Reliance Industries Ltd (RIL) saw a marked increase in voluntary employee departures within its retail and telecom divisions during the fiscal year 2022-23. The company’s annual reports reveal that over 41,000 employees exited from Jio, while more than 100,000 people resigned from Reliance Retail. This spike in attrition rates represented a 64.8 percent increase compared to the previous fiscal year (FY22).
According to a report, one of the key factors behind this surge in resignations was operational redundancies that emerged following several acquisitions by RIL in the retail sector. These acquisitions led to overlaps in roles and responsibilities, prompting some employees to explore new opportunities either within the company or elsewhere, particularly during a period of heightened hiring activity across industries.
An industry insider commented, “RIL’s acquisitions in the retail sector created an overlap in functions, leading some executives to take on new responsibilities, while many others opted to leave and pursue opportunities in other sectors amidst a hiring boom.”
In total, 167,391 employees left RIL during FY23, with 119,229 from the retail division and 41,818 from Jio. The majority of these departures occurred at the junior to mid-management levels, according to sources familiar with the situation.
Despite the increase in voluntary separations, RIL continued to expand its workforce, hiring 262,558 new employees across its various business segments during FY23. The rise in voluntary resignations was also linked to RIL’s broader strategy of enhancing cost efficiencies and phasing out underperforming employees.
In a related development earlier this year, RIL’s e-commerce platform, JioMart, reportedly undertook a cost-cutting exercise that resulted in the termination of 1,000 employees. While there were speculations about additional layoffs, specific numbers were not confirmed by the company.
Looking ahead, Reliance Industries is set to hold its 46th annual general meeting on August 28 at 2:00 PM IST. During this event, Mukesh Ambani, the Chairman of Reliance, is expected to provide key updates on several fronts, including Jio Financial Services, the anticipated launch of the JioPhone 5G, and consumer-oriented Jio 5G plans. Although Ambani has already confirmed the existence of the JioPhone 5G, further details about the device remain under wraps. Keep an eye on India Today Tech for the latest developments.
In addition to the factors mentioned above, other media reports have noted that the retail sector as a whole has been undergoing a period of transformation, with many companies reevaluating their workforce needs in response to changes in consumer behavior and technological advancements. RIL’s move to streamline operations and focus on core competencies is in line with broader industry trends, where companies are increasingly leveraging technology to drive efficiency and innovation.
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