- By Kamal Kumar
- Sun, 11 Aug 2024 09:07 PM (IST)
- Source:JND
Reliance Lay Offs: India's largest conglomerate Reliance Industries Limited (RIL) reduced its workforce by 11 per cent in the financial year 2023-24 as compared to the previous year, laying off as many as 42,000 employees. Most of the shredding was done in the company's retail sector, reports stated. The massive layoff in India's largest conglomerate has raised concerns.
Reacting to the development, Shaadi.com CEO Anupam Mittal called it 'alarming', asking why there is no noise about it. Meanwhile, Mukesh Ambani-led RIL's move is being seen as a step to boost cost efficiency, especially in the retail sector of the conglomerate. The company has reduced the workforce from 3.89 lakh in FY 2022-23 to 3.47 lakh in FY 2023-24, marking a cutdown of 42,000 employees.
Financial Express reports stated that the market hiring for the RIL has also dropped by about 33 per cent, with only 1.71 new hires in FY24.
The massive job cut was predominantly aimed at strategically sharpening the company's retail workforce which constitutes around 60% of the total employees. The Retail segment witnessed a fall in Employee numbers from 2.45 lakh in FY23 to 2.07 lakh in FY24.
Shaadi.com CEO took to social media to share his concerns over the news: “42k? Why is this ‘quiet news’? Should be raising serious alarm bells across the economic & political circles.”
A user then pointed out: “It was mostly from Retail, mostly part-time or contract employees depending on need. They added 1.7 lakh in other areas. Maybe they are bringing in changes. Why does it need political attention though? It's their business decision.”
However, Anupam responded swiftly with: "What I mean is that if our largest cos are cutting down people, the job situation gets much worse. We already need 8-10 m net new jobs a year. Not suggesting they need to take it up with Reliance but rather that we need a bold plan that works.