- Dispelling the misleading news reports on job cuts at Reliance, Chairman Mukesh Ambani clarified that Reliance actually added lakhs of jobs in FY 2023-24. He was speaking at RIL’s 47th Annual General Meeting on Thursday, 29th August 2024
- He explained that the apparent fall in employee count is merely due to reclassification of those who opted for a different engagement model.
- [QUOTE] “We added over 1.7 lakh new jobs last year. If we include both traditional and newer engagement models of employment, our headcount is nearly 6.5 lakh today,” said Mukesh Ambani.
- While explaining the newer engagement models that a section of the company’s employees has chosen, he mentioned, [QUOTE] “The nature of employment creation is changing globally, primarily due to technological interventions and flexible business models. Therefore, rather than just the traditional direct employment model, Reliance is embracing newer incentive-based engagement models. This helps the employees earn better and instils the spirit of enterprise in them. That is why the direct employment numbers show a slight dip in the annual figures, although the total employment created by Reliance has gone up.”
- It is only due to the reclassification of people choosing to go entrepreneurial way to earn better that RIL’s headcount appears to have fallen.
- Reliance continues to be ranked as India’s best employer by several external agencies. Reliance continues to be amongst the largest employers in India.
- [QUOTE] “Among all of Reliance’s record achievements so far, this one will always hold a special place in my heart, because employment creation for India’s talented youth has to be our top national priority,” concluded Mukesh Ambani.
- Reliance’s spending on Employee Benefits has more than doubled in last five years to Rs 25,679 crore in FY24 from Rs 12,488 crore in FY19, shows the Statement of Total Value added in company’s Annual Report – notwithstanding the intervening COVID period.
Reliance creates 1.7 lakh jobs, total headcount now at 6.5 lakh; Job creation for India’s youth our top national priority, says Mukesh Ambani