 per cent of the company’s employees lost their jobs as part of the cost-cutting exercise of the New York-headquartered company, as per the company’s CEO. However, a Better.com spokesman later corrected the 15 per cent figure, saying the actual number was closer to 9 per cent.
In a viral video clip, Garg was heard saying, “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.”
The employees laid-off will be getting four weeks of severance, one month of full benefits and two months of cover-up, for which the premium will be paid by the company, said Garg in the video.
After the video clip went viral on social media, Garg was criticised for continuing to flash a ‘we are hiring’ tag on his official LinkedIn page while he fired 900 employees. The tag has now disappeared from his LinkedIn profile.