Reliance Retail generates net new jobs for 2,500 people
New Delhi, May 25 (IANS) Reliance (NS:) Retail has generated net new jobs for 2,500 people since January 2023 alone.
According to market sources, 567 people resigned for performance reasons and served the notice period after April 2023.
Getting 567 performance-based exits (less than 0.14 percent) on a whopping base of more than 400,000 is naive and alarming, market sources said. Turnover in all organized retail companies in India is 30 to 40 percent per annum.
Separation is part of the normal course and related to performance. Similarly, the redistribution is also part of the ongoing business process, the sources said. Reliance has over 400,000 people in its retail business. Organized retail in India shows an annual turnover of 30-40%.
Reliance Retail Ventures Limited, through its subsidiaries and affiliates, operates an integrated omnichannel network of 18,040 stores and digital commerce platforms in consumer baskets of groceries, consumer electronics, fashion and lifestyle, and pharmaceuticals, and has partnered with over 3 million merchants through its New Commerce initiative.
Its FMCG subsidiary, Reliance Consumer Products Ltd, aims to provide a wide range of products under a portfolio of versatile brands that meet the daily needs of millions of Indians.
RRVL reported a consolidated turnover of Rs 260,364 crore ($31.7 billion) and net profit of Rs 9,181 crore ($1.1 billion) for the year ended March 3.
Additionally, it has a registered customer base of 249 million and saw footfall of 219 million in its stores in the prior quarter ending March 31, 2023.
The accumulated footfall during the year (FY23) stood at 780 million.