Bezos: Amazon will take risks, learn from failures

14 April, 2019, 20:57 | Author: Eric Barnett
  • Amazon's Jeff Bezos throws down the gauntlet to rival retailers to boost wages

Inc. Chief Executive Jeff Bezos stressed in his annual letter to shareholders Thursday, how much the e-commerce giant has done for its employees in terms of wages and benefits, and challenged the company's biggest retail rivals to do the same.

Bezos laid down the challenge in his annual shareholder letter, published on Thursday. "Do it! Better yet, go to $16 and throw the gauntlet back at us", he commented.

Amazon was also under fire for poor pay prior to raising the minimum wage to $15.

Amazon's wage hike came as US unemployment was at a near two-decade low, with retailers and shippers competing for hundreds of thousands of workers for the all-important holiday shopping season.

The fact that Amazon recruited engineers who worked on Starlink in Redmond but were reportedly thrown off the project previous year by SpaceX CEO Elon Musk added insult to injury. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Amazon's third party sales in 2018 accounted for 58 percent of total sales, up from 56 percent in 2017, Bezos said.

Amazon also offers the Career Choice program that pays up to 95 percent of education tuition and fees for workers. That pay hike was not universally praised by all workers, who said the company cut two employee benefits as well: monthly bonuses and the chance to own some of Amazon's sky-rocketing stock.

Walmart, which has raised its minimum wage twice since 2015, pays an entry wage of $11 per hour. The airport is the largest hub for each of the airlines.

"Since the first-generation Echo, customers have purchased more than 100 million Alexa-enabled devices", he said.

Walmart has enacted a number of wage hikes in the past few years. "Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures", he writes in the final section of his letter with the heading "Failure needs to scale too".



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