Over 41,000 Reliance Jio employees resigned voluntarily in FY23, which may come as a complete shock. Around 1,19,229 employees quit Reliance Retail during this time. From FY22 to FY23, the attrition rate at the Mukesh Ambani group rose by 64.8 percent YoY for both Reliance Jio and Reliance Retail.
According to the details shared with Live Mint, operational redundancy, and position duplication following RIL’s several acquisitions in the retail sector contributed to this rise in departures. During a hiring boom, some employees decided to take on new responsibilities, while others left the company to work in other industries.
“RIL made several acquisitions in the retail segment and this led to an overlap of functions. Some executives decided to take on other responsibilities while several others left the firm to join other industries during the hiring boom,” said an industry executive.
Employee Dynamics at RIL in FY23: Departures, Hires, and Strategic Changes
In all, 167,391 employees decided to quit RIL in FY23. This includes 41,818 from Jio and 119,229 from the retail segment. People with knowledge of the situation told the cited source that the majority of the departures were at the junior to mid-management levels.
Despite the rise in voluntary separations, RIL also engaged new workers, bringing on 262,558 employees across its various operations in FY23. The report also asserts that RIL’s approach to increasing cost savings and firing failing employees included a spike in voluntary separations.
JioMart, the e-commerce platform owned by RIL, reportedly fired 1,000 staff as part of a cost-cutting effort in May of this year. Although exact numbers were not officially confirmed, there were rumors of more layoffs.
According to the company’s notice to the exchanges, Reliance Industries will convene its 46th annual general meeting on August 28 at 2:00 PM in India. Mukesh Ambani, the chairman of Reliance, is expected to make significant announcements at this event about a variety of subjects, such as Jio Financial Services, the upcoming JioPhone 5G, customer-focused Jio 5G tariffs, and more. Ambani already confirmed the JioPhone 5G’s existence, but no specifics have been revealed as of yet. For all the most recent updates, keep an eye on India Today Tech.