The layoffs came just days after reportedly received $750 million in funding as a result of its plan to go public through a Special Purpose Acquisition Company (SPAC).He claimed it was the second time he did it in his career and that he cried the first time.
The Indian American executive cited staff performance, productivity and market changes as reasons behind the mass termination, according to the BBC. “Your employment here is terminated effective immediately.” “If you’re on this call, you are part of the unlucky group that is being laid off,” Garg said on the call, which was later leaked on the internet. The number represented 9% of the mortgage company’s workforce, according to CNN. com.The rundown: Garg, who founded in 2016, fired more than 900 employees in a Zoom call last Wednesday. Unfortunately, with the current leadership, the writing is on the wall for the now ironically named, Better. It's amazing how often "leaders" forget this. There is no value, without the buy in of the people. Organizations, at the end of the day, are nothing more than the harnessing of people's energies towards a common goal to create value in some way, shape, or form. Tone matters the employees that remain are not impervious to the inappropriate tone used with their former colleagues. Here's the thing regardless of what the productivity data showed, and what the reality of the business is, there is no future success story without the will of the people. Get educated.” Later, pressed on his comments, he reiterated, "I think they could have been phrased differently, but honestly the sentiment is there." Some former employees turned to Blind - an app that creates forums for anonymous verified communities - to air grievances, only to see Garg respond in one case with “Leave now and save us both the trouble." In the aftermath, his callous statements on the subject included “You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking in 8 hours+ a day in the payroll system? They were stealing from you and stealing from our customers who pay the bills that pay our bills. By now, you've likely heard that the # CEO laid off 900 people over #Zoom.
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