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.
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