There is big layoff 50% in reliance retail - jiomart B2B business.
Reasons Very poor management, aggressive hiring, creating business that does not exist, downfall of business.
Compensation -
Asked people to resign & said to serve notice 90 days. No additional support or benefit.
Heard from a friend in reliance in a senior role - there would be 6k layoffs. Jiomart and netmeds will get impacted. Amazing this gets no media coverage
Some of us are trying to cover this but we need concrete sources and/or evidence. If you know anyone who'd be willing to speak (I know it's a sensitive issue for many) reach out to me at monkeknight@proton.me.
Why would anyone would trust you? The news here is confirmed. Ajio B2B fired all Sales Officer last month. Jio Mart B2B fired all sales staff earlier. Netmes fired all sales staff. Ajio B2B CEO Resigned. All true.
This was 1-2 months back no?
No fresh layoff. This week
They have denied
I'd have never seen it coming 😲 A retail business doing layoffs in eCommerce era
Funny thing is jiomart b2b is a ecommerce business.
Whose management has little to no ecommerce exposure/experience.
With this management they tried to digitalize the most unorganised sector - kirana , most of them who don't give orders on phone.
A business where no ready made tech solution was available in market.
In a business which was risky, instead of slowly building their capabilities and testing markets & innovating,
These guys went on full on aggressive capital burning, high discount, many many cities types of expansion based on whatever tech, resources they had-- totally mindless to be honest.
Now in the end. Due to global factors (rising interest rates), desire of retail IPO & requirement of higher margin/profits by parent (reliance retail).
Inflow of capital, discounts , aggressive hiring of sales (who connect with kirana and put orders), No logistics/ delivery charges. All stopped suddenly
In the end the business almost collapsed to 75% and resulting in this layoff.
Learnings: Always do due diligence of business (no matter if its a larger group) before signing on. Problem is its an experiment and not a business. Which with high probability will fail
In the end its a startup like risk with peanuts salary/perks ( top management is exception they get paid very heavily) & no ESOP's / shareholding.
Very low returns and very very high risk. Avoid such companies 👍
You wrote a medium article, I appreciate haha
But yeah, if it ain't Amazon, it'll probably not survive the next decade 😂
The best perks in working for Reliance is only flat 33% discounts on Ajio sadly. This was confirmed from an old employee and they were already expecting it.
Have heard that the company is firing people left right and centre. Sales people are living quarter to quarter. BDRs are being asked to go. Growth team has dissolved. Customer success folks are being fired. COO has resigned. Jio has tigh...
Happened last week.
Navi does this half-yearly if not quarterly. Supposed to be performance based but systems and checks are not in place to assure the process is unbiased.
Myntra - not an organisation which does layoffs much.
Plea...
Hey everyone,
What is the Watercooler for: a place to hang around and chat just about anything - without having a specific topic to discuss.
Also sorry I had a late night yesterday and hence creating this a bit late today 😅
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