NEW DELHI: From January 2023 alone, Reliance Retail generated 2,500 net new jobs. As per Market source report, 567 persons left their jobs due to poor performance and gave notice after April 2023.
Drumming up 567 performance-based exits which is less than 0.14% on a huge base of more than 4,00,000 is naive and alarmist, market sources said. Churn in all organised retail companies in India is 30-40% annually.
Separation is a natural occurrence and is connected to performance. Redeployment is also a continuing commercial process, it said. Over 400,000 persons work for Reliance's retail division. In India, organised retail experiences a 30–40% annual churn.
Through its subsidiaries and affiliates, Reliance Retail Ventures Limited runs an integrated omni-channel network of 18,040 stores and digital commerce platforms across the grocery, consumer electronics, fashion & lifestyle, and pharmaceutical consumption baskets. Through its New Commerce initiative, the company has partnered with over 3 million merchants.
Reliance Consumer Products Ltd., its FMCG business, strives to offer a broad range of products under a diverse brand portfolio that meet the daily needs of millions of Indians.
For the fiscal year that ended on March 3, RRVL recorded a combined revenue of Rs 260,364 crore ($31.7 billion) and a net profit of Rs 9,181 crore ($1.1 billion).
Additionally, it has 249 million registered customers and 219 million people visited its stores in the preceding quarter, which concluded on March 31, 2023. The total number of footfalls for the entire year (FY23) was 780 million.
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