Better.com video to lay off 15 percent of company

[Anonymous]

Anonymous wrote:Not defending this but I’m not sure it’s any worse than when they do it en masse in person. You get sent to a big conference room, everyone in that assigned room is told they’re let go, and you get a escorted out of the building with your desk contents in a box. It’s like being in a bad movie. I’d rather do it online.

Honestly, for me the firing method is less of an issue than the fact they were lauding the huge balance sheet they had the day before.

[Anonymous]

What’s really awful is that Better had a gangbusters year with refinancings. So all these people who worked their butts off just lost their bonuses + RSUs. Total gutter move.

[Anonymous]

Anonymous wrote:What’s really awful is that Better had a gangbusters year with refinancings. So all these people who worked their butts off just lost their bonuses + RSUs. Total gutter move.

This is the NETFLIX model, which all tech is copying. Only NF doesn’t do the D move of unvested RSUs and pay cash. But it’s “team not family” so as soon as you don’t have immediate worth, you are cut

[Anonymous]

I feel like this is the new norm for working - always prepared to leave your desk at a moments notice.

[Anonymous]

Anonymous wrote:I feel like this is the new norm for working - always prepared to leave your desk at a moments notice.

I copy every deliverable at end of project in case I need it. I also hoard vacation days till end in case of layoff. I carry max each year over.

[Anonymous]

Anonymous wrote:I feel like this is the new norm for working - always prepared to leave your desk at a moments notice.

No question this is the new normal, companies are sports teams not families, so when you are cut, you grab your bag and go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel like this is the new norm for working - always prepared to leave your desk at a moments notice.

No question this is the new normal, companies are sports teams not families, so when you are cut, you grab your bag and go.

I went through something similar this year. I couldn't find a comparable job and had relocate. The difficult part is kids' fully paid annual tuition for extra curriculums. I wonder if I always have to rent an apartment near my job trying to raise them.

[Anonymous]

So many racists on this thread. You are calling him names (dick, etc) because he is a person of color.

[Anonymous]

Anonymous wrote:So many racists on this thread. You are calling him names (dick, etc) because he is a person of color.

What? No, the criticisms are clearly about his behavior and the fact his company is flush with cash but by being greedy he's cutting people with minimal severance.

[Anonymous]

Anonymous wrote:What’s really awful is that Better had a gangbusters year with refinancings. So all these people who worked their butts off just lost their bonuses + RSUs. Total gutter move.

Traditional banks do this too. Lots of hiring when the mortgage/refinance market is doing well followed by lots of layoffs the second that the market cools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What’s really awful is that Better had a gangbusters year with refinancings. So all these people who worked their butts off just lost their bonuses + RSUs. Total gutter move.

Traditional banks do this too. Lots of hiring when the mortgage/refinance market is doing well followed by lots of layoffs the second that the market cools.

EY laid off a bunch of ppl during covid. Go figure.

[Anonymous]

I thought those people were laid off in part because they were supposedly only working like 2 hours.

https://finance.yahoo.com/news/better-com-ceo-accused-hundreds-161831980.html#:~:text=Vishal%20Garg%2C%20the%20founder%20and,a%20day%2C%20Fortune%20first%20reported.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel like this is the new norm for working - always prepared to leave your desk at a moments notice.

No question this is the new normal, companies are sports teams not families, so when you are cut, you grab your bag and go.

If by "new normal" you mean in the past 20-25 years, then yes. This was going on everywhere during the dot.com book in the late 90s.

i.e., not so new. Companies have no loyalty anymore... so why should employees? Cue the great resignation.

[Anonymous]

Anonymous wrote:Can an HR expert chime in as to why this was done before the holidays? No holiday pay?

I’ve seen people complain when it’s done after the holidays as people have spent money they didn’t have.
But also then employers can take the business expense of severance as a write off in 2021 instead of 2022, which might be advatageous to them. Or to have the number on 4Q21 earnings rather than 1Q22 earnings.

[Anonymous]

People, I've worked in the private sector for 20+ years. There is no such thing as loyalty to the employees. You are a cog in a machine. And startups are brutal. There is a reason for that.