Better.com gears up for 4th round of Layoff after already firing nearly 4,000 employees

New Delhi: After firing over 4,000 employees in over three rounds, Online mortgage firm Better.com is yet again gearing up to fire more employees from the firm. As per media reports, Better.com could lay off about 250 employees today (August 26).

A leaked report on Tuesday (August 23) had hinted that Better.com could be firing 250 employees on Friday, though it was not clear as to which department and which employees would be sacked in the latest round of firing.

Better.com had come under fire after its CEO, Vishal Garg, fired around 900 workers via a single Zoom call over in December last year. Following this, he fired nearly 2,000 employees in March this year and 1,000 in April. After laying off nearly 4,000 employees in the US and India, digital mortgage lender Better.com offered employees paid severance or voluntary separation and health insurance coverage.

According to the company, the uncertain mortgage market conditions created an exceedingly challenging operating environment for many companies in the industry.

News agency IANS, citing latest PwC report, said that 50 percent of respondents in the US are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent. More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and Meta (formerly Facebook), and the worst has not been over yet for the tech sector that has seen massive stock sell-off.

In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 12,000 have been fired this year.