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Better.com announces more layoffs due to rise in mortgage rates

By Nithya Bose in Employment News, posted April 21, 2022

Better.com has announced yet another round of layoffs as it tries to maintain its profitability as rising mortgage rates continue to add pressure to the housing market.

The company was roundly condemned for dismissing 900 workers on Zoom in December, and later around 3,000 employees were laid off in March.

The mortgage lender was an early business winner of the pandemic, multiplying in size while mortgage rates were low.

Richard Benson-Armer, the company’s head of human resources, performance and culture said: “As the mortgage environment in which we operate continues to indicate further declines ahead, we have to do more to ensure Better is appropriately positioned, financially and operationally, to navigate this changing environment.”

The company was then recognized for botching their reduction strategy.

It incorrectly placed severance compensation into the accounts of certain employees before informing them that they were being dismissed.

The corporation has not specified how many employees were laid off or the total number of individuals it will employ following this reduction.

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Following criticism for its earlier handling of layoffs, the firm appears to have attempted to treat the process more delicately.

Individual calls are now being made to all impacted employees, as well as a minimum of 60 days' pay, up to three months of health coverage, and support with job searches.

Better.com offered certain staff the chance to depart voluntarily with 60 days of severance pay earlier this month.

Source: The New York Times

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