Tech giants have shown the way out to millions of employees in the last few days due to the global recession. Now the news of retrenchment of 1000 employees has also come from JioMart, the retail outlet chain of Reliance Industries. Report (via) According to Reliance’s JioMart, more than 1000 employees have been asked to resign. Reliance Industries is going to do cost cutting on a large scale, the effect of which is also coming out in the form of layoffs in Geomart.
Geomart is going to reduce the workforce of its wholesale division by two-thirds. It has also been revealed in the report that Performance Improvement Plan (PIP) has also been implemented for many employees. This is believed to be an indication that more layoffs can be done from the company in the coming days. Apart from this, Reliance has recently acquired Metro Cash and Carry, due to which more than 3500 employees have been added to its workforce. As a result, the company has taken steps to reduce the workforce in Geomart.
These layoffs have not yet been officially announced by JioMart. Nor has the company said anything about the reason behind it. Soon an announcement can be made by the company about this. But right now it is only being said that the company is adopting this strategy to keep up with the competition.
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