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Tag: Better.com

  • Amazon Employees Can Use Their Stock to Finance Home Purchases

    Amazon Employees Can Use Their Stock to Finance Home Purchases

    Amazon employees are about to enjoy a new perk: being able to use their company stock to finance home purchases.

    According to TechCrunch, Amazon has struck a deal with Better.com to make it easier for employees to purchase a home. Under the terms of the deal, employees in Florida, New York, and Washington State will be able to use their vested equity as down payment collateral. It’s believed the program will expand to other states in time.

    Interestingly, the deal does not require an employee to give up their shares, only to pledge their vested equity. The deal also extends to former employees that still have a stake in Amazon.

    Amazon is “always looking for opportunities” to improve its employee perks “and better support employees’ mental, physical, and financial wellness,” company spokesperson Brad Glasser told TechCrunch.

    “As part of that, we offer a wide-ranging slate of financial benefits, including saving resources, tools to grow financial knowledge, and programs that help employees feel financially sound,” he said. “Eligible employees can access these benefits starting on the first day of their employment with us, regardless of role or location.”

    “Financial wellness, mental wellness, and physical wellness are all essential facets of employee health, and they all affect each other,” Glasser added. “For financial wellness, that means providing benefits that aid with both short- and long-term financial success, for employees’ time at Amazon and beyond.”

  • Better.com Lays Off 4,000 Employees Without Telling Them

    Better.com Lays Off 4,000 Employees Without Telling Them

    Better.com continues to be the poster child for HR screw-ups, laying off 4,000 employees who only found out when their termination checks arrived.

    Better.com found itself in hot water when CEO Vishal Garg laid off 900 employees in a Zoom conference call, leading to multiple high-profile execs leaving in protest, and Garg taking a leave of absence. Unfortunately, the company appears to have learned nothing from the ordeal.

    While it had been reported Better.com planned on laying off an additional 4,000 personnel, according to *TechCrunch,* the employees in question did not find out until their termination checks arrived. The confusion evidently stemmed from the announcement originally being planned for March 8, before being pushed back to March 9. Unfortunately, the payroll system was not updated to reflect the delay, and proceeded to send the impacted employees their severance.

    Once executives realized the problem, some people’s severance checks were quickly withdrawn, although there has still not been any official acknowledgement of the layoffs, severance pay, or anything else for that matter.

    “Better Layoffs have started,” one employee told TC. “Severance showing in our Workday app (which is payroll) as of 12 AM respective time zones. No email, no call, nothing. This was handled disgustingly.

    “Leadership remained absolutely silent, never acknowledged anything in regards to layoffs. They still haven’t.”

    Better.com has truly provided one of the worst examples of how to treat employees of any major corporation in recent memory. Some already believed this latest round of layoffs may have been the result of Garg’s actions, as the company struggled to attract new business, thanks to its tarnished reputation. It’s a safe bet the company’s fortunes are not going to improve anytime soon, nor should they until it starts living up to its name and does better.

  • Better.com Preparing to Lay Off Another 4,000 Employees

    Better.com Preparing to Lay Off Another 4,000 Employees

    Better.com is preparing to lay off an additional 4,000 employees, just months after its CEO infamously laid off 900 in a group Zoom call.

    Better.com CEO Vishal Garg went down in CEO infamy when he laid off 900 employees in a Zoom conference. Garg tried apologizing, but ultimately took a leave of absence, before returning in January.

    According to TechCrunch, the company is now preparing to lay off some 4,000 additional employees. It’s believed Garg’s behavior may be a factor in the additional layoffs, as Better.com has struggled with the fallout and is likely having trouble attracting new business.

    In addition to his layoff stunt, Garg has a history of being verbally abusive to employees, once telling them: “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”

  • Better.com Executive Exit Continues Over Vishal Garg’s Return

    Better.com Executive Exit Continues Over Vishal Garg’s Return

    Better.com’s board of directors may have welcomed back CEO Vishal Garg, but his return has caused even more top execs to leave.

    Garg became infamous for laying off 900 employees simultaneously in a single mass Zoom call. The move was widely panned by employees, critics, and the company’s own executives, several of whom resigned in protest.

    Garg tried to apologize, but his apology did little put out the fire. He eventually agreed to a leave of absence, but the board announced his return little more than a month later. When announcing his return, the board said it was “confident in Vishal and in the changes he is committed to making to provide the type of leadership, focus and vision that Better needs at this pivotal time.”

    It would seem at least some execs don’t share the board’s vote of confidence. Sarah Pierce, EVP, Customer Experience, Sales and Operations, as well as Emanual Santa-Donato, SVP, Capital Markets and Growth, have both left the company.

    Pierce posted the following message to LinkedIn:

    Yesterday was my last day at Better.com.

    To the current and past employees at Better, I want to say how grateful I am for our time together.

    Throughout my time, I would always get asked “what keeps you at Better?” From my first day to my last, my answer never changed: the people. For 6 years, I got to work with some of the smartest and hardest working people I have ever met.

    To my colleagues at Better, I will miss you. And to the people who have left Better — it has been so inspiring to see the unbelievable steps you are taking in your careers and amazing companies you are joining.

    To my extended Better family, please do not hesitate to reach out to me. Don’t be a stranger!

    Santa-Donato has not yet posted anything about his leaving, although he did post two months ago that he wanted to assist those who were laid off to find new jobs.

  • Better.com CEO Returns — Much to Employees’ Chagrin

    Better.com CEO Returns — Much to Employees’ Chagrin

    Vishal Garg, the Better.com CEO that laid off 900 workers via Zoom, is back after taking a leave of absence amid the backlash.

    Garg made headlines when he laid off 900 workers at one time via a Zoom call. The backlash was swift and severe, with condemnation coming from all corners of the tech and business industries. Garg tried to apologize, but was unable to satisfy critics, and ultimately took a leave of absence — but not before multiple top executives left the company in protest.

    According to The Daily Beast, Garg is back. 

    “As you know, Better’s CEO Vishal Garg has been taking a break from his full-time duties to reflect on his leadership, reconnect with the values that make Better great and work closely with an executive coach,” read a letter from the company’s board to employees.

    “Vishal will be resuming his full-time duties as CEO. We are confident in Vishal and in the changes he is committed to making to provide the type of leadership, focus and vision that Better needs at this pivotal time.”

    Needless to say, many employees are not happy with the decision, especially given Garg’s past history of toxic behavior.

    “Nobody wants him back,” one current employee, speaking on the condition of anonymity, told The Daily Beast. “I know… people who planned to leave if he retained the CEO position, and I plan to be one of them now.”

    Better.com’s Board Is Out-of-Touch

    We wrote earlier about BlackRock CEO Larry Fink’s annual letter to CEOs, wherein he talked about the changing workplace landscape, especially as it pertains to a new focus on “racial equity, childcare, and mental health.”

    Rather than decrying these changes, Fink embraced them and made it clear that only CEOs that do the same will truly succeed moving forward.

    “These themes are now center stage for CEOs, who must be thoughtful about how they use their voice and connect on social issues important to their employees,” Fink wrote. “Those who show humility and stay grounded in their purpose are more likely to build the kind of bond that endures the span of someone’s career.”

    The qualities Fink describes are certainly not the qualities on display with Garg’s handling of the layoffs nor, would it seem, with the board’s decision.

    By so quickly welcoming Garg back with open arms, Better.com’s board shows it’s as disconnected with the company’s employees as the CEO they now express full confidence in.

  • Better CEO Taking Time Off In Wake of Mass Zoom Firing

    Better CEO Taking Time Off In Wake of Mass Zoom Firing

    Better.com’s board of directors has announced CEO Vishal Garg is “taking time off effective immediately” in the wake of laying off 900 people via Zoom.

    Garg ignited a firestorm last week when he held a Zoom meeting with 900 employees to tell them they were being laid off. In that call he told the employees: “If you’re on this call, you are part of the unlucky group…Your employment here is terminated, effective immediately.”

    Garg’s handling of the situation drew immediate backlash, drawing severe criticism and leading to at least three top executives resigning. Garg penned an apology, but it did little to undo the damage.

    According to Vice, Better’s board of directors sent out an email addressing the situation, saying Garg is taking time off and measures are being taken to assess the company’s culture.

    Here’s the full email, via Vice.

    Good Morning,

    Vishal and the Board wanted to provide Better employees an update given the very regrettable events over the last week.

    Vishal will be taking time off effective immediately. During this interim period Kevin Ryan as CFO will be managing the day-to-day decisions of the company and he will be reporting to the Board. As well, the Board has engaged an independent 3rd party firm to do a leadership and cultural assessment. The recommendations of this assessment will be taken into account to build a long-term sustainable and positive culture at Better. We have much work to do and we hope that everyone can refocus on our customers and support each other to continue to build a great company and a company we can be proud of.

    Better Board of Directors

    Given Garg’s history of toxic interaction with his employees, it would not be surprising if his “time off” becomes a more permanent arrangement.

  • Do Better? Better.com CEO Apologizes for 900 Employee Zoom Layoff

    Do Better? Better.com CEO Apologizes for 900 Employee Zoom Layoff

    Better.com CEO Vishal Garg has learned firsthand how he can do better in the future: Don’t do a mass layoff of 900 employees in a Zoom meeting.

    Garg made headlines last week when he laid off 900 employees at once in a Zoom meeting, saying: “If you’re on this call, you are part of the unlucky group…Your employment here is terminated, effective immediately.”

    Needless to say, the complete and utter lack of finesse, the lack of respect for his employees, lack of people skills, not to mention lack of basic common sense, did not go over well with employees or the company’s other executives. In fact, CNET reports the company has experienced “mass resignations,” including its vice president of communications, head of PR and head of marketing.

    Garg has now written a letter (PDF) apologizing for his handling of the layoffs.

    I want to apologize for the way I handled the layoffs last week.

    I failed to show the appropriate amount of respect and appreciation for the individuals who were affected and for their contributions to Better.

    I own the decision to do the layoffs, but in communicating it I blundered the execution. In doing so, I embarrassed you.

    I realize that the way I communicated this news made a difficult situation worse. I am deeply sorry and am committed to learning from this situation and doing more to be the leader that you expect me to be.”

    This isn’t Garg’s first issue, when it comes to employee management, that has come to light. Forbes obtained an email last November in which Garg slammed his own employees.

    “You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS and…DUMB DOLPHINS get caught in nets and eaten by sharks. SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME,” Garg wrote. 

    It’s clear Better.com’s CEO needs to do far better himself, but only time will tell if he actually will. In the meantime, Garg provided a case study of how not to handle a layoff.