The CEO Vishal Garg of a US-based digital Mortgage company did the unthinkable right before the holidays. During a live zoom call he said,” If you’re on this call, you are part of the unlucky group that is being laid off. Your employment is terminated, effective immediately.
In accordance with Bob Bratt he told the employees that the current market had changed in order to save the company, this was a decision that unfortunately had to be made.
Vishal Garg, the CEO said,” I know this is not what you wanted to hear but ultimately, it was my decision and I wanted you to hear it from me.” He went on to say that this was the second time in his life he had to make a decision of this magnitude and he does not want to do it. The last time he did it, he cried.
He then said 15 percent of the staff was being laid off. He claimed that Market efficiency, productivity, and performance were the cause of the mass layoff.
The CEO said the employees would get four weeks of severance, a month of benefits, and two months of coverup where the company would pay all the premiums.
You can hear one of the employees say, Oh no, this is not real, this can’t be happening.
Mr. Garg reportedly was involved in bullying tactics prior to terminating his employees. According to Forbes Magazine, in 2020 he sent staff an email stating,” You are TOO DAMN SLOW. you are a bunch of dumb Dolphins; so stop it, stop it, stop it right now because you are embarrassing me.