More than 3,300 physical stores to Reliance Retail network in 2022-2023
In comparison to the previous year, Reliance Industries cut almost 11%, or 42,000 employees, from its workforce in FY24. This suggests cost-cutting measures and a decrease in employment, particularly in the retail sector, which also saw store closures and a slower rate of expansion.
In FY24, RIL had 347,000 employees, down from 389,000 in FY23. The organization’s most recent annual report showed that the number of new hires had decreased by more than a third to 170,000.
“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,” said an analyst with a leading broking firm who tracks Reliance Industries but did not wish to be named.
Approximately 60% of RIL’s workforce, or 207,000 people, worked in its retail division in the previous fiscal year, down from 245,000 in the fiscal year prior. This division saw the most of the decline. Jio also saw a decrease in staff, going from 95,000 in FY23 to 90,000 in FY24.
Adding that its employee benefits expense rose 3% to Rs 25,699 crore, RIL said, “Overall voluntary separations in FY24 are lower than FY23.” It had increased by 33% in FY23 over the previous year.
Reliance Retail added more than 3,300 physical stores to its network in 2022-2023, bringing the total number of locations to 18,040 by the end of the year.
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