New Delhi, August 9: Reliance Industries Ltd, has announced a significant reduction in its workforce. Reliance has reportedly laid off 11 percent of its employees as part of its cost-efficiency drive, with the retail segment is said to be experiencing the job cuts. The strategic decision is likely to streamline operations and improve efficiency across various sectors of the company.

As per a report of Times of India, Mukesh Ambani-Led Reliance Industries laid off 11 percent of its workforce in FY24 as part of its cost-efficiency drive. The layoffs nearly affected 42,000 employees of its total workforce and job cuts is believed to be a result of their efforts to cut costs and reduce hiring as per a report of Economic Times. Dell Layoffs: Tech Giant Lays Off Employees in Sales Department Amid Restructuring Plans for New AI-Focused Unit.

The retail segment of the company, in particular, reportedly experienced store closures and slower expansion, which may be the reason for the decrease in the workforce. The retail sector, which had 2,07,552 employees last fiscal year, with the workforce reduced from 245,581 employees in FY23. As per reports, the company said, "Overall voluntary separations in FY24 are lower than FY23. The retail industry typically has a high employee turnover rate, especially in store operations." Reliance Jio also reduced its employee numbers from 95,326 in FY23 to 90,067 in FY24. Infineon Layoffs: German Chipmaker Laying Off 1,400 Employees and Planning To Relocate Same Number to Low-Wage Countries Amid Revenue Drop in Q3.

In the previous year, Reliance Industries online wholesale platform, JioMart joined with Metro Cash and Carry, a company it acquired. As a result of this collaboration, there was an overlap of roles between the existing employees of JioMart and the permanent employees of Metro, which consisted of 3,500 employees. The overlap occurred in various areas, including the backend operations and online sales operations. Essentially, there were duplicate positions and responsibilities due to the integration of the two companies.

(The above story first appeared on LatestLY on Aug 09, 2024 10:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).