In a shocking development, Reliance Retail layoffs have reportedly also started. As per a report, Reliance JioMart layoffs have struck workers and another big round of job cuts is expected in the coming days.
According to a report in the Economic Times, Reliance JioMart layoffs have impacted over 1,000 employees as the Ambani family-led entity steps up to align its operations with Metro Cash and Carry. While this round of layoffs has primarily impacted Reliance Industries’ (RIL) online wholesale format JioMart, in the coming days, workers in other divisions may also get pink slips.
The report adds that Reliance layoffs at JioMart are a part of a larger cost-cutting measure over the next few weeks. It is also expected to include reducing almost the workforce in the wholesale division by almost two-thirds.
In addition to this, Reliance has also reportedly put several employees on performance improvement plan (PIP). “The company has asked over 1,000 people on ground including 500 executives at its corporate office to resign over the past few days. It also plans to have another large round of layoffs with hundreds of employees already put on performance improvement plan (PIP),” the Economic Times quoted a source as saying.
Reliance JioMart layoffs were somewhat expected by industry experts as the acquisition of Metro Cash and Carry, almost 3,500 people, as Metro’s permanent workforce have also been added. More so, Reliance Retail has reportedly started a price war in the grocery B2B space with deep discounts.