Reliance Cap on hiring spree, to recruit 3,500 managers

New Delhi: After witnessing a decline of over 4,500 employees from its insurance, mutual fund and other businesses in the last, Anil Ambani Group's financial services arm Reliance Capital will hire over 3,500 managers for its various businesses this year. The company will also recruit 50,000 insurance agents in the current financial year, said CEO Sam Ghosh.

 Reliance Cap on hiring spree, to recruit 3,500 managers

Reliance Cap has already started hiring sales managers for its life insurance business and will be crossing the 12,000 headcount mark by July. Photo by Italian Voice

Ghosh said the sharp decline in Reliance Capital's headcount during 2010-11 was mainly due to a cyclical movement of people in the life
insurance business and the company has already started a major
hiring drive.

"We have already started hiring sales managers for our life insurance business and will be crossing the 12,000 headcount mark by July," said Ghosh. He added that Reliance Capital plans to hire over 3500 managers and ramp up its head count to around 21,000, across businesses, in this fiscal," he noted.

However, the management, broking and distribution and general insurance segments also saw their staff strength declining in the year.

The company's total headcount stood at 18,069 as on March 31, 2011, down from 22,619 employees in the year-ago period. Reliance Capital now plans to increase its headcount to around 21,000 people in the current fiscal. The group employee strength also dipped by around 10,000 between May, 2010 and March, 2011, but latest figures are not available for across-the-group headcount.

According to a Reliance Capital investor presentation in March 2011, ADAG had "120,000 young, trained and motivated people" across its various group companies, against "1,30,000 young, trained and motivated people" mentioned in a previous presentation dated May, 2010.

The company said 74 percent of its employees are in customer-facing roles and the average age of its workforce was 34 years. Besides, the company had more than 1,900 women employees as on March 31, 2011.

Among its various business, Reliance Capital's asset management business headcount declined by 66 persons during 2010-11 to 958 employees, while life insurance staff strength dipped by 3,986 persons to 13,183 persons. Its general insurance staff strength stood at 1,711
persons as on March 31, 2011, down by 92 persons from the
year-ago level.

PTI

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Updated Date: Jun 01, 2011 16:58:31 IST