At the close of FY24, Reliance Group's total employee count saw a notable decrease, dropping from 3,89,414 at the end of FY23 to 3,47,362. This represents a significant reduction of 42,052 jobs across the conglomerate's various businesses. The company’s annual report sheds light on this considerable workforce reduction, underscoring the strategic shifts and operational streamlining efforts undertaken by the group over the past year.
The most substantial job cuts occurred within Reliance's retail division, which experienced a loss of nearly 38,000 employees. This move aligns with the group's broader strategy to optimize its operations, manage costs more efficiently, and enhance profitability in a challenging economic environment. Despite the substantial reduction in workforce, Reliance Retail reported strong financial performance, with operating revenue climbing by 18.3% to Rs 273,131 crore, up from Rs 230,951 crore in the previous fiscal year. The division's EBITD (earnings before interest, tax, depreciation, and amortisation) also saw a significant increase, growing by 28.4% to reach Rs 23,082 crore, alongside an expanded EBITDA margin of 8.5%.
The workforce reduction, however, was not evenly spread across the company. The retail sector, known for its high employee turnover, particularly in-store operations, was most affected. The report highlights that a large proportion of those who left the company voluntarily were young, with 74.9% under the age of 30, and 22.7% being female. This trend reflects the high mobility within the retail sector, where younger employees often move on to other opportunities. Among the remaining employees at Reliance, 53.9% are under 30 years old, and 21.4% are female, indicating a youthful and diverse workforce that remains a key asset for the company.
In Reliance Jio, the telecommunications arm of the group, the attrition rate was significantly influenced by the departure of non-regular employees, including those on fixed-term contracts, part-time positions, apprenticeships, and internships. The company's shift towards commission-based roles has also contributed to a reduced need for new hires in field jobs, reflecting a strategic realignment in its workforce management.
Throughout FY24, Reliance Group brought on board approximately 171,000 new employees, marking a sharp decrease from the 262,558 new hires in FY23. The majority of these new recruits, 81.8%, were under the age of 30, and 24.0% were female. This hiring trend underscores Reliance's focus on nurturing young talent, even as it adjusts its overall workforce size in response to changing business dynamics.
Despite the workforce reduction, Reliance Retail continues to see positive trends in customer engagement, with store footfalls increasing by 24.2% and 18.9% in the first two quarters of 2025. However, the growth in transaction numbers has been more modest, with rates of 5.9% and 6.4% in the same periods. This disparity suggests that while more customers are visiting stores, they may be more cautious in their purchasing decisions, possibly reflecting broader economic uncertainties or shifts in consumer behavior.
Reliance's ability to maintain strong financial performance despite a leaner workforce highlights its focus on efficiency and cost management. The group's strategic adjustments, including the streamlining of its retail division and the realignment of its telecommunications workforce, are indicative of its commitment to sustaining growth and profitability in a rapidly evolving market landscape. As Reliance Group continues to navigate these changes, its ability to adapt and innovate will be crucial in maintaining its leadership position across its diverse business segments.
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