There was no uncomfortable Zoom meeting this time around, but for 3,000 Better employees, today was apparently their last day with the company.
The company reportedly began laying off thousands of workers on Tuesday, with some employees saying they found out they were cut without any advanced notice from the company, including a glitch in the company’s payroll app, per Inman.
The company has since confirmed that it has let go of 35 percent of its workforce, and shared the e-mail that went out to employees earlier today.
“As you know, the residential real estate market has been changing rapidly, and our entire industry is facing a dramatic drop in origination volume due to rising interest rates,” said Interim President and CFO Kevin Ryan in the company e-mail, reprinted by Inman. “It is clear—after careful, comprehensive review—that we will need to do more to ensure a strong path forward for the company and the vital work we are all doing to make homeownership more accessible for everyone.”
While Better execs say the company attempted to reach out to employees to let them know if they were let go, some reportedly found out when severance pay showed up in their bank accounts.
It’s the latest personnel debacle to hit the mortgage lender, following December’s disastrous—and now viral—lay off of 900 employees in a group Zoom meeting. As you may recall, CEO Vishal Garg laid off approximately 900 employees during a group call in what many called a tone deaf, impersonal delivery, making it about himself.
Within days of the clip from the meeting going viral, Garg announced he was taking a leave of absence from the company.