Reliance Industries Ltd (RIL) experienced a significant increase in the number of employees choosing to leave the company voluntarily in its retail and telecom divisions during 2022-23. Over 41,000 employees in Jio and more than 1 lakh people in Reliance retail resigned from the companies. According to the annual reports of the conglomerate, attrition rates rose by 64.8 percent compared to the previous year (FY22).
The details shared by Live Mint reveal that this rise in departures was partly due to operational redundancies and duplication of roles after RIL made several acquisitions in the retail segment. Some employees decided to take on new responsibilities, while others left the company to join different industries during a hiring boom.
“RIL made several acquisitions in the retail segment and this led to an overlap of functions. Some executives decided to take on other responsibilities while several others left the firm to join other industries during the hiring boom,” said an industry executive.In total, 167,391 employees decided to leave RIL during FY23. This includes 119,229 from the retail division and 41,818 from Jio. The majority of the departures were at the junior to mid-management levels, people familiar with the matter told the cited source.
Despite the increase in voluntary separations, RIL also engaged in fresh hiring, recruiting 262,558 employees in FY23 across its various businesses. The report further claims that the rise in voluntary separations was also a part of RIL’s strategy to drive cost efficiencies and let go of underperforming employees.
Earlier this year in May, RIL’s e-commerce platform, JioMart, reportedly conducted a cost-cutting exercise that led to the firing of 1,000 employees. There were rumors of more layoffs, although exact numbers were not officially confirmed.
In other news, Reliance Industries will hold its 46th annual general meeting on August 28 at 2:00 PM in India, as indicated by the company’s notice to the exchanges. During this event, Mukesh Ambani, the Chairman of Reliance, is expected to announce important updates on various topics, including Jio Financial Services, the upcoming JioPhone 5G, customer-focused Jio 5G plans, and more. While Ambani has already confirmed the existence of the JioPhone 5G, specific details about the device are yet to be disclosed. You can stay tuned to India Today Tech for all the latest updates.
