During the fiscal year 2022-23, Reliance Industries Ltd (RIL) witnessed a notable rise in voluntary employee attrition within its retail and telecom divisions. Presented below are comprehensive details.
During the fiscal year 2022-23, Reliance Industries Ltd (RIL) witnessed a substantial surge in the number of employees opting to depart voluntarily from its retail and telecom divisions. In the Jio division alone, over 41,000 employees resigned, while the Reliance retail division saw more than 1 lakh individuals tendering their resignations. According to the conglomerate’s annual reports, the attrition rates soared by 64.8 percent compared to the preceding year (FY22).
The detailed information provided by Live Mint reveals that this spike in departures was partly attributed to operational redundancies and role duplications that arose after RIL’s multiple acquisitions in the retail sector. Some employees chose to undertake new responsibilities, while others ventured into different industries amidst a hiring surge.
“RIL’s acquisitions in the retail segment led to an overlap in functions. Some executives embraced new roles, while others opted to join different industries during the hiring boom,” explained an industry insider.
In total, 167,391 employees opted to leave RIL in FY23. Among these, 119,229 were from the retail division, and 41,818 were from Jio. Most of the departures occurred within the junior to mid-management levels, sources familiar with the matter informed the cited source. Despite the uptick in voluntary separations, RIL also embarked on fresh hiring, bringing in 262,558 employees across its diverse businesses during FY23. The report also asserts that the escalation in voluntary separations was part of RIL’s strategy to enhance cost efficiency and part ways with underperforming staff.
Earlier in May, RIL’s e-commerce platform, JioMart, reportedly initiated a cost-cutting initiative that led to the dismissal of 1,000 employees. While rumors of further layoffs circulated, exact figures were not officially confirmed.
In other developments, Reliance Industries has scheduled its 46th annual general meeting for August 28 at 2:00 PM in India, as indicated by the company’s communication to the exchanges. During this event, Mukesh Ambani, the Chairman of Reliance, is anticipated to unveil crucial updates on various subjects, including Jio Financial Services, the upcoming JioPhone 5G, customer-centric Jio 5G plans, and more. While Ambani has confirmed the existence of the JioPhone 5G, specific details about the device are yet to be divulged. Stay tuned to India Today Tech for the latest updates.
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