'As we began to decrease our hiring pace, we saw some worrying numbers, and a lot of our clients were not receiving the service they needed from our partners,' he explained. He told Fortune that the company began evaluating staff productivity statistics four weeks ago, including missed phone call rates, the amount of inbound and outgoing calls, employees arriving late to customer meetings, and other such measures. The 43-year-old said the 'market has changed' and that the company needed to slim down in order to adapt to the changing housing market, which appears to be cooling after a pandemic-fueled boom - Garg didn't mention the company's $750 million cash infusion from investors last week on the call. I'm hoping to be stronger this time.' He stated, 'We're cutting off around 15% of our workforce for a variety of reasons, including the market, efficiency, performance, and productivity.' A official then amended the 15% statistic, claiming that the true percentage was closer to 9%. 'This is the second time I've done this in my career, and I'm not looking forward to it. Mr Garg claimed during the three-minute call that firing 900 staff was a 'difficult' choice, according to the Daily Mail. Then he returned to the role about five weeks later, which triggered an employee exodus as Better workers voluntarily left the company 'in droves' to protest his reinstatement.Holy shit bro 💀 I need to get a tik tok asap. Just over a week after the universally-denounced firings, Better's board of directors announced to the company via email that Garg was 'taking time off' as CEO. The housing market started to bounce back and even inflate last fall, and in early December 2021, Garg notoriously laid off 900 people, which accounted for 10 percent of Better's workforce, ahead of the winter holidays. In this first quarter of 2021, it raised $500 million from SoftBank and subsequently announced that it was looking to go public.īut then things went south. Unsurprisingly, Better disputes these Theranos-esque allegations, and told the WSJ in a statement that they are 'without merit.' Rick and Mortgageīilled as an alternative to traditional mortgage lending, Better initially made its name as property rates plummeted during the financial pains of the first year of the COVID-19 pandemic.

900 people fired on zoom call