Reliance Retail issues pink slips to about 700 employees; many more are on the watch list: Sources
Reliance Retail has retrenched more than 700 people from its business to business vertical Jio Mart, industry sources said.
Isha Ambani-led Reliance Retail is now integrating the Indian cash & carry business of German retailer Metro AG after completion of a Rs 2,700 crore-deal.
After the acquisition, employees of Metro were transferred to Reliance Retail and there were several instances of overlapping of roles as well as functions of employees and executives, the sources said.
According to the sources, more than 700 people have been laid off.
Reliance Retail has also started reviewing the roles of employees from other verticals of its retail business and has put hundreds of employees on performance improvement plans, they added.
Besides, the sources said the company has asked many people in the sales team to move from regular employment on a monthly salary to a commission-based model.
Under such a structure, these employees would receive their emoluments based on their sales performance, the sources said.
This is part of the appraisal process, which happens every year, they added.
Reliance Retail did not respond to queries sent by PTI.
Earlier this month, Metro had completed Rs 2,700 crore sales of its Indian business which includes all 31 wholesale stores, the entire real estate portfolio (6 store-occupied properties) and all its employees were transferred to Reliance Retail.
Reliance Retail has around four lakh employees, including those added from Metro Cash & Carry India.