Better.com’s stock-market debut in August saw a sharp 93% drop on the first trading day, leading to CEO Vishal Garg announcing layoffs. The company now emphasizes prudent decisions to serve shareholders and customers. While the exact number of layoffs is unclear, Better.com had 950 employees at the time of its SPAC merger. At this time, it is also uncertain on how many Canadian employees will be impacted.
Amid elevated borrowing costs, the mortgage market remains challenging. Better.com is hiring experienced professionals and investing in technologies like Tinman and One Day Mortgage to enhance efficiency and customer support. The company previously laid off about 9% of its global workforce, approximately 900 employees, in a Zoom call two years ago.
Severance pay for Better.com’s employees
For Canadian employees at Better.com, it is important to know that they may be entitled to severance pay if they are laid off or fired from their job.
It is important to understand that severance pay is compensation that non-unionized workers in Canada receive from their employer when they are fired (i.e. terminated) without cause. Even if an employee is terminated for alleged misconduct, they may still be entitled to full severance pay if their employer does not meet the necessary conditions for this type of dismissal. In some cases, employers may not even be aware of their obligations to their employees during the termination process.
At Whitten & Lublin, we understand that facing a layoff or termination can be a difficult and stressful experience. That’s why it’s important for employees to know their rights and seek legal advice when necessary. If you or someone you know has been impacted by the recent Better.com’s layoffs, we encourage you to contact us for a consultation online or by phone at (416) 640-2667 today. Our experienced employment lawyers can help you understand your legal options and work to ensure that you receive the compensation you deserve.