Vishal Garg, CEO of American company Better.com, laid off 900 of his employees about three months ago. He had given the order to remove the workers from the job during the zoom call itself. Now after about three months, the company is going to lay off four thousand more employees this week. TechCrunch website has confirmed this. The company is now laying off about 50 percent of the staff.
Another blow to consumers, now using credit cards will also have to be expensive
The total staff of the company is about 8000 employees. The company has seen a huge increase in customers turning to online options during the pandemic. This has become a more attractive option especially due to the low interest rates. The situation has become more challenging for the company.
A stampede broke out as soon as he returned from vacation
Vishal Garg is back after going on a break for almost a month. However, his return triggered the resignation of several senior officials, who were not happy with Garg’s antics. According to the report, after Garg’s return, Sarah Pierce, who served as Executive Vice President in the company and Emanuel Santa-Donato, Senior Vice President, also left the company immediately. Sara Pierce was angry with Garg for sacking nine hundred staff. He has given the reason for leaving the company on LinkedIn.
Had argued for having more staff
Garg had also said during a meeting after the layoffs that the company had hired more people than it needed. This led to a loss of $100 million in the previous quarter. ‘Better 2.0’ would be better than retrenchment of employees.
publicly apologized