Amazon Halts Corporate Hiring Amid Economic Downturn - InvestingChannel

Amazon Halts Corporate Hiring Amid Economic Downturn

E-commerce giant %Amazon ($AMZN) is halting all corporate hiring as the company seeks to cut costs amid a slowing economic environment.

The Seattle-based company had previously announced that it would %FreezeHiring for corporate roles in its retail business, but the latest update applies across all its operations.

In a memo to staff, Amazon said that it is restricting all new hiring amid a worsening economic outlook and after it hired rapidly during the COVID-19 pandemic.

The company added that it plans to backfill roles to replace employees who leave for new opportunities, and that it will continue to hire incrementally in a few targeted areas.

Amazon hired aggressively during the pandemic as it sought to keep up with a surge in online shopping. However, it has since slowed growth as consumers return to in-person shopping.

The company has cut more than 100,000 positions worldwide this year as it struggles to right size its business following COVID-19 lockdowns. Amazon has also sold multiple warehouses, halted some projects, and closed its telehealth business unit.

In the third quarter of this year, Amazon’s headcount grew 5% year-over-year to 1.54 million employees worldwide.

Amazon’s stock is down 48% this year and trading at $89.30 U.S. per share. The stock split on a 20-for-1 basis this past June.

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