Reliance, India’s largest conglomerate, decreased its workforce by 11%, or greater than 42,000 individuals, within the monetary yr ended March 2024.
The conglomerate additionally slowed hiring, bringing on board about 171,000 individuals within the monetary yr, decrease than the round 263,000 individuals it employed a yr earlier, based on its annual report. The corporate mentioned greater than 143,000 workers opted for “voluntary separations.”
Reliance employs a big workforce at its numerous companies, which vary from India’s largest retail chain to the nation’s prime telecom community. Reliance Retail accounts for almost all of personnel among the many firm’s verticals, with about 207,000 workers on the finish of the monetary yr, however that quantity was decrease than its earlier headcount of about 246,000 a yr earlier. “The retail trade usually has a excessive worker turnover fee, particularly in retailer operations,” the corporate wrote.
The layoffs come as Reliance Retail, which raised $1.85 billion at a $100 billion valuation final yr, is seeing income development decelerate. The unit reported a modest 7% improve in income within the first quarter in contrast with a yr earlier, falling considerably wanting the 15%-20% improve analysts had anticipated. Reliance Retail additionally opened solely 82 new shops within the quarter, a pointy decline from the common of 740 shops per quarter in fiscal yr 2023.
India’s prime three IT providers firms, TCS, Wipro and Infosys, slashed greater than 63,750 jobs within the final monetary yr, reflecting wider world tendencies.
