According to a CNN report, more than 900 employees of the mortgage lender Better.com were fired by the chief executive officer (CEO) at the Zoom webinar. The webinar was held on Wednesday and CEO Vishal Garg informed the company that 9% of employees are being laid off.
“If you are on this call, you are part of an unfortunate group that has been fired,” CNN quoted the recording of the call as saying.
The company’s chief financial officer (CFO) Kevin Ryan later told CNN in a statement that the “distressing” decision was made to allow a dedicated workforce to enter the “rapidly growing” home ownership market.
However, “Fortune” magazine reported that Gag accused these employees of inefficiency and “stealing” from colleagues and customers.
In a brief and emotional Zoom call, the CEO of the New York-based company stated that this is the second time he has made such a decision.
Many business leaders call unemployment during the coronavirus disease (Covid-19) pandemic “catastrophic.” In the United States, temporary layoffs are considered to be the main reason for the unemployment rate as high as 14.7% in April last year. The Harvard Business Review (HBR) believes that Covid-19 has caused “profound and lasting” damage to the job market. It says that managers not only have to deal with the pressure and grief of having to fire a large number of employees, but many of them are also concerned about their own problems. The position feels latent anxiety.
It cited expert reports that management must show compassion when layoffs and absorb as much emotion as possible.
News Source : Hindustan Times
