You don’t want to be summoned to a meeting at Better.com these days.
First, Better fired 900 employees during a Zoom meeting late last year, making it the object of ire (and meme bait) across the industry—and beyond. Then, on Monday, the company announced they will lay off up to 4,000 employees this week, roughly a third of its staff.
This time, though, while employees did not find out on a mass conference call, some found out when they logged into the payroll system and saw severance payslips, according to TechCrunch.
Chief Executive Officer Vishal Garg caught a lot of flak in the media for the way he handled the December round of layoffs, with some employees reportedly finding out when the Zoom call went viral, and others discovering they no longer had jobs when they couldn’t access any of the company systems.
Garg took a month off after the bumbled notifications that resulted in the resignations of multiple executives in marketing, PR and communications.
The online lending startup, which currently employs 8,000 people in the U.S. and India, staffed way up during the pandemic, when more and more borrowers turned to online options for mortgages. But current market conditions and rising interest rates, including the indication from the Fed that they will approve a series of rate hikes this year beginning later this month, have prompted them to trim operations.