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India's largest conglomerate, Reliance Industries, revealed in its annual report that it laid off 42,000 employees in FY24, focusing on cost efficiency and reduced hiring. It's in line with a whopping 63 750 layoffs in FY24 by India's top IT companies, including TCS, Wipro and Infosys. The company hired around 171,000 people, down from the previous year's 263,000, with over 143,000 employees opting for voluntary separations.   Reliance Retail, the largest vertical, had about 207,000 employees at the end of the financial year, down from 246,000 the previous year. The company noted high employee turnover, especially in-store operations, in the retail industry. The layoffs come as Reliance Retail, despite raising $1.85 billion in funding, saw its revenue plummeting. The unit reported a modest 7% increase in revenue in the first quarter compared with a year earlier, falling significantly short of the 15%-20% increase analysts had expected. Reliance Retail also opened only 82 new stores in the quarter, a sharp decline from the average of 740 stores per quarter in fiscal year 2023. #startuppedia #mukeshambani #reliance

This is life! Reliance cut employees to reduce the cost, yet so many unnecessary expenses in celebration. I get it. It's their son. But the workers also have a family at home. They also have children at home. Hiring when you want business to grow. Cutting jobs when you want your profit to stay with you. For those who don't know, What is Reliance Industries? And how much profit they earn in every financial year? They made a total sales of 925,289 crore in the last 12 months. Now let's see the net profit of Reliance Industries in the last 12 months. It's 78,207 crore after tax and all the expenses. And here we hear the joke of the day… 🥁 Reliance Industries reduce its workforce to 42,000 only in FY 23-24 to cut costs. Now you tell me what matter the most, bag full of more profit or to take care of the employees, who helped them build their company when they needed it. Kudos to life! #reliance #jobs #jobcuts

📉 Massive Layoffs at Reliance Industries in FY24: Navigating a New Reality 📉 Reliance Industries has announced a significant workforce reduction, letting go of 42,000 employees in FY24. This move, aimed at cost-efficiency, has sparked a wide array of reactions across the business world. From Reliance Retail to tech giants like TCS, Wipro, and Infosys, major companies are tightening their belts amid economic challenges. While these measures are strategic for the long term, the immediate impact on employees and their families is profound. As Reliance navigates these changes, the conversation around corporate responsibility and the human side of business decisions grows louder. What are your thoughts on this? 💬 . . #RelianceIndustries #Layoffs #CostEfficiency #BusinessStrategy #EconomicDownturn #CorporateResponsibility #JobCuts #WorkforceReduction #RetailIndustry #IndiaBusiness #LeadershipChallenges

Layoff helps Nifty index grow. Companies that struggle with business, After layoffs; will have better numbers to show for their quaterly results. An example, Wipro was laying off left right and center. From 700 per share, wipro fell till 350 per share. That was half of your investment wiped off. Now Wipro is at 550+ levels. After layoffs and other corrective measures, #wipro is doing okay. Wipro is a part of Nifty Index. Layoff helps company to do better. This in turn helps index to grow. Sujith S S 👍

𝗔𝗳𝘁𝗲𝗿 𝟱𝟬 𝘆𝗲𝗮𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗷𝗼𝗯 - 𝗛𝗲 𝗴𝗼𝘁 𝘁𝗵𝗶𝘀 𝗳𝗼𝗿 𝗵𝗶𝘀 𝗹𝗼𝘆𝗮𝗹𝘁𝘆 👇 Loyalty is good in love, friendship and family. It might not be so good if you are an employee. Reliance recently fired 42,000+ people. That is 11% of its total workforce. 39,000+ were from Reliance Retail itself. Also, it says that more than 143,000 of its employees chose "voluntary separations." Well, we all know what voluntary separations means. India’s top three IT services companies—TCS, Wipro, and Infosys—also reduced their combined workforce by more than 63,750 jobs last year. So, when someone talks about job loyalty, I'm more than worried for him. There is no better time than today to invest in yourself. Start looking for opportunities... not just in the form of another job but • A Side Hustle    • A Passive Income Opportunity    • A Real Estate option    • A Mutual Fund portfolio    • Buying a small business    It will be hard work to do it along with your current job BUT you will thank yourself when the going will get tough for you. 𝗢𝘁𝗵𝗲𝗿 𝗣𝗼𝘀𝘁𝘀 𝘆𝗼𝘂 𝗺𝗶𝗴𝗵𝘁 𝗹𝗶𝗸𝗲 • 𝗚𝗼𝗼𝗱𝗯𝘆𝗲 𝟵-𝘁𝗼-𝟱: 𝟮𝟵-𝗬𝗲𝗮𝗿-𝗢𝗹𝗱 𝗧𝘂𝗿𝗻𝘀 $𝟭𝟭𝟰𝗞 𝗦𝗶𝗱𝗲 𝗛𝘂𝘀𝘁𝗹𝗲 𝗶𝗻𝘁𝗼 𝗗𝗿𝗲𝗮𝗺 𝗝𝗼𝗯: https://lnkd.in/gXU93VpB    • 𝗙𝗿𝗼𝗺 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗕𝗮𝗻𝗸𝗲𝗿 𝘁𝗼 𝗬𝗼𝘂𝗧𝘂𝗯𝗲𝗿 𝗺𝗮𝗸𝗶𝗻𝗴 𝗥𝘀 𝟴 𝗰𝗿𝗼𝗿𝗲 𝗮 𝘆𝗲𝗮𝗿! 𝗛𝗼𝘄 𝗡𝗶𝘀𝗰𝗵𝗮 𝗦𝗵𝗮𝗵 𝘁𝘂𝗿𝗻𝗲𝗱 𝘁𝗵𝗲 𝗶𝗻𝘁𝗲𝗿𝗻𝗲𝘁 𝗶𝗻𝘁𝗼 𝗽𝗮𝘀𝘀𝗶𝘃𝗲 𝗶𝗻𝗰𝗼𝗺𝗲: https://lnkd.in/gW5uM6cC - #job #employee  #hiring #layoff #startup #sidehustle

In 2023-24, India's three leading IT companies experienced a departure of 64,000 employees. India's leading IT giants, Tata Consultancy Services, Infosys, and Wipro, witnessed a staggering exodus of 64,000 employees in the fiscal year 2024. This mass exodus was fueled by a weak global demand environment and tighter technology spending by clients. Wipro, which announced its Q4 earnings on Friday, reported a significant decline in headcount numbers to 2,34,054 as of March 2024, compared to 2,58,570 in the year-ago period. During the financial year ending March 2024, Wipro's headcount plummeted by a whopping 24,516 employees. #layoffs #indianjobmarket #unemployment #techgiants

In the 1990s, Tata faced significant challenges due to economic liberalization in India and the need to adapt to a rapidly changing market. During this period, particularly in the early 1990s, some Tata companies had to implement layoffs as part of restructuring efforts. Ratan Tata approached these layoffs with a focus on empathy and support for the affected employees. Here are some key actions taken: Communication: He emphasized transparent communication, ensuring that employees were informed about the reasons behind the layoffs and the broader context of the company's situation. Severance Packages: The Tata Group typically provided generous severance packages to help employees transition. This included financial support and sometimes extended benefits. Re-skilling and Support: Efforts were made to assist laid-off employees in finding new opportunities, including providing access to training and re-skilling programs. Focus on Core Values: Throughout this process, Ratan Tata maintained the company's commitment to its core values, emphasizing the importance of treating employees with dignity and respect, even in difficult circumstances. These actions reflected Ratan Tata's leadership philosophy, balancing the necessity of business decisions with a genuine concern for the well-being of employees. This story had to be told today. Ratan Tata leaves a legacy behind him that will be hard to emulate. #RatanTata #tatagroup #culture

The hush-hush of layoffs echoes through the corridors of India's bustling IT sector, with over 20,000 skilled professionals finding themselves unexpectedly sidelined in 2023. Termed as "Silent Firing," this covert practice sees employees quietly shown the door without fanfare or prior notice, whether through non-renewal of contracts, coerced resignations, or subtle nudges towards early retirement. No company, regardless of its stature, remains untouched by this unsettling phenomenon. Giants like Tata Consultancy Services, Infosys, Tech Mahindra, and Wipro have all partaken in this disquieting trend, contributing to the swelling ranks of the unemployed. But the ramifications don't end there. Those who remain employed are burdened with Herculean workloads, stretching their days to 12-16 hour stretches. The rationale behind these draconian measures? Heightened profitability, claim the companies, as they rationalize their actions amidst a backdrop of increasing competition and economic pressures. Fast forward to 2024, and the spectre of job losses still looms large, with an additional 2000-3000 IT professionals finding themselves casualties of this ongoing wave of corporate downsizing. Experts in the field view these numbers with alarm, noting that they rival the grim statistics witnessed during the tumultuous financial crisis of 2007-2008. It's a troubling trend that portends a rocky road ahead for the once-buoyant IT industry.

In its annual report, India’s largest conglomerate, Reliance Industries, disclosed a major restructuring, laying off 42,000 employees in FY24 as part of a strategic shift towards cost efficiency and reduced hiring. This move reflects a broader trend within India's IT sector, where top companies like TCS, Wipro, and Infosys collectively reduced their workforce by 63,750 during the same period. Reliance's hiring activity also saw a notable decline, with the company adding approximately 171,000 new employees, down from 263,000 the previous year. Over 143,000 employees chose voluntary separations as part of this transition. Reliance Retail, the conglomerate’s largest division, ended the financial year with around 207,000 employees, a decrease from 246,000 in the prior year. The retail sector experienced high turnover, particularly within in-store operations. Despite securing $1.85 billion in funding, Reliance Retail faced challenges with revenue, achieving only a 7% increase in the first quarter—well below the anticipated 15%-20% growth. Additionally, the unit opened just 82 new stores in the quarter, a sharp drop from the average of 740 stores per quarter in fiscal year 2023. #RelianceIndustries #CorporateRestructuring #WorkforceReduction #Layoffs #IndianBusiness #RelianceRetail #CostEfficiency #EmployeeTurnover #RetailSector #BusinessUpdates #CorporateNews #FY24 #IndianEconomy #FundingChallenges #RetailGrowth #WorkforceTrends #BusinessRestructuring #EconomicImpact #IndustryTrends #AllBoutCorps

Reliance Industries to Lay Off 42,000 Employees, Reducing Workforce by 11% in Retail Business  Reliance Industries, India’s largest conglomerate, has announced a drastic reduction of its workforce. The company has laid off approximately 42,000 employees, constituting an 11% cut from its total workforce in the fiscal year 2024. This unprecedented move by the Mukesh Ambani-led behemoth has raised eyebrows and sparked concerns about the broader job market. The retail sector, a key driver of employment within Reliance, has been particularly affected by the layoffs. While the company has cited a focus on cost efficiency as the primary reason for this massive downsizing, industry experts and analysts are speculating about deeper underlying factors. The retail landscape has been undergoing significant shifts, with changing consumer behaviors and economic conditions potentially impacting Reliance’s operations. The impact of this job cut on the overall economy and the Reliance ecosystem remains to be seen. With such a substantial reduction in its workforce, Reliance will undoubtedly face challenges in maintaining its operations and growth trajectory. #startup #startupnews #business #reliance #ambani #layoff #jobs #employees #retail #workforce #india #post