Reliance Group, a titan in India’s business landscape, made significant workforce reductions in FY2024 as part of its ongoing efforts to streamline operations and adapt to changing market dynamics. The Mumbai-based conglomerate saw its employee count decrease by 42,052 by the end of the fiscal year, marking a notable shift in its human resources strategy.
Workforce Reductions and Demographics
By the end of FY2024, Reliance Group’s total workforce had dropped from 389,414 in FY2023 to 347,362, a reduction of 42,052 employees. The company’s annual report highlights that a significant portion of this reduction came from its retail division, which saw its employee count decrease by nearly 38,000.
The demographic data reveals that in FY2024, 53.9% of the workforce was under the age of 30, and 21.4% were women. Interestingly, 74.9% of voluntary separations involved employees under the age of 30, and 22.7% were female. Despite these figures, voluntary separations were lower in FY2024 compared to the previous year.
Shift in Hiring and Employment Strategy
Reliance Group’s hiring pace slowed considerably in FY2024, with the company adding around 171,000 new employees across its various businesses, compared to 262,558 in FY2023. The reduction in hiring was most evident in Reliance Retail, where a shift towards commission-based roles reduced the need for new hires in field jobs. This strategic move allowed the company to cut down on operational costs while maintaining its market presence.
Reliance Retail’s Performance Amid Workforce Reductions
Despite the significant reduction in its workforce, Reliance Retail reported strong financial performance in FY2024. The division saw an 18.3% increase in operating revenue, reaching Rs 273,131 crore, and a 28.4% growth in EBITDA to Rs 23,082 crore. Profit after tax also surged by 21%, exceeding Rs 10,000 crore for the first time.
However, while store foot traffic and the registered customer base continued to grow, the rate of transaction growth slowed in the first two quarters of 2025. This indicates that despite attracting more customers to its stores, the conversion rate has been relatively lower.
Conclusion
Reliance Group’s workforce reduction in FY2024 is a clear indication of the company’s strategic focus on operational efficiency. By streamlining its employee base and shifting towards more flexible employment models, Reliance is positioning itself to maintain profitability in a competitive market. Despite these changes, the company’s strong financial performance, particularly in its retail division, suggests that it is well-equipped to navigate the challenges ahead.
