Andy Jassy, the CEO of Amazon, recently sent a yearly letter to shareholders, pointing out the tech giant’s previous hard times. In the letter, he added that he is optimistic that the recent cost reduction steps are going to help the company to flourish.
The letter published on the official website of Amazon further suggested that the executive has declared that a couple of the actions, including letting go of 27,000 workers, are challenging. However, this move is definitely going to benefit the tech giant.
He also said that Amazon adopted an “accurate understanding across the tech giant, business by business,” in order to examine in case “each initiative’s long-term capacity (will) drive adequate income, operating revenue, free cash flow, along with return on invested capital.”
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Amazon has closed specific businesses as part of its cost reduction steps in a previous couple of months. However, now he confessed that the firing of 27,000 workers in different rounds is hard. Nevertheless, all these actions are surely going to prove beneficial for the company to streamline aggregate expenditure for the business.
Moreover, he stated,
“We will work hard to spend wisely and maintain our lean culture. We understand the importance of continually reinforcing a cost-conscious culture, particularly in a business incurring net losses. At this stage, we choose to prioritize growth because we believe that scale is central to achieving the potential of our business model.”
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Apart from that, he pointed out that Amazon is going to keep appointing new workers and guaranteed that the tech giant will keep “compensating to stock options instead of cash.” This is likely to let down and upset the 27,000 workers that Amazon has fired.
“We will continue to focus on hiring and retaining versatile and talented employees, and continue to weight their compensation to stock options rather than cash. We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner.”