It may be a major shock to learn that over 41,000 Reliance Jio employees voluntarily left the company in FY23 and in the meantime, about 1,19,229 employees have left Reliance Retail. For Reliance Jio and Reliance Retail, there has been an increase of 64.8 per cent in the number of redundancies from FY 22 to FY 23 at Mukesh Ambani’s conglomerate.
The total number of employees who opted to leave RIL for the financial year 23 was 167,391. It includes 114,229 from the wholesale unit and 41,818 from Jio. People familiar with the matter told the source that most of the departures were at the junior to senior management level.
For both divisions of Reliance, there have been voluntary redundancies in excess of 97,739 for the period from FY 21-22. Within a year, this translates into almost 30,000 employees leaving the company. According to an industry executive, RIL has done a number of acquisitions in its retailing division that have led to overlapping functions. Although some of the new recruits decided to shift into other jobs within the organization, others simply left and joined another institution which was in a hiring boom.
RIL continues to be the biggest employer in India, with 3,89,414 employees, as per a company report. According to the report, voluntary resignations were also part of RIL’s cost cutting measures, which allowed low performing assets to leave the company. But it wasn’t all voluntary exits. In May 2023, after rumours that more redundancies were about to take place at the company, JioMart was laying off approximately 1,000 employees. Also, as stated in the company’s notice to exchanges, Reliance Industries is holding its 46th Annual General Meeting on 28 August at 2pm, local time in India.
During the event, they are expecting Reliance Industries CEO Mukesh Ambani to make major news on various topics such as Jio Financial Services, forthcoming fifth generation of Jio Phone 5G and customer centered Jio5G Plans or more. As Ambani has already confirmed that Jio Phone 5G exists, they have not yet been able to get any specific details on the device.
