The company is reportedly losing millions every month following the controversial cuts
Less than a month after sacking 3,000 employees in the US and India, Better is set to cut its staff even further – but this time, through a voluntary separation program, not on a surprise Zoom call.
The digital mortgage lender is offering some of its US-based corporate, product development and engineering staff 60 days of severance pay and health insurance coverage if they voluntarily resign, according to sources familiar with the plan, reported on by Bloomberg.
Better’s newly appointed chief human resources officer Richard Benson-Armer cited the “uncertain mortgage market conditions” for the move.
Read more: Better.com job cuts – thousands more coming: report
In an email to the remaining employees yesterday, Benson-Armer said that eligible employees under 40 years old will have seven days to accept the offer, with their last day on April 15 and final payment on the same date. Employees who are 40 years old and above will have up to 21 days to accept.
The company is also said to be losing about $50 million a month, TechCrunch reported, citing sources who were in a recent internal meeting.
Read more: Better.com layoffs: “I don’t understand how executives could allow it to be done so poorly - twice”
Better has conducted two massive job cuts since December. In the most recent mast layoff, the company also offered some employees, including pregnant women and expectant parents, a similar paid severance package.
A company spokesperson confirmed the separation offers.
