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‘You will not be allowed to fail twice’: Leaked video from Better.com meeting underscores botched layoffs

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07.04.2022

Leaked video from a second meeting that Better.com held minutes after the now-infamous Zoom call in December, when it terminated 900 employees, provides stunning new insight into the level of mismanagement that went into perhaps the most bungled corporate downsizing in recent memory.

Before the holidays, footage of CEO Vishal Garg stoically informing 10% of Better’s workforce that “If you’re on this call, you are part of the unlucky group that is being laid off” drew massive backlash and easily became one of the most-watched Zoom calls since “I’m Not a Cat.”

Now Fast Company has obtained video of the town hall meeting that Better convened immediately afterward, when remaining employees learned what Garg had just done. The video, which has not been previously released, shows five executives watching—some more uncomfortably than others—as their CEO spends 10 minutes inconsistently shifting blame for the layoffs between marketplace forces, his own overspending, and the perceived underperformance of the employees themselves.

At one point, Garg argues that he squandered $200 million, but also faults Better’s business partners, including its title-insurance provider (“weak and doesn’t pride itself on customer service”) and its home-insurance companies (“been doing business the same way for hundreds of years, and inflict........

© Fast Company


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