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In FY24, the number of employees at the largest company in the nation based on market value was 347,362, down from 389,414 the previous year.
According to its most recent annual report, the number of new recruits was reduced by more than a third to 171,116.
| Financial year | Total Employees | New Hires | Voluntary Separations |
| FY 23 | 389,414 | 262,558 | 167,391 |
| FY 24 | 347,362 | 171,116 | 143,280 |
*Consolidated data for the group including on-roll employees of O2C,E&P,JIO,RETAIL,MEDIA and other operations.
In FY24, the workforce strength of the nation’s most valuable corporation by market value was 347,362, down from 389,414 the previous year.
According to its most recent annual report, the number of new recruits was reduced by over a third to 171,116.
The cause of it?
The new business lines at Reliance have developed and are receiving a lot of help from digital initiatives. They are now in a position to run the operations more effectively and with maximum strength, according to an analyst with a top broking company who asked to remain anonymous.
Most job cuts in Retail
The number of employees at the conglomerate’s telecom division, Reliance Jio, decreased as well, from 95,326 in FY23 to 90,067 in FY24.
However, the majority of the layoffs occurred in its retail division, which employed 207,552 people in the most recent fiscal year, or around 60% of RIL’s entire workforce. In FY23, there were 245,581 of them.
“There is usually a high employee turnover rate in the retail industry, particularly in store operations.”
Reliance Retail increased the number of physical stores in its network in FY 23 by over 3,300, bringing the total number of locations to 18,040 by the end of the year.
After accounting for unprofitable shop closures, there were 18,836 stores as of FY24, representing a net increase of about 800.
RIL’s online wholesale platform JIOMART synchronized its activities with Metro Cash & Carry, which it bought, in the previous year.
The addition of 3,500 permanent personnel from METRO created a role overlap in both the online and backend sales processes.
Slow down in retails sales
After a spike in spending on everything from cars to garments in the post-pandemic period due to vengeance shopping, India’s retail sales growth slowed to 4% last year. Reliance’s retail sector saw an 18% increase in sales to RS. 3,06,848 crore.
Is joblessness a real thing in India
Recent years have seen a number of rallies in India about the employment issue.
The opposition has attacked the government over the dearth of jobs in India, bringing up the subject in the streets, on social media, and in Parliament.
The Centre for Monitoring Indian Economy (CMIE) released month-by-month data showing that India’s jobless rate climbed to 9.2% in June of this year, a 7% increase from May.
The youth of India are primarily impacted by the unemployment problem.
In India, youth make up around 83% of the unemployed labor force, according to a recent research by the Institute of Human Development (IHD) and the International Labor Organization (ILO).
Among all young people without jobs, the percentage of educated youth has nearly doubled, rising from 35.2% in 2000 to 65.7% in 2022.
The India Employment Report 2024 also showed that wages have generally declined or stayed the same, with real wages—that is, earnings after inflation—for both self-employed and regular workers showing a downward trend after 2019.
Concerns regarding the gender gap in the workforce are also present given the low percentages of female labor force participation. Young women have significant barriers in the work market, particularly those with higher degrees.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint