Hi folks, BetterWolf here! I posted last night that layoffs are coming @ Better.com. Here's the announcement that just went out. Over 4,000 of my co-workers were let go today! FU Vishal Garg.
Team,
We have an important and difficult announcement today, and the leadership team and I want you to hear it from us first.
As you know, the residential real estate market has been changing rapidly, and our entire industry is facing a dramatic drop in origination volume due to rising interest rates. It is clear - after careful, comprehensive review - that we will need to do more to ensure a strong path forward for the company and the vital work we are all doing to make homeownership more accessible for everyone.
Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the U.S. and India in a substantial way. We have huge opportunities ahead to grow and to serve, but we must adjust to volatility in the interest rate environment and refinancing market to get there successfully. This decision is driven heavily by the headwinds affecting the residential real estate market; it is in no way reflection on the personal performance of any departing team members, all of whom have contributed to Better's success. While it does not make this any easier other companies across the mortgage industry (both old and new) have had to make similar decisions over the last 2 months.
Across functions, specialists and offices, we have an incredibly talented team at Better, and losing valued colleagues is never something we wish to pursue. We do not take this decision lightly and want to let you know about the important steps we are taking in the coming days to support the transition for coworkers leaving Better. We are also taking steps to ensure seamless service for our customers.
All Affected Employees Will Be Contacted Personally
We are doing everything possible to personally reach all employees whose jobs will be eliminated to discuss this with them first. Anyone most directly affected by this announcement should receive a call over the coming days from a member of the Better leadership team. We will direct these communications to the personal phone and email we have on file. Following that call, each affected employee will receive an email to their personal email address from HR with additional details about transition support.
Affected employees will be eligible for a minimum of 60 working days - and as much as 80 working days - of cash severance payments. We have made sure that this financial support for departing employees is at or beyond what is required by law. Those affected directly by this change will receive details via email.
Sincerely
Kevin and the Better Management Team
# Better.com #bre #betterrealestate #better #layoffs
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comments
Seems like anyone with half a brain cell would be able to determine that the nature of mortgage origination numbers is that they’re highly cyclical/variable over time, and account accordingly in expansion plans…
“other companies across the mortgage industry (both old and new) have had to make similar decisions over the last 2 months”
Can anyone point to any other company that had to drop 60% of staff since December?
Yes, they screwed up, it isn’t easy to grow a business when the market reverses on you.
Culture is pretty good, and the people are excellent. But Product direction is generally pretty bad: confusing, poorly defined initiatives, bad communication between teams, etc. Also we're really got that "Feature Factory" mentality at the moment, anything "cool" or long-term oriented like big experiments/refactoring/tech debt cleanup keep getting deprioritized. And that can only get worse now that the company is seriously struggling. I'm sure pretty much anyone NOT working on Features which immediately make $$ will be refocused.
So not that bad on its own, but considering how good the market is, I think there are much, much better options out there.