Reliance’s workforce drops by 42,052 in FY24, retail leads the way

Mukesh Ambani-led Reliance Industries Ltd's headcount fell by 42,052 in FY24, at a time when companies across sectors are keeping close tabs on their employee numbers. However, the oil-to-telecom conglomerate noted that “overall voluntary separations” (resignations) in FY24 were lower than in FY23.

According to RIL's annual report, released on Wednesday, the total workforce for the FY24 was 347,362, down from 389,414 the previous year. Reliance Retail alone accounted for 38,029 of the 42,052 fewer employees. The report said the retail and telecom businesses were looking at different strategies to counter attrition.

Reliance said in the report that "access to trained manpower to support growth" was one of the threats its retail arm faced. Mint had reported in August 2023 that "voluntary separations" in Reliance's retail and telecom divisions rose significantly in FY23.

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“Overall voluntary separations in FY24 are lower than in FY23. The retail industry typically has a high employee turnover rate, especially in store operations,” the report noted. Voluntary separations fell to 1,43,280 in FY24 from 1,67,391 in FY23, it said.

More commission-based jobs

“For Jio, 43% of reported attrition includes non-regular employees (those on fixed-term contracts, part-timers, apprentices and interns). A shift towards commission-based job roles in the Jio workforce reduced the overall need for new hiring in field jobs," the report added.

The conglomerate hired 1.71 lakh new employees across businesses during the year, increasing its direct workforce to nearly 3.48 lakh. In report also said more than half of the workforce was below 30 years of age, a trend seen across Indian businesses.

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According to the report, 53.9% of Reliance Group employees are below the age of 30, and 21.4% are women. Also, 81.8% of the new hires are below 30, and 24.0% are women. If those who quit during the year, 74.9% were below the age of 30, and 22.7% were women.