Amazon Tells Thousands of Corporate Employees to Relocate

E-commerce giant Amazon (AMZN) is reportedly telling thousands of corporate employees to relocate so they can be closer to their managers and teammates, according to Bloomberg News. Indeed, some workers are being told to move to major hubs like Seattle, Arlington (Virginia), or Washington, D.C., which in some cases, could mean moving across the country. The company is mostly delivering the news through one-on-one conversations and internal town halls rather than large announcements, the report said.

Interestingly, one employee claimed that their manager gave the team 30 days to decide whether to relocate, followed by 60 days to either begin the process or resign, which would result in no severance if they chose to quit. While Amazon hasn’t issued a public company-wide statement, a spokesperson told Bloomberg that the relocation push is part of an ongoing effort over the past year to bring teams together. They added that many employees enjoy working in person and that Amazon supports individuals going through relocation based on their unique situations.

This move comes during a time of uncertainty for Amazon’s workforce. Earlier this year, CEO Andy Jassy required employees to return to the office five days a week but did not previously mandate relocating to specific cities. It is worth noting that many workers were hired remotely during the pandemic and have been working from satellite offices across the U.S. Meanwhile, concerns about job security have grown, as Jassy warned that artificial intelligence could reduce headcount over time. In fact, since 2022, Amazon has already eliminated 27,000 corporate roles, followed by additional targeted layoffs.

What Is the Price Target for AMZN Stock?

Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 46 Buys and one Hold assigned in the past three months. Furthermore, the average AMZN stock price target of $241.64 implies 13.7% upside potential from current levels.

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