Shaadi.com founder Anupam Mittal has found an ‘alarming’ situation as Reliance Industries Ltd. (RIL) has reduced its workforce by 42,000 jobs, or 11% of its entire workforce.
Very recently, the news that Reliance Industries Limited (RIL) has fired 42,000 workers shook new age working India to its core. Such a huge job slashing, which is equal to an 11% reduction in the company staffs has very well triggered concerns over what it may mean for economy at large.
Shaadi.com Among the most critical of this move had been shadi.com Describing the situation as “alarming,” he has asked why such a major development had not been discussed openly by the public. Mittal has a concern which is true to some extent but also talks about the downside of it: impact on job market overall.
India is a demographically youthful country but the problems of jobs have remained perennial. The layoffs represent a dramatic shift at some of the biggest companies in America, which are supposed to be powerhouse employers and collectively signal what’s happening with the economy. As Mittal rightly mentioned that India has to grow 8–10 million new jobs a year. In such a context, for one company to eliminate 42,000 jobs is significant.
RIL has said that strengthening cost efficiency is the main reason behind job loss, especially in the retail business but feelers indicate it runs deeper. It is a poignant illustration of the kind of difficulty even stalwart corporate titans confront in an increasingly dynamic world. Across industries, the retail space in particular has been a fertile ground for large-scale changes affecting traditional workflows based on e-commerce and evolving customer preferences. RIL’s exit may be a signal of the consolidation taking place in this sector for some time.
It also speaks to the need for generous, comprehensive social safety nets. Employees work on computers inside an office at (…… In this time where there are economic challenges that businesses face, it is important to have a support set up for individuals who get laid off. Fortunately, Reskilling and Upskilling programs help displaced workers find their way back to work.
Apart from its implications for those workers, the downsizing at Reliance has also given rise to more general debate about corporate responsibility. While profit maximization must be a cardinal objective for every business, it cannot come at the cost of larger good to society. In some cases, companies are balancing between financial performance and their responsibilities to employees as well as the wider community.
Anupam Mittal reacts on Job loss in Reliance: This is a warning signal for all of us It serves as a reminder that even the most successful companies are subject to getting canned in business world. Designing an ecosystem around education quality and jobs need to be established by the government, industry leaders & policymakers.
Do share your views on Reliance job cuts. Are you worried that it reflects broader economic problems?
Breaking News, Latest Entertainment News, Gossips, Fashion, Amazon Deals, Lifestyle news, Sports News & Special Stories and keep yourself update. Follow Local Monk News and Blogging website from India and all over the world.
