Working from home or remote work has become the new normal in the past couple of years, and thousands of companies have caught on to the trend. Higher salaries, long hours, and advanced degrees used to be a sign of job security, however that has recently changed.
Better.com, the digital mortgage company founded in late 2012 by CEO Vishal Garg, is a prime example of what it's like to be completely expendable by your employer. In a Zoom video conference which took place last week, he fired 900 employees in a single day within less than an hour.
"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." - Vishal Garg, Better CEO
According to employees, they were then offered one months salary with two months medical benefits as a severance for immediate termination.
The backlash began almost immediately and a week later the CEO has agreed to take a leave of absence in order to alleviate the crisis experienced by the company after additional distrubances have been revealed.
An employee spoke anonymously to reporters who confirmed that the Board of Directors had replaced Garg with an interim CFO, Kevin Ryan amid resignations of other higher ranking employees.
The company, which was recently awarded a cash infusion of $750 million dollars, resulting from an upcoming SPAC backed by Soft Bank and Aurora Acquisition Corp.
Garg, who is currently confirmed as being out temporarily,received approximately $25 million as a perfomance bonus on the heels of the deal, less than twenty four hours before letting the employees go.