The mortgage business ebbs and flows, which can result in staffing up and then laying off as volume fluctuates. Coming off record origination volume from 2020 and into this year, it's not surprising we're seeing staffing cuts at some lenders.
The mortgage business ebbs and flows, which can result in staffing up and then laying off as volume fluctuates. Coming off record origination volume from 2020 and into this year, it's not surprising we're seeing staffing cuts at some lenders, but as the recent Better.com saga illustrates so well, companies have to approach staffing changes with care.
It all started last week when Better CEO Vishal Garglaid off 900 employees via zoom. Remote workers might have to be contacted this way to find out about termination, but the poor optics on 900 at one time should have been easy to avoid — that headline practically writes itself. The bigger problem, though, was the careless way Garg addressed people he was firing right before the holidays.
A day after the layoffs, Garg added fuel to the PR flameout when he claimed the laid off employees were "stealing" from the company by only working two hours a day. Finally, on Tuesday, Gargsent out an email apologizing for the way he handled the layoffs, which of course was promptly leaked.
There are lessons aplenty in the way this unfolded, not least of which is to remember that nothing your company says or does remains private for very long. Read the whole cautionary tale and find out how other lenders are using the layoffs to their advantagehere.
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