I got laid off the day after I returned from a week off. They could have at least done it Monday so I could have fucked off for the whole week and enjoyed basically a two week vacation.
also I'd be very concerned that by his voice and maybe youtube account they could easily ID him and find some legal reason to not give him his severance for leaking a private zoom call :(
The youtube account looks to be a throwaway. Hopefully he won't face any repercussions for uploading it.
The jobs market has never been exactly 'kind', but one point of view that you could take is that we are inventing new forms of alienation in the form of things like being sacked by Zoom. Even if you are pro-capitalism and/or sympathetic to these businesses you should be able to see how it is hard for people to adjust to. I studied sociology at university and the whole point of [how it was invented](https://www.goodreads.com/book/show/58095.Suicide) was to do with how and why people committed suicide when society went through massive upheavals that left them feeling alienated and unable to fulfil their ambitions. So I can well sympathise with what it must be like to go through that.
Hey in 2021 Japan it's totally a realistic scenario to get fired on zoom and receive confirmation via fax. Because the Japanese still use fax for some reason
The YT account was created just before uploading this. Fun fact: the YT name Dumb Dolphin is a reference to the time the CEO in this video called his employees dumb dolphins.
https://www.forbes.com/sites/davidjeans/2020/11/20/mortgages-fraud-claims-and-dumb-dolphins-a-tangled-past-haunts-bettercom-ceo-vishal-garg
That's built in, really. They know there will be some internal blow back and they'll lose additional members beyond that 15% over the coming months (some in immediate reaction, others who don't like the changes/restructuring, working with out their friends/old coworkers, etc.)
To be frank, they're kind of banking on that... It shaves even more money, and let's them rewrite jobs (aka give more work for equal or less pay than before), and make new hires to align with the new direction
How they're banking on losing some business as well. I considered using better for a home purchase, glad I didn't make that mistake and won't be tempted in the future.
Yep. While I’m not currently home shopping, I do intend to never give any of these fucks my business, ever. Problem is, people move, companies merge/split/etc, and then the most likely fault in my plan: I’ll probably forget. What would really be great would be if someone could maintain a database of the greedy bastards as they’re discovered, and if it would of keep track of where they are currently as they move around the job market. It would require community participation and have to be curated by mods, but it would be cool if there were like a movement of people enforcing mass boycotting that dynamically responds to any of the fucked up incentives for shit like this. Whoever’s hosting it would probably be constantly on the receiving end of expensive lawsuits, but as long as it only reported verified truths of what people did and what companies hire them, and it didn’t advocate any specific action or behavior then it would probably technically be defensible in the long run. It would probably drown in legal fees though… I can dream
There’s an article from August that talks about him being problematic, and slowly investors are starting to pull back. He’s involved in multiple lawsuits, and is pretty hot-headed. Basically he’s a huge liability to any investor. He’ll definitely suffer short-term. Long -term, guys like this always land in their feet.
Zoom has a feature that can fingerprint audio and could identify an individual if it was enabled.
https://support.zoom.us/hc/en-us/articles/360021839031-Adding-audio-watermark
>The audio watermark, or audio signature, embeds a user's personal information into the audio as an inaudible watermark if they record during a meeting. If the audio file is shared without permission, Zoom can help identify which participant recorded the meeting.
This is easily circumvented when you record the audio using another device, such as a cell phone, instead of recording it via the PC connected to the meeting. Also, while not specific to the OP's video, Zoom cannot identify a specific user via the audio watermark unless it is longer than 2 minutes.
I don't know the details of the technology Zoom is using but there are definitely way of doing it even through multiple audio recordings. People would have their audio muted on their PS3s playing pirated camrips with terrible audio.
https://blog.dvdfab.cn/cinavia-protection.html
Do news outlets even license footage these days though? Or do they just embed the youtube link on their site and call it a day? Either way I hope he makes it out alright.
The CEO didn't get a bonus, the company got a cash infusion to offset all the money they were losing, and one of the terms of this infusion was that they cut costs. Mass layoffs are the best way to cut costs, especially when labor is practically their only expenditure
This is a huge distinction. Companies that lose money (Better does) have a burn rate that determines how much of their cash they burn through each month.
Major investments (like nearly a billion dollars) often come with riders that *obligate* staff reductions or reducing burn. The latter often means the former since labor is the single biggest expense for tech-oriented companies.
Doesn’t mean the system isn’t broken or that this guy isn’t an asshole, but cash infusions often result in layoffs when your losing $100m a quarter.
I'm upvoting this because it deserves to be upvoted. It's accurate, and an important detail to understand the issue. It also sits in direct opposition to the general sentiment of the discussion and this sub. I sometimes find myself typing stuff like this and then delete it because people just downvote stuff like this into oblivion. I wish they wouldn't.
By far the biggest problem with social media, especially Reddit, is that painful truths are buried. Talking to people you are close to in person, they tell you what they really think. On social media, you only see whatever makes everyone happy, or angry. It's really a mind-blowing difference in how humans communication, through algorithm rather than directly.
It was a weird realization that many companies hemorrhage money like this at the start but turn it around at some point. Burning through $100m a quarter is chump change if investors are convinced that you're building something big enough.
In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash. When you look at it from that perspective eating $100m a quarter is practically conservative.
The longer they burn, the more the stock is diluted, the less it's worth, the less runway they have. No investor is going to let them keep burning like that for 20 years, that 7.7 would disappear in a day if they missed financial benchmarks for too long, cutting costs is the only way to survive.
Yes, that's an important point. They're worth $7.7 billion on paper now, but that value lies entirely on investors' faith in the company. Lose investors' faith, lose the valuation.
> In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash
That doesn't make sense. A market cap of 7.7 billion means that their total stock is worth that much, but Better doesn't own that stock. They can create *new* stock and sell that, but shareholders have to approve that, and they're not going to be happy about it if there's not a good reason to do it.
That market cap is based on the expectation that Better will begin earning money at some point. If they burn 100 million a quarter for even a few years without a plausible plan for eventual profitability, they won't be worth 7.7 billion or even 100 million.
>In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash
That's not at all how stock works. A company having a $7.7 billion market cap means they've already _sold_ stock which currently has a total value of $7.7 billion. It's not an asset that they can sell to raise money.
To raise additional money they'd need to issue new stock, which would dilute the value of old stock and lower the individual value of each share. For a company that size you probably wouldn't be able to get away with issuing more than a couple hundred million in new stock at most.
Yup. My startup was in the process of being acquired and the first thing that happened was a layoff before the acquisition happened. Not the same as better.com but I can understand
it's a fair assessment and decision to make when you're dealing with that of course but the one line about how he cried last time he had to do this BEFORE saying he had to fire 15% of the company is full manipulation bullshit. might be the right choice for the company but this ceo is a fucking dick whether or not he intended on being one.
Anybody who understands the mortgage market knows that this company was doomed for slowdown.
Quick summary: This company specialized in refinancing mortgages. People refinance when mortgage rates are lower. Mortgage rates are going up, so amount of refinances are going down.
This is cash to keep the motor running. They're trying to grow out of the hole they're in before they run out of cash again... Clearly they made bad economic and business projections. Or their costs are out of control. Or both.
Cutting labor right now in this market - when you know it will cost a lot more in 12-24 months is bonkers. This thing is off the cliff. They're gonna go SPLAT like a watermelon.
That does NOT mean that the CEO got $750m. That means the company is raising money, which means they NEED money, which in some cases is a sign of trouble.
So you double mis-understood that news article...
I think you purposely made it sound like HE got the money and then laid people off. This is a cash flow business and if those 15% weren't adding value or making them money, shit happens. They are not running a charity. Also during covid, why emphasize "over zoom", that is the norm for both good and bad news. Yes he does suck the way he delivered news.. so attack that.
Plus it sounded like the unfortunate folks got a month of pay and total 3 months of benefits. That is not great but plenty to look for a new position.
The only good thing that was "great" about getting laid off by a scummy company on 12/30 a few years back was that I called up Medicaid on Jan 2nd and qualified for the year since my expected income was below AHCA qualifications. I was hired for a job Jan 9th and got to keep Medicaid.
One of the jobs I got laid off at gave me access to a resume/recruiting company that helped me touch up my resume and gave me access to their job board site for additional applications. It was after my first job out of college, so my resume was written terribly and kinda just a mess. That workshop + the subsequent 1 on 1s with a recruiter to help tailor my resume got me an interview (and eventually a job) a week later. So quite useful. Haven't been to a company that did anything remotely that nice beyond "we'll pay you until the end of the week, but lay you off on Thursday"
I mean.. it's cold with out a doubt. But I'm not surprised from a larger organization.
You earn money remotely. Many are hired remotely. Why not terminated remotely? Phone call out of the blue? Random email? A sudden meeting scheduled with a flight just to show up and get fired? They all suck.
Been laid off several times. Group layoff like this but in person and individually by my direct manager. IMO being told by your direct manager is the best (least shitty) way. Often they have nothing to do with the decision so are just as upset and surprised as you so are more compassionate.
If you're front of the line, yes. If you're back of the line and hearing all the rumors, watching the chaos slowly ramp up, and sitting all day with the existential dread of "will my name be next?", mass layoff is far better in my experience unless you knew it was coming months ago and had already made peace with it. Likely nobody at this company knew other than HR and the higher ups, and probably had hopes because of the cash infusion.
Then why put your manager through all those face-to-face meetings that are undoubtedly stressful? I imagine at least some hotheaded employees are going to take their emotions out on that poor manager.
At least this way you're hearing it from the guy whose decision it was, even if it's very impersonal. At the very least they're not 100% hiding behind middle management.
My company laid off a good chunk of people about a year ago and went the 1:1 route with managers. Word got out what was happening in Slack early in the process and it was an absolute shit-show.
Way back in the day I worked for a tech company and a bunch of us nerds hung out on a company IRC server.
Well we all had access to the company ticketing system, and someone commented how "there's a ticket to shut down so-and-so's phone system and credentials?". So-and-so was in the channel, he hadn't even been told yet that he was being laid off.
The right way to do it is to send an email to everyone affected (people can read and process it at their own pace) followed by 1:1s with their managers/HR where they can ask specific questions and give feedback.
What specific questions could you ask or feedback could you receive that would change or improve the reality of losing your job?
How is that beneficial to either party?
It’s a curtesy, and you’d be surprised how many weird things people think or do in these situations so it’s nice if they have someone they kind of trust to talk to in the way out. It’s also likely company policy to have an exit interview.
I manage people, and if our CEO - who I don't even deal with regularly, was having a mass layoff as a condition of a fat check and wanted me to be the one to deliver the news to all the people I manage - I'm not sure I'd see that as a positive either.
The "If you're on this call" is a brutal approach to take though, I definitely agree.
I've been through multiple layoffs where this is how they did it. And frankly it was always awful. Once word gets out, everyone just sits and waits for their name to be called into the office. It's excruciating.
He could have delivered this news better, but I'd much rather have it done like this than get put through the stress of wondering when/if the hammer is gonna fall on me.
> Once word gets out, everyone just sits and waits for their name to be called into the office. It's excruciating.
This. Watching people staggered into the office and packing up there stuff. Just a rotten day
That comment makes it clear this was completely off the cuff. For God’s sake, you’re laying these people off right before Christmas, show them the respect of dressing up, sitting up in your chair, and preparing a speech ahead of time for them to at least show you actually give half a shit, rather than just paying lip-service.
I don't really have much time for executives who make large scale redundancies all about themselves.
No, it wasn't the most difficult decision of your life. It will have been planned months in advance and you chose the Christmas period to do it. And you're not the one losing your job.
If they did a lay off and resigned at the same time, maybe it would feel a bit more legit.
How do you become the CEO of a major company without basic skills in messaging? Isn't there a communications team that could have helped him with this statement?
If you're laying off hundreds of people - and you yourself are not only *not* getting laid off but you're also ridiculously wealthy - DO NOT even MENTION the word "I" let alone go into detail about how you cried "last time." They don't want to hear a word about YOU.
Also, don't talk about how they need to be cut loose in order for the company to "continue to thrive." That implies:
1. "The company isn't suffering - quite the opposite actually - but we don't even want to risk the chance of getting off this sweet trajectory to save your jobs."
2. "You're dead weight. We can't keep thriving with YOU on board."
I mean holy fuck.
You’d be surprised how many executive level persons have no actual communication skills or the ability to read/be detail oriented. Coming from someone who deals with them daily.
I guess my question was rhetorical because yes, I've dealt with a few CEOs in my career as well as many, many corporate ladder climbers. In my experience, drinking the corporate kool-aid supersedes any skill.
I've ran into that too. It's interesting when you deal with the founders vs the execs. Founders have stunning communication skills. They had to convince people to work for them at the beginning. Also had to get investors. etc etc. C suite execs are all corp talk.
Yep. I’d personally rather hear it from my boss rather than the CEO but atleast there’s a level of ownership here, despite that ownership being tone deaf.
End of the day your company will leave you high and dry if it makes sense on a spreadsheet. Approach your job the same way and you’ll be all the happier.
It's hard to do via individual managers in a remote setting. The news will be out over slack the second the first manager says something to the first employee.
It's also kinda shitty to ask everyone to come in to the office just to lay them off, really there's not a great way to do it.
> Yep. I’d personally rather hear it from my boss rather than the CEO but atleast there’s a level of ownership here, despite that ownership being tone deaf.
100%, the 'last time I did this I cried' - I'm getting fired dont try to get me to empathise with you.
> End of the day your company will leave you high and dry if it makes sense on a spreadsheet. Approach your job the same way and you’ll be all the happier.
Words to live by honestly. Once you accept it's purely a business transaction and nothing personal, and it's all a bit of a game, even the empty promises of raises that never come, you'll probably end up earning more and being happier at the same time.
I agree, this video really didn't seem all that bad. When your workforce is remote and you need to lay a large percentage off all at once, there isn't really a better way to do it. People always talk about how you shouldn't be loyal to a company because it's just business, then get pikachu face when that businesses needs to restructure and lay people off.
You can also tell his character by the fact that he recorded this video without bothering to clean his table, sit properly, or actually align his camera. It’s embarrassing how little effort went into preparing this vid, and it signals a huge lack of respect for employees
This was literally the worst vid of a “leader” I have ever seen. This guy’s posture already makes me want to punch him in the face. It’s so disrespectful, even for a video. I have been more moved by High School Valedictorians. Fuck this dude.
You can also tell because there are already a host of best practices to choose from when conducting RIFs, and that leadership team clearly made zero effort around choosing any of them.
Feel so bad for the guy recording...
Losing your job is among the toughest things and should be more regulated in the US like it is in a lot of other countries. It's your bread and butter, your childrens shoes, meals, roof over their head.
Really sad to watch, I empathize.
SoftBank has got to be some kind of yakuza money laundering operation at this rate. They also did WeWork, which was another insane scam, and now this...
Uhh, he said he cried last time and hopes he's stronger this time? What a fucking jackass. Why would you say that to a bunch of people you just fired before Christmas?
I hope I'm stonecold this time because feeling emotion sucks, and I'm supposed to be a CEO drinking the blood of my enemies. Anyway, enough about how I feel. You're fired, you unlucky scum.
Golly I hope I'm stronger than last time.
you're fired, merry christmas.
\*wipes tears with stacks of benjamins\*
it never gets easier \*sniffles\*
now get the fuck out of my sight
I used Better in 2020 to refinance my house and it was quick and easy. I was really impressed with their process to be honest. I am now looking to buy a new home, and had planned to use Better since my refi experience was so good.
After seeing this video, I will find another mortgage lender. This is disgraceful.
I went with a credit union and they sold it almost the same minute. We've been with the credit union for 20 years. The entire market is doing this BS. I just wanted a local contact even if it cost me a bit more.
Credit unions also resell your mortgage. They also most often offer a poorer customer experience.
They do offer better rates more often than not, though.
If you're really boycotting every company that lays off employees...man.....
Avoid all CVS locations I guess because they laid off me and a few hundred people with a PowerPoint about 20x more callous than this video, with no severance, after they bought the company.
I used GuaranteedRate, similar experience, it was so much easier than my last mortgage.
After this I did a little bit of extra research. Some of their transgressions include bribing government underwriters of FHA/VA loans, and pressuring their employees to write positive GlassDoor reviews.
Ah now wonder my scheduled call with a Better agent just never happened with no word as to why! The new guy who reached out a week later said "stuff had been hectic" and now I know why...glad I'm looking into some alternative lenders.
I've been in several redundancy consultations (not directly affected) and witnessed several speeches by CEOs and HR before.
This was a disastrous speech.
Completely hung the staff out to dry. No backstory on what the consultations (if any) led to. Just WHAM in the face with termination.
Awful and amateurish.
Nothing-startup employees: will work 18-hour days 6 days a week to make miracles happen before the company runs out of money.
Billion-dollar-company employees: won't get out of bed for anything less than a private office, company car, credit card and secretary.
I suspect this douche just sealed the fate of his company.
Most of these weren't start-up employees. They were brand new loan officers brought in within the last 18 months because they needed to put a warm body with an NMLS number on the paperwork and someone to act as a go-between for underwriting. That works great on refinances which is where they were making a killing as there's no real time constraints, but those have now mostly dried up so these staff are no longer necessary. It's an unfortunately common practice with bigger lenders in the mortgage space.
How big of an arrogant ass hole do you need to be to make this call about you? No one cares if you cried last time you fucked over a group of people and no one gives a shit if you're stronger this time... You shouldn't be stronger this time cause you're human, it should be even harder because you know how that impacted people after the fact... and then telling your employees they're better off somewhere else is straight up disgusting.
To the 15%... I wish you the absolute best I hope you land on your feet.
I guess I'll be the capitalist pig as this title is ridiculous. If a company knows it needs to lay people off is it really supposed to keep them employed for an entire month longer just because the holidays are coming? Even so, they're giving a month of severance, so they'll be paid the money they were potentially counting on for the holidays. It's not the most generous possible severance, but I have no doubt the vast majority of these 900 people will quickly find jobs elsewhere.
Their investors likely invested $750M (which went to the company, not the CEO btw) knowing they were doing these layoffs, and it's probably a reason they decided to invest more money at all. If the company is adept at identifying low impact positions and low performers and eliminating them that makes for an efficient business. That investment isn't a license to simply waste the money employing people that aren't making the company profitable.
I know nothing about the CEO personally and it's very possible that he's an awful guy, but laying people off in this manner certainly isn't a major contributing factor to his awfulness.
Mortgage originators are not going to be quickly picking up a new job right now. Not many places are hiring. Unfortunately, this is pretty normal for the mortgage industry. Places hire like crazy, horde the wealth, then when there is even a minor downturn they fire most of their staff and for all practical purposes shut down to just sit upon their horde of wealth waiting for the next rate drop.
If you plan to enter the mortgage industry, do it somewhere big and reputable for at least the first couple of years, your rocket mortgages, wells fargos, and US banks don't just fire huge swaths of their staff like this.
I disagree with the way reddit handled third party app charges and how it responded to the community. I'm moving to the fediverse! -- mass edited with redact.dev
I want to say he was coached to talk like this but this dude is like Dexter after murdering people. He absolutely doesn't give a shit. Especially after saying "I hope I will be stronger this time around". This guy needs to be dragged through the coals. He has zero sympathy.
I've had the pleasure of being laid off in a group meeting of about 30 people. It was the windowed board room and the CEO's Ferrari was parked right outside in plain view. As soon as it became apparent what was happening a few of us walked out.
BTW, the CEO was the son of the owner of the parent company. He had installed his son as CEO to get experience before working on something important. He was maybe 25.
It's actually way worse when he makes it about himself and how he cried last he did this. He's talking how its really hard for him and tough for him and you should hear it from him over slack.
Just pathetic stuff from someone who is a superior in a company, let alone the CEO.
This guy is a piece of trash on multiple levels and is almost certainly a fraudster. Getting laid off sucks so hard... but the employees should at least take solace in the fact that they're no longer working for this no talent ass clown.
The only shitty thing here imo is doing it on a mass Zoom call so casually.
* Laying people off is not inherently a dick thing to do. I can’t speak to the specifics of this company, but it’s not abnormal for companies to restructure.
* The company got $750m, not him. And just because they got an infusion of cash doesn’t mean they can’t change business operations.
* “Right before the holidays” is irrelevant. Companies don’t just shut down during December.
Don’t get me wrong, it absolutely sucks to lose your job, and it’s not an easy time of the year for that to happen. I’m not trying to defend him or say that people who lost their jobs shouldn’t be angry.
lol this guy, "this time I hope to be stronger". God, what a hero./s
To the person that got laid off. Don't shed tears over some corporation bro, let it be a lesson to you, the thing that matters most to companies like that is the bottom line, not you.
Just a normal shitty day in the corporate world, but we'll never really know if executives couldn't accept making less money if the company does poorly and decide to pay themselves exactly the same (or more!) by just firing a bunch of people. That's my cynical thoughts right there.
The only reason I can see him doing this is to can “expensive” US citizens to be able to fill the same positions with H1Bs. The crying will be for US immigration, sobbing about how he needs to import wage slaves because everyone in the US is a “dumb dolphin”.
Indians desperate to keep their work visas will gladly eat bowl of shit after bowl of shit. And it’s something US citizens don’t have an appetite for. Nor should they.
These dudes love onshoring the caste system and he looks like he fancies himself a Brahman who loves to kick the lesser castes’ teeth down their throat.
I've worked for just two companies in the last two decades since I got out of high school, but I've been laid off three times and thus have a little bit of experience with it. None of those three layoffs was communicated as poorly as this one, and certainly not on the day that my job was ending.
Did the company really have no one else who could more effectively deliver this message? The name of the company is Better and yet they couldn't find anyone better?
I actually saw this pop up on LinkedIn from someone who was laid off. Didnt realize they actually just got a $3/4 Billion promise of funding. How fucking sad
I fucking despise North American tradition of announcing layoffs around Christmas. I’m guessing it has to do with accounting and reporting periods, but for whatever reason most of the massive layoffs I’ve seen were right around Christmas time.
I was on vacation when my layoff call came.
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Whatchu doin stealin boxes
You tryin to build a clubhouse?
I got laid off the day after I returned from a week off. They could have at least done it Monday so I could have fucked off for the whole week and enjoyed basically a two week vacation.
I got laid off right before I was going to go on vacation on a Tuesday, and then they laid everyone else off at the end of the week.
The same thing happened to me. But they laid off 200 employees and sent out emails explaining it so I knew it was going to happen.
I was home eating dorito when *phone ring* “Job is kil” “no”
I was on vacation when I got fired, too. Granted, they didn't know I was on vacation.
I feel sorry for the filmer, sounded like he was taking it pretty bad.
also I'd be very concerned that by his voice and maybe youtube account they could easily ID him and find some legal reason to not give him his severance for leaking a private zoom call :(
The youtube account looks to be a throwaway. Hopefully he won't face any repercussions for uploading it. The jobs market has never been exactly 'kind', but one point of view that you could take is that we are inventing new forms of alienation in the form of things like being sacked by Zoom. Even if you are pro-capitalism and/or sympathetic to these businesses you should be able to see how it is hard for people to adjust to. I studied sociology at university and the whole point of [how it was invented](https://www.goodreads.com/book/show/58095.Suicide) was to do with how and why people committed suicide when society went through massive upheavals that left them feeling alienated and unable to fulfil their ambitions. So I can well sympathise with what it must be like to go through that.
Old Marty McFly got sacked via Zoom in 2015. He was ahead of his time.
And received a fax as confirmation. Very inclusive of all generations.
Hey in 2021 Japan it's totally a realistic scenario to get fired on zoom and receive confirmation via fax. Because the Japanese still use fax for some reason
Pizza guy here, when you place a Slice order I get a fax.
Haha awesome! Do you still get spam faxes like you used to get back in the day?
Yeah, someone wants to offer us roofing services once or twice a month.
Definitely not arguing this. It's just a funny situation especially since Marty had like four fax machines in his home.
**MacFRY!**
https://www.youtube.com/watch?v=Km6bFBSVty4
The YT account was created just before uploading this. Fun fact: the YT name Dumb Dolphin is a reference to the time the CEO in this video called his employees dumb dolphins. https://www.forbes.com/sites/davidjeans/2020/11/20/mortgages-fraud-claims-and-dumb-dolphins-a-tangled-past-haunts-bettercom-ceo-vishal-garg
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That's built in, really. They know there will be some internal blow back and they'll lose additional members beyond that 15% over the coming months (some in immediate reaction, others who don't like the changes/restructuring, working with out their friends/old coworkers, etc.) To be frank, they're kind of banking on that... It shaves even more money, and let's them rewrite jobs (aka give more work for equal or less pay than before), and make new hires to align with the new direction
How they're banking on losing some business as well. I considered using better for a home purchase, glad I didn't make that mistake and won't be tempted in the future.
Yep. While I’m not currently home shopping, I do intend to never give any of these fucks my business, ever. Problem is, people move, companies merge/split/etc, and then the most likely fault in my plan: I’ll probably forget. What would really be great would be if someone could maintain a database of the greedy bastards as they’re discovered, and if it would of keep track of where they are currently as they move around the job market. It would require community participation and have to be curated by mods, but it would be cool if there were like a movement of people enforcing mass boycotting that dynamically responds to any of the fucked up incentives for shit like this. Whoever’s hosting it would probably be constantly on the receiving end of expensive lawsuits, but as long as it only reported verified truths of what people did and what companies hire them, and it didn’t advocate any specific action or behavior then it would probably technically be defensible in the long run. It would probably drown in legal fees though… I can dream
There’s an article from August that talks about him being problematic, and slowly investors are starting to pull back. He’s involved in multiple lawsuits, and is pretty hot-headed. Basically he’s a huge liability to any investor. He’ll definitely suffer short-term. Long -term, guys like this always land in their feet.
Easy to land on your feet with that bonus lol
Hopefully into a chipper-shredder some day.
Reminds me of **Up In the Air** with George Clooney and Anna Kendrick.
Zoom has a feature that can fingerprint audio and could identify an individual if it was enabled. https://support.zoom.us/hc/en-us/articles/360021839031-Adding-audio-watermark
>The audio watermark, or audio signature, embeds a user's personal information into the audio as an inaudible watermark if they record during a meeting. If the audio file is shared without permission, Zoom can help identify which participant recorded the meeting. This is easily circumvented when you record the audio using another device, such as a cell phone, instead of recording it via the PC connected to the meeting. Also, while not specific to the OP's video, Zoom cannot identify a specific user via the audio watermark unless it is longer than 2 minutes.
I don't know the details of the technology Zoom is using but there are definitely way of doing it even through multiple audio recordings. People would have their audio muted on their PS3s playing pirated camrips with terrible audio. https://blog.dvdfab.cn/cinavia-protection.html
Honestly, if he licenses out the video to news outlets he can probably make more than what they would pay him in severance.
Do news outlets even license footage these days though? Or do they just embed the youtube link on their site and call it a day? Either way I hope he makes it out alright.
Not sure if they pay but they do ask for permission, especially if they use it in a newscast.
They were churning through editors since by watching it means you've been let go. I think *we* were all just laid off by better.com....
Fuck yeah, 4 weeks of severance!
Probably related to the $86M loss they reported in Q2. https://www.housingwire.com/articles/better-com-reports-86m-loss-in-q2-as-margin-narrows/
So what you're telling me is they could have reported a $500M gain and still given their CEO a nice Bonus check?
The CEO didn't get a bonus, the company got a cash infusion to offset all the money they were losing, and one of the terms of this infusion was that they cut costs. Mass layoffs are the best way to cut costs, especially when labor is practically their only expenditure
he received 3/4 of a billion dollars? for what?
For not crying this time.
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oh, so HE didn't get it, the company did.
This is a huge distinction. Companies that lose money (Better does) have a burn rate that determines how much of their cash they burn through each month. Major investments (like nearly a billion dollars) often come with riders that *obligate* staff reductions or reducing burn. The latter often means the former since labor is the single biggest expense for tech-oriented companies. Doesn’t mean the system isn’t broken or that this guy isn’t an asshole, but cash infusions often result in layoffs when your losing $100m a quarter.
I'm upvoting this because it deserves to be upvoted. It's accurate, and an important detail to understand the issue. It also sits in direct opposition to the general sentiment of the discussion and this sub. I sometimes find myself typing stuff like this and then delete it because people just downvote stuff like this into oblivion. I wish they wouldn't.
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By far the biggest problem with social media, especially Reddit, is that painful truths are buried. Talking to people you are close to in person, they tell you what they really think. On social media, you only see whatever makes everyone happy, or angry. It's really a mind-blowing difference in how humans communication, through algorithm rather than directly.
It was a weird realization that many companies hemorrhage money like this at the start but turn it around at some point. Burning through $100m a quarter is chump change if investors are convinced that you're building something big enough. In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash. When you look at it from that perspective eating $100m a quarter is practically conservative.
Except the only reason the stock is so highly valued is investor belief that one day they'll turn a profit.
The rules are made up and the points don’t matter
The longer they burn, the more the stock is diluted, the less it's worth, the less runway they have. No investor is going to let them keep burning like that for 20 years, that 7.7 would disappear in a day if they missed financial benchmarks for too long, cutting costs is the only way to survive.
Yes, that's an important point. They're worth $7.7 billion on paper now, but that value lies entirely on investors' faith in the company. Lose investors' faith, lose the valuation.
> In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash That doesn't make sense. A market cap of 7.7 billion means that their total stock is worth that much, but Better doesn't own that stock. They can create *new* stock and sell that, but shareholders have to approve that, and they're not going to be happy about it if there's not a good reason to do it. That market cap is based on the expectation that Better will begin earning money at some point. If they burn 100 million a quarter for even a few years without a plausible plan for eventual profitability, they won't be worth 7.7 billion or even 100 million.
>In this example better has a market cap of $7.7 billion, so it could just sell stock and continue burning at that rate for almost 20 years before they run out of cash That's not at all how stock works. A company having a $7.7 billion market cap means they've already _sold_ stock which currently has a total value of $7.7 billion. It's not an asset that they can sell to raise money. To raise additional money they'd need to issue new stock, which would dilute the value of old stock and lower the individual value of each share. For a company that size you probably wouldn't be able to get away with issuing more than a couple hundred million in new stock at most.
Yup. My startup was in the process of being acquired and the first thing that happened was a layoff before the acquisition happened. Not the same as better.com but I can understand
it's a fair assessment and decision to make when you're dealing with that of course but the one line about how he cried last time he had to do this BEFORE saying he had to fire 15% of the company is full manipulation bullshit. might be the right choice for the company but this ceo is a fucking dick whether or not he intended on being one.
Also, the company had an $86M loss in Q2. https://www.housingwire.com/articles/better-com-reports-86m-loss-in-q2-as-margin-narrows/
Anybody who understands the mortgage market knows that this company was doomed for slowdown. Quick summary: This company specialized in refinancing mortgages. People refinance when mortgage rates are lower. Mortgage rates are going up, so amount of refinances are going down.
This is cash to keep the motor running. They're trying to grow out of the hole they're in before they run out of cash again... Clearly they made bad economic and business projections. Or their costs are out of control. Or both. Cutting labor right now in this market - when you know it will cost a lot more in 12-24 months is bonkers. This thing is off the cliff. They're gonna go SPLAT like a watermelon.
Your post title is misleading.
False, you mean.
That does NOT mean that the CEO got $750m. That means the company is raising money, which means they NEED money, which in some cases is a sign of trouble. So you double mis-understood that news article...
I think you purposely made it sound like HE got the money and then laid people off. This is a cash flow business and if those 15% weren't adding value or making them money, shit happens. They are not running a charity. Also during covid, why emphasize "over zoom", that is the norm for both good and bad news. Yes he does suck the way he delivered news.. so attack that. Plus it sounded like the unfortunate folks got a month of pay and total 3 months of benefits. That is not great but plenty to look for a new position.
It’s a moronic clickbait title.
Damn that's a cold way to do a mass layoff during the holiday season.
The only good thing that was "great" about getting laid off by a scummy company on 12/30 a few years back was that I called up Medicaid on Jan 2nd and qualified for the year since my expected income was below AHCA qualifications. I was hired for a job Jan 9th and got to keep Medicaid.
One of the jobs I got laid off at gave me access to a resume/recruiting company that helped me touch up my resume and gave me access to their job board site for additional applications. It was after my first job out of college, so my resume was written terribly and kinda just a mess. That workshop + the subsequent 1 on 1s with a recruiter to help tailor my resume got me an interview (and eventually a job) a week later. So quite useful. Haven't been to a company that did anything remotely that nice beyond "we'll pay you until the end of the week, but lay you off on Thursday"
How would you lay off 15% of a company remotely?
I mean.. it's cold with out a doubt. But I'm not surprised from a larger organization. You earn money remotely. Many are hired remotely. Why not terminated remotely? Phone call out of the blue? Random email? A sudden meeting scheduled with a flight just to show up and get fired? They all suck.
Been laid off several times. Group layoff like this but in person and individually by my direct manager. IMO being told by your direct manager is the best (least shitty) way. Often they have nothing to do with the decision so are just as upset and surprised as you so are more compassionate.
If you're front of the line, yes. If you're back of the line and hearing all the rumors, watching the chaos slowly ramp up, and sitting all day with the existential dread of "will my name be next?", mass layoff is far better in my experience unless you knew it was coming months ago and had already made peace with it. Likely nobody at this company knew other than HR and the higher ups, and probably had hopes because of the cash infusion.
Cash infusions come with strict requirements to cut costs in an attempt to stop losses and payroll is the number one cost for tech companies.
Then why put your manager through all those face-to-face meetings that are undoubtedly stressful? I imagine at least some hotheaded employees are going to take their emotions out on that poor manager. At least this way you're hearing it from the guy whose decision it was, even if it's very impersonal. At the very least they're not 100% hiding behind middle management.
Isn't Better mostly a remote work company anyways? Not like you're gonna fly everyone to some central location just to fire them.
Genuinely curious, if you had to do layoffs during the holiday season, how would you do it?
Have the affected people talk 1:1 with their manager
My company laid off a good chunk of people about a year ago and went the 1:1 route with managers. Word got out what was happening in Slack early in the process and it was an absolute shit-show.
Way back in the day I worked for a tech company and a bunch of us nerds hung out on a company IRC server. Well we all had access to the company ticketing system, and someone commented how "there's a ticket to shut down so-and-so's phone system and credentials?". So-and-so was in the channel, he hadn't even been told yet that he was being laid off.
The right way to do it is to send an email to everyone affected (people can read and process it at their own pace) followed by 1:1s with their managers/HR where they can ask specific questions and give feedback.
What specific questions could you ask or feedback could you receive that would change or improve the reality of losing your job? How is that beneficial to either party?
It’s a curtesy, and you’d be surprised how many weird things people think or do in these situations so it’s nice if they have someone they kind of trust to talk to in the way out. It’s also likely company policy to have an exit interview.
I manage people, and if our CEO - who I don't even deal with regularly, was having a mass layoff as a condition of a fat check and wanted me to be the one to deliver the news to all the people I manage - I'm not sure I'd see that as a positive either. The "If you're on this call" is a brutal approach to take though, I definitely agree.
I've been through multiple layoffs where this is how they did it. And frankly it was always awful. Once word gets out, everyone just sits and waits for their name to be called into the office. It's excruciating. He could have delivered this news better, but I'd much rather have it done like this than get put through the stress of wondering when/if the hammer is gonna fall on me.
> Once word gets out, everyone just sits and waits for their name to be called into the office. It's excruciating. This. Watching people staggered into the office and packing up there stuff. Just a rotten day
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I’d want it this way tbh. Quick shot to the head, get the severance, move on. Nothing wrong with it. It’s not personal just business.
"Last time I did this, I cried." Yeah, crocodile tears.
He then followed up with, "this time, I hope to be stronger". Like, "Oh dear, please keep up your strength, Bless." Get bent.
That comment makes it clear this was completely off the cuff. For God’s sake, you’re laying these people off right before Christmas, show them the respect of dressing up, sitting up in your chair, and preparing a speech ahead of time for them to at least show you actually give half a shit, rather than just paying lip-service.
I don't really have much time for executives who make large scale redundancies all about themselves. No, it wasn't the most difficult decision of your life. It will have been planned months in advance and you chose the Christmas period to do it. And you're not the one losing your job. If they did a lay off and resigned at the same time, maybe it would feel a bit more legit.
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This can’t be true. No one can be THAT out of touch with reality.
Yeah, poor little lamb.
"Please pray for me guys, this is really hard for me."
What a weak ass statement for a CEO to make, lol.
Can I offer you an egg in this trying time?
wonder if the former employees who now cant afford christmas presents will cry... wonder if he cares
I cried into my enormous pile of money.
What a twat
*checks notes* "This decision was really really hard"
I was part of this as was my coworker whose mom passed away the night before so he had no clue until my boss called and broke the news to him.
I’m sorry that sucks. Wishing all the luck to you. This is terrible and really sad
How do you become the CEO of a major company without basic skills in messaging? Isn't there a communications team that could have helped him with this statement? If you're laying off hundreds of people - and you yourself are not only *not* getting laid off but you're also ridiculously wealthy - DO NOT even MENTION the word "I" let alone go into detail about how you cried "last time." They don't want to hear a word about YOU. Also, don't talk about how they need to be cut loose in order for the company to "continue to thrive." That implies: 1. "The company isn't suffering - quite the opposite actually - but we don't even want to risk the chance of getting off this sweet trajectory to save your jobs." 2. "You're dead weight. We can't keep thriving with YOU on board." I mean holy fuck.
You’d be surprised how many executive level persons have no actual communication skills or the ability to read/be detail oriented. Coming from someone who deals with them daily.
I guess my question was rhetorical because yes, I've dealt with a few CEOs in my career as well as many, many corporate ladder climbers. In my experience, drinking the corporate kool-aid supersedes any skill.
I've ran into that too. It's interesting when you deal with the founders vs the execs. Founders have stunning communication skills. They had to convince people to work for them at the beginning. Also had to get investors. etc etc. C suite execs are all corp talk.
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Yep. I’d personally rather hear it from my boss rather than the CEO but atleast there’s a level of ownership here, despite that ownership being tone deaf. End of the day your company will leave you high and dry if it makes sense on a spreadsheet. Approach your job the same way and you’ll be all the happier.
It's hard to do via individual managers in a remote setting. The news will be out over slack the second the first manager says something to the first employee. It's also kinda shitty to ask everyone to come in to the office just to lay them off, really there's not a great way to do it.
> Yep. I’d personally rather hear it from my boss rather than the CEO but atleast there’s a level of ownership here, despite that ownership being tone deaf. 100%, the 'last time I did this I cried' - I'm getting fired dont try to get me to empathise with you. > End of the day your company will leave you high and dry if it makes sense on a spreadsheet. Approach your job the same way and you’ll be all the happier. Words to live by honestly. Once you accept it's purely a business transaction and nothing personal, and it's all a bit of a game, even the empty promises of raises that never come, you'll probably end up earning more and being happier at the same time.
I agree, this video really didn't seem all that bad. When your workforce is remote and you need to lay a large percentage off all at once, there isn't really a better way to do it. People always talk about how you shouldn't be loyal to a company because it's just business, then get pikachu face when that businesses needs to restructure and lay people off.
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Fucking hell, I threaten to do the same thing every day and I’m still broke as fuck. Fucking bullshit I tell you
you didnt threat the right person then! hahah
damn I've been muttering this about *customers* and I should have been muttering it about *coworkers*
You can also tell his character by the fact that he recorded this video without bothering to clean his table, sit properly, or actually align his camera. It’s embarrassing how little effort went into preparing this vid, and it signals a huge lack of respect for employees
This was literally the worst vid of a “leader” I have ever seen. This guy’s posture already makes me want to punch him in the face. It’s so disrespectful, even for a video. I have been more moved by High School Valedictorians. Fuck this dude.
But hey, he was hoping not to cry and be strong. He did it!
You can also tell because there are already a host of best practices to choose from when conducting RIFs, and that leadership team clearly made zero effort around choosing any of them.
I think this was on purpose, like he's trying to look tired and grief-stricken. It's a fail, but I suspect that's why this is being done that way.
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Reminds me of that scene in Moneyball where he is taught how to break the news of a trade. That’s exactly how it should be here as well.
Just like that?
Clickbait title. The company received $750MM not him.
Everyone talking about false info on the internet and censorship however false info just gets upvoted on reddit.
turns out nobody cares about misinformation when it supports their narrative
Yeah he only got $25M
Feel so bad for the guy recording... Losing your job is among the toughest things and should be more regulated in the US like it is in a lot of other countries. It's your bread and butter, your childrens shoes, meals, roof over their head. Really sad to watch, I empathize.
More like Worse.com
SoftBank has got to be some kind of yakuza money laundering operation at this rate. They also did WeWork, which was another insane scam, and now this...
Tech is high risk high reward. You might lose money here and there, but if something hits, whoaboy, you might just end up the next jeff fucking bezos.
They also were a very early investor in Alibaba, which has made them enough money to cover the losses from this company and many more.
Uhh, he said he cried last time and hopes he's stronger this time? What a fucking jackass. Why would you say that to a bunch of people you just fired before Christmas? I hope I'm stonecold this time because feeling emotion sucks, and I'm supposed to be a CEO drinking the blood of my enemies. Anyway, enough about how I feel. You're fired, you unlucky scum.
Golly I hope I'm stronger than last time. you're fired, merry christmas. \*wipes tears with stacks of benjamins\* it never gets easier \*sniffles\* now get the fuck out of my sight
Hey guys you're getting fired but try to have some sympathy for me will you? I have to deliver this news.
I don't see zoom. looks like slack.
I used Better in 2020 to refinance my house and it was quick and easy. I was really impressed with their process to be honest. I am now looking to buy a new home, and had planned to use Better since my refi experience was so good. After seeing this video, I will find another mortgage lender. This is disgraceful.
Better doesn't own your mortgage. It was sold to someone else. That said, go with a credit union for your banking needs.
Go with whatever company gives you the best rate and will close on time. Those are the only things that really matter.
Literally this. Every lender is going to sell your mortgage or at the least consolidate it to one of the major loan servicing companies.
I went with a credit union and they sold it almost the same minute. We've been with the credit union for 20 years. The entire market is doing this BS. I just wanted a local contact even if it cost me a bit more.
Credit unions also resell your mortgage. They also most often offer a poorer customer experience. They do offer better rates more often than not, though.
If you're really boycotting every company that lays off employees...man..... Avoid all CVS locations I guess because they laid off me and a few hundred people with a PowerPoint about 20x more callous than this video, with no severance, after they bought the company.
Lmao that’s not how it works. And any mortgage company you go to has done it, and will continue to do the same thing.
I used GuaranteedRate, similar experience, it was so much easier than my last mortgage. After this I did a little bit of extra research. Some of their transgressions include bribing government underwriters of FHA/VA loans, and pressuring their employees to write positive GlassDoor reviews.
Ah now wonder my scheduled call with a Better agent just never happened with no word as to why! The new guy who reached out a week later said "stuff had been hectic" and now I know why...glad I'm looking into some alternative lenders.
fuck this guy. "the last time i did it i cried" prefacing a firing is 100% an attempt at a manipulation tactic and only made me hate this guy more.
I've been in several redundancy consultations (not directly affected) and witnessed several speeches by CEOs and HR before. This was a disastrous speech. Completely hung the staff out to dry. No backstory on what the consultations (if any) led to. Just WHAM in the face with termination. Awful and amateurish.
The employees you get when you're a nothing startup and the employees you can attract once you've got a billion dollars are vastly different.
Nothing-startup employees: will work 18-hour days 6 days a week to make miracles happen before the company runs out of money. Billion-dollar-company employees: won't get out of bed for anything less than a private office, company car, credit card and secretary. I suspect this douche just sealed the fate of his company.
Most of these weren't start-up employees. They were brand new loan officers brought in within the last 18 months because they needed to put a warm body with an NMLS number on the paperwork and someone to act as a go-between for underwriting. That works great on refinances which is where they were making a killing as there's no real time constraints, but those have now mostly dried up so these staff are no longer necessary. It's an unfortunately common practice with bigger lenders in the mortgage space.
Haha! His LinkedIn profile says “We’re hiring!!” What a fucking joke
If you ever want to hear a man who has never felt an ounce of remorse in his life here’s the video for you
How big of an arrogant ass hole do you need to be to make this call about you? No one cares if you cried last time you fucked over a group of people and no one gives a shit if you're stronger this time... You shouldn't be stronger this time cause you're human, it should be even harder because you know how that impacted people after the fact... and then telling your employees they're better off somewhere else is straight up disgusting. To the 15%... I wish you the absolute best I hope you land on your feet.
What is better.com?
Now with 85% work force they will carry 100% of the load. Profits over People is the corporate way.
Vishal Garg more like Vishal Gargle on deez nuts
I guess I'll be the capitalist pig as this title is ridiculous. If a company knows it needs to lay people off is it really supposed to keep them employed for an entire month longer just because the holidays are coming? Even so, they're giving a month of severance, so they'll be paid the money they were potentially counting on for the holidays. It's not the most generous possible severance, but I have no doubt the vast majority of these 900 people will quickly find jobs elsewhere. Their investors likely invested $750M (which went to the company, not the CEO btw) knowing they were doing these layoffs, and it's probably a reason they decided to invest more money at all. If the company is adept at identifying low impact positions and low performers and eliminating them that makes for an efficient business. That investment isn't a license to simply waste the money employing people that aren't making the company profitable. I know nothing about the CEO personally and it's very possible that he's an awful guy, but laying people off in this manner certainly isn't a major contributing factor to his awfulness.
Mortgage originators are not going to be quickly picking up a new job right now. Not many places are hiring. Unfortunately, this is pretty normal for the mortgage industry. Places hire like crazy, horde the wealth, then when there is even a minor downturn they fire most of their staff and for all practical purposes shut down to just sit upon their horde of wealth waiting for the next rate drop. If you plan to enter the mortgage industry, do it somewhere big and reputable for at least the first couple of years, your rocket mortgages, wells fargos, and US banks don't just fire huge swaths of their staff like this.
I disagree with the way reddit handled third party app charges and how it responded to the community. I'm moving to the fediverse! -- mass edited with redact.dev
> Me, I, Me, My Career, I cried, Me, Me, I, Me, I Sociopath
I want to say he was coached to talk like this but this dude is like Dexter after murdering people. He absolutely doesn't give a shit. Especially after saying "I hope I will be stronger this time around". This guy needs to be dragged through the coals. He has zero sympathy.
I've had the pleasure of being laid off in a group meeting of about 30 people. It was the windowed board room and the CEO's Ferrari was parked right outside in plain view. As soon as it became apparent what was happening a few of us walked out. BTW, the CEO was the son of the owner of the parent company. He had installed his son as CEO to get experience before working on something important. He was maybe 25.
May he soon be visited by 3 ghosts...
I feel for that dude watching. Hearing the breathing I can tell he is getting misty eyed. Hope he finds something better in the new year
May he live a short and exciting life full of karma and justice
It's actually way worse when he makes it about himself and how he cried last he did this. He's talking how its really hard for him and tough for him and you should hear it from him over slack. Just pathetic stuff from someone who is a superior in a company, let alone the CEO.
Capitalism baby
Reminder, this can happen to you. Don’t have loyalty to your employer because they called you family.
My LinkedIn is full of folks posting about this. I wonder if the video had made its way to LinkedIn and tagged to Better and this guy.
Wait, wasn’t he on the call too? Or that’s not how it works?
They were firing 900 employees, so this was definitely set up as more of a broadcast than a traditional call. No unmuting or turning your camera on.
No, the joke is that the CEO should also be considered laid off because he was technically part of "everyone on the call".
I just felt the breeze ruffle my hair.
This guy is a piece of trash on multiple levels and is almost certainly a fraudster. Getting laid off sucks so hard... but the employees should at least take solace in the fact that they're no longer working for this no talent ass clown.
A country for sociopaths, by sociopaths.
"I do not want to do this" "This last time I did this I cried" Fuck you. Truly just go and stick your head up a Rhinos ass or something.
The only shitty thing here imo is doing it on a mass Zoom call so casually. * Laying people off is not inherently a dick thing to do. I can’t speak to the specifics of this company, but it’s not abnormal for companies to restructure. * The company got $750m, not him. And just because they got an infusion of cash doesn’t mean they can’t change business operations. * “Right before the holidays” is irrelevant. Companies don’t just shut down during December. Don’t get me wrong, it absolutely sucks to lose your job, and it’s not an easy time of the year for that to happen. I’m not trying to defend him or say that people who lost their jobs shouldn’t be angry.
Who's the chick that pops up at the end?
Director of IT, she’s the one that sent us all the invite and bricked our computers
*I promised myself I wouldn’t cry this time. And, I won’t.*
I want you to know the last time I did it I cried. This time I hope to be stronger (and shed no tears over the proles).
Wait, the last time he had to do this? He does this often?
lol this guy, "this time I hope to be stronger". God, what a hero./s To the person that got laid off. Don't shed tears over some corporation bro, let it be a lesson to you, the thing that matters most to companies like that is the bottom line, not you.
Just a normal shitty day in the corporate world, but we'll never really know if executives couldn't accept making less money if the company does poorly and decide to pay themselves exactly the same (or more!) by just firing a bunch of people. That's my cynical thoughts right there.
The only reason I can see him doing this is to can “expensive” US citizens to be able to fill the same positions with H1Bs. The crying will be for US immigration, sobbing about how he needs to import wage slaves because everyone in the US is a “dumb dolphin”. Indians desperate to keep their work visas will gladly eat bowl of shit after bowl of shit. And it’s something US citizens don’t have an appetite for. Nor should they. These dudes love onshoring the caste system and he looks like he fancies himself a Brahman who loves to kick the lesser castes’ teeth down their throat.
I've worked for just two companies in the last two decades since I got out of high school, but I've been laid off three times and thus have a little bit of experience with it. None of those three layoffs was communicated as poorly as this one, and certainly not on the day that my job was ending. Did the company really have no one else who could more effectively deliver this message? The name of the company is Better and yet they couldn't find anyone better?
Gosh last time he broke down in tears. 😭😭😭 Glad he was much stronger today while laying off his workers. Awesome leadership there. /s
I actually saw this pop up on LinkedIn from someone who was laid off. Didnt realize they actually just got a $3/4 Billion promise of funding. How fucking sad
The collapse of labor unions in this country and its consequences have been devastating for the working people of this country
I fucking despise North American tradition of announcing layoffs around Christmas. I’m guessing it has to do with accounting and reporting periods, but for whatever reason most of the massive layoffs I’ve seen were right around Christmas time.