BENGALURU: The recent layoffs within Reliance’s retail division (about 38,029 job cuts) have raised many questions, especially the future of hiring with regards to retail opportunities.
As per the company’s annual report, RIL has cut about 42,052 jobs (38,029 in retail alone) during FY24. Its total number of employees in retail arm stood at 2,07,552 in FY24 as against 2,45,581 in the previous fiscal. The annual report states that it hired 1.71 lakh new employees (1,05,047 in Reliance Retail) across diverse businesses in FY24. In FY23, the number of new hires in retail was 1,79,971. Total number of new hires in Reliance was 2,62,558 in FY23.
Aditya Narayan Mishra, MD & CEO of CIEL HR, said the impact of RIL’s layoffs will likely be multifaceted. “In the short-term, we might see a shift in operational dynamics, with a greater focus on efficiency and adoption of technology-driven solutions to maintain service levels. However, this creates opportunities for the remaining workforce to upskill and adapt to new roles within the evolving retail landscape,” he said.
Reliance Retail recorded gross revenue of Rs 3,06,848 crore, a growth of 17.8% over last year.
In the report, Mukesh Ambani, chairman and MD, RIL, said Reliance Retail’s vision of inclusive development for millions of consumers and merchants, coupled with unprecedented growth of the Indian marketplace, has resulted in marquee names investing in RRVL at a $100 billion valuation milestone.