Amazon is embarking on a seasonal 100,000 hiring spree ahead of its peak holiday season to meet the growing online shopping demand exacerbated by the coronavirus pandemic.
Amazon (AMZN) said that the 100,000 seasonal roles will be placed in several locations across the US and Canada in full- and part-time positions. The jobs will be mainly for Amazon’s operations network, which will include stowing, picking, packing shipping and delivering customer orders, as well as operating robotics.
In addition, the e-commerce giant announced the promotion of more than 35,000 operations employees in 2020. Furthermore, 30,000 employees joined Amazon’s career choice program, the company said.
“We’re proud to see our employees grow through promotions to the next level at Amazon and also through programs like Career Choice, which help them pursue careers in high demand fields,” said Amazon’s Alicia Boler Davis. “These 35,000 newly-promoted Amazonians came from a variety of backgrounds, and many started in seasonal jobs like we’re announcing today. They have made a big impact for our customers and contributed to a positive and safe work environment.”
Amazon has been on a hiring spree in recent months as the coronavirus pandemic has triggered an unprecedented wave of orders and delivery services since consumers were forced to go online to do their shopping during lockdown mandates. Companies like Amazon, who are weathering the crisis relatively well and see the online growth trend continuing post-pandemic have also been looking to increase their reach and boost market share.
Shares of Amazon have been on a steady gaining streak jumping a whopping 74% so far this year, with the $3,767.43 average analyst price target implying almost 17% upside potential is lying ahead in the coming 12 months.
Today, Deutsche Bank analyst Lloyd Walmsley raised the stock's price target to $4,050 from $4,000 and reiterated a Buy rating ahead of 3Q results on Oct. 29. Walmsley expects "elevated growth" to continue through the holiday season as retail foot traffic remains limited, while more fulfillment center capacity is coming online. The analyst added that Amazon also benefits from significant owned last mile delivery capability.
Overall, AMZN scores a Strong Buy analyst consensus with 37 unanimous Buy ratings. (See Amazon stock analysis on TipRanks).
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