Home News Better.com Announces More Layoffs, Citing Mortgage Market Turbulence

Better.com Announces More Layoffs, Citing Mortgage Market Turbulence

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Mortgage lender Better.com announced another layoff round on Tuesday after cutting about 900 people at the end of last year. Mass firing on zoom It caused a quick rebound.

Better.com was one of the early pandemic business winners, quadrupled in size when mortgage rates were low, but is well known for failing its approach to downsizing. became.The company call out In December, Zoom fired 900 workers, and in March about 3,000 were fired.Accidentally deposited Severance pay Before notifying them that they have been fired, to some workers’ accounts.

During the latest round of layoffs, Better.com pointed out the housing market turmoil as the reason for the shrinkage. The company does not disclose the number of employees included in the reduction or the total number of employees employed after this reduction.

“As the mortgage environment we operate continues to show a further decline in the future, we will continue to help better be financially and operationally positioned to survive this changing environment. We need to work hard, “said Richard Benson Armor, Head of Human Resources for the company. The performance and culture told staff on Tuesday morning in an email read by the New York Times.

U.S. Mortgage Interest Rates Rise to 5 percent For the first time in more than a decade, it has put new pressure on the home market and put a new burden on future homebuyers who are already plagued by rising prices.

The company said the latest layoffs at Better.com aim to be on the “road to profitability.”

Following criticisms of previous headcount reductions, the company seems to have sought to be more sensitive to the process.

According to Benson-Armer’s note, all affected employees will receive individual phone calls, a minimum of 60 days of compensation, COBRA up to 3 months of health insurance, and job search assistance. .. Earlier this month, Better.com offered some employees the option to voluntarily retire after a 60-day layoff.

Better.com invited McKinsey’s former partner Benson Armor to lead the development of post-independence talent. Research It’s a corporate culture survey, following the backlash faced by CEO Vishal Garg about the December layoff at Zoom.

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