Reliance Industries cut 11% workforce in 2023-24, retail segment sees most cuts

Reliance Industries Ltd, has reduced its workforce by 11% or by 42,000 people during the financial year 2023-24 compared to the year prior, the Economic Times reported. This indicates cost-efficiency drives, and the reduction is prominent especially in its retail segment, according to the report.
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The total number of employees in Reliance Industries was 347,000 in 2023-24, but was 389,000 in 2022-23.
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The number of new recruits also was cut down by more than a third to 170,000, according to the company’s annual report.
“The new lines of businesses (at Reliance) have matured now and have significant support from digital initiatives. Now they are a stage to better manage the operations with optimum strength. It doesn’t mean that the numbers (of headcount) won’t increase when new business opportunities emerge and strategy changes. They understand very well how to drive cost management and efficiency,” the report quoted an analyst from a leading brokerage who did not wish to be named, as saying.
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Reliance’s retail division accounted for 60% of employee strength at 207,000 during 2023-24, compared to 245,000 in the year before that. However, Reliance Retail also opened 3,300 new stores in 2023-24, taking the total store count up to 18,040.
Jio saw its number of employees reduce to 90,000 in 2023-24, compared to 95,000 the year prior.
Despite all this, the employee benefits expense of Reliance rose by 3% in 2023-24 compared to the year before, and it also rose by 33% in 2022-23, compared to 2021-22.