From a video by Faith & Co
Victor Ho founded Fivestars with the mission of “transforming transactions into relationships” - loyalty schemes for small businesses.
The start-up hit a rough patch and needed to lay off 50 people. Best practices suggested handling the lay-offs with surgical precision.
Victor felt compelled to take a different approach that was consistent with the company’s values: humbly admitting his mistakes, honouring the workers’ contributions, and mobilizing the entire firm to help those being displaced.
In dealing with the economic fallout from the pandemic, you may find Victor's story helpful.
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From a video by Faith and Co, 30/09/2020