Better.com video to lay off 15 percent of company

[Anonymous]

Anonymous wrote:

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.

EY is not a bank. And EY did not “lay off a lot of people.”

I work there. I know.

[Anonymous]

Anonymous wrote: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.

Sure but the whole deal with start ups is delayed compensation, and if company does well, you will do well with your options/RSU. But here you have a company doing well, having a good exit, but then laying off and stripping people of their unvested options. Dot.com only laid off as companies struggled; this is a malevolent behavior towards employees

[Anonymous]

I mean this is what you wanted? Virtual work means virtual firing uncontested and with no remorse. I'm sure that 15% can find a new job by January 1st.

[Anonymous]

As a CEO I'd much prefer to send out a pre-made video to fire people than face then in-person. Yeah baby.

[Anonymous]

He said 'We've been monitoring you remotely and you've been slacking - BYEEEEEEEEEE'.

[Anonymous]

Anonymous wrote:

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.

Accenture and Deloitte did, too. I believe big law firms did as well.

[Anonymous]

What a complete moron. Now he is a laughing stock and the poster child of what not to do.
His company is now infamous.

[Anonymous]

Anonymous wrote:What a complete moron. Now he is a laughing stock and the poster child of what not to do.
His company is now infamous.

Do not insult morons 😓

[Anonymous]

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

I never had any bias again certain ethnicity until I was mobbed by a group of them. Go ahead report my post like you did to the other post yesterday.

[Anonymous]

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

That (pretty clearly) has nothing to do with it.

[Anonymous]

Anonymous wrote:He said 'We've been monitoring you remotely and you've been slacking - BYEEEEEEEEEE'.

+1

That is the part I understood. They had not been working, so they called it "stealing" from the company - I sort of wish more companies would do this.

[Anonymous]

Anonymous wrote: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.

+1

This is the part that resonated with me. It is difficult to have employees/coworkers who don't pull their weight.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

Sure but the whole deal with start ups is delayed compensation, and if company does well, you will do well with your options/RSU. But here you have a company doing well, having a good exit, but then laying off and stripping people of their unvested options. Dot.com only laid off as companies struggled; this is a malevolent behavior towards employees

Again, there is no such thing as loyalty. Plus, from what I read, it was because these people were only working two hours of work.

I have worked in SV during the dotcom rise and fall. I know plenty of people who got laid off even during "good" years because the investors wanted to contract spending. DH also worked for a startup and lost all his options. So I'm pretty familiar with how those startups work. They are brutal. The guy is an a$$ for the way he fired people, but those startups are really brutal in more ways than one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He said 'We've been monitoring you remotely and you've been slacking - BYEEEEEEEEEE'.

+1

That is the part I understood. They had not been working, so they called it "stealing" from the company - I sort of wish more companies would do this.

I watched the whole thing and never heard any performance complaints? From press I read, they had automated some tasks and instead of re tasking staff they let them go to clawback unvested RSUS before SPAC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He said 'We've been monitoring you remotely and you've been slacking - BYEEEEEEEEEE'.

+1

That is the part I understood. They had not been working, so they called it "stealing" from the company - I sort of wish more companies would do this.

Tbh, same. I'm on a fully remote team and a couple of folks barely do anything for hours long stretches and the rest of us have to grit our teeth and pick up the slack. (Our work is pretty easy to measure etc)