Speaking to CNA on the condition of anonymity, one retrenched staff member said that murmurs of the retrenchment exercise had been in the works for several weeks.
The ex-employee told CNA that the entire company was invited to a virtual meeting with Mr Sityodtong. This seemed unusual, said the former employee.
“Usually, company meetings are all in person in a boardroom,” he said.
“When I saw that it was only (virtual), then I expected (layoffs) because this is exactly what they did in the last round in 2020.”
In 2020, ONE Championship cut 20 per cent of its staff worldwide amid the COVID-19 pandemic.
“During the meeting … (Mr Sityodtong) said that after the meeting, if you get a call, you’re out. If don’t get a call, you’re safe, which is a ****ing nerve-wracking way to do it,” the ex-employee said.
In the end, he got the dreaded call. In a smaller meeting, the company explained that he was being laid off as a cost-cutting measure.
He said that the decision was especially striking, given reports on the same day of ONE Championship raising at least US$50 million from investors, including Qatar Investment Authority.
Another source with close knowledge of the brand said that he knew about the retrenchment plans a week ago, but was told by ONE Championship to keep the information to himself.
“There have been rumours for a while apparently in the workforce,” he said.
According to the ex-employee, the compensation package was two weeks’ pay for every year of service, on top of one month of notice-period pay, and encashed leave.
About 30 to 40 staff members in the Singapore office were laid off, the ex-employee estimated, and said that those who got the axe were locked out of their computers immediately after receiving the bad news.
Looking back at his years working there, he said he enjoyed his role and working with his colleagues.
“It was a good job for me … so to go like that is kind of disappointing (and) there’s nothing I can do about it,” he said.
“If the management feels like this is the direction they need to take to cut costs, then that’s on them.”
