Reliance Industries Layoffs: Over 42,000 Jobs Cut in last financial year. India’s largest conglomerate, Reliance Industries, reduced its workforce by 42,000 employees in the financial year that ended March 2024.
Reliance Industries Layoffs Details
In FY24, RIL had 347,362 employees, down from 389,414 the previous year. The latest annual report from RIL shows a reduction of more than a third in the number of new recruits to 171,116. According to ET, an analyst from a leading broking firm said Reliance’s new businesses have matured and now have adequate digital support to manage effectively.
The company employs a large workforce across its various businesses, ranging from the country’s largest retail chain to its leading telecom network. Reliance Retail has the most employees among the company’s verticals with about 207,000 at the end of the financial year, down from about 246,000 a year earlier. “The retail industry typically has a high employee turnover rate, especially in store operations,” the company wrote.
Reliance Retail, which raised $1.85 billion at a $100 billion valuation last year, is experiencing slow revenue growth. In the first quarter, the unit reported a modest 7% increase in revenue, significantly short of the 15% to 20% analysts expected. In the quarter, Reliance Retail opened only 82 new stores, a sharp decline from its average of 740 stores per quarter in fiscal year 2023.
Also on the other hand, the Gaint Multinational Companies Such as Wipro, Infosys, Reduced more than 63,750 jobs in the last financial year, reflecting wider global trends.
Apply For Reliance Jio Freelancer Remote Jobs Click Here
