Amazon to Spend $700 Million on Retraining Its Employees
Amazon announced on Thursday, July 11, that it will spend $700 million to retrain a third of its U.S. workers in a move to make them more skilled.
According to the plan, by 2025 the company will help around 100,000 of its workers to get involved in free training programs. Amazon expects that the move will help them shift to more advanced jobs or even find new careers.
According to CNBC, the project is one of the biggest corporate programs ever announced, as its cost per worker will be around $7,000 and will sum up to approximately $700 million.
The new retraining programs are set to include tech academies, aiming to transit non-technical workers to software engineering careers, machine learning courses, different certifications and many more.
Amazon’s shares have been up 34% in 2019. The company is among the top performers in the 5-year run by the S&P 500.
The retail giant has recently become the world’s most valuable brand, beating its long-term competitors Apple and Google, according to BrandZ.
However, eMarketer has recently reduced the estimate for the company's market share of 2019 online sales in the US from 47% to 37.7% as Amazon published figures on third-party sales.