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Home Business & Finance Amazon’s new approach to ‘Human Capital’ is a telling takeaway from its...

Amazon’s new approach to ‘Human Capital’ is a telling takeaway from its annual regulatory report

Document Analysis NLP IA

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Sentiment0.1382301681003
objective
redaction

Subjectivity0.38783381121043
probably it's an affirmation
Affirmation0.46850393700787

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Key Concepts (and relevance score)

Summary (IA Generated)

Tech workers at Amazon’s Seattle headquarters, pre-pandemic.

That’s one of the insights gleaned from a close read of Amazon’s new Form 10-K, the annual report with the Securities and Exchange Commission in which public companies offer unvarnished updates on their business results and operations.

3, includes the most significant changes in more than two decades in the way the company refers to its employees.

There’s an entirely new paragraph on diversity, safety, and employee development.

And for purposes of regulatory disclosure, at least, the company is no longer saying this: “We consider our employee relations to be good.

Against that backdrop, here are the changes in the 10-K section on employees, as compared to Amazon’s report for the prior year (which previously hadn’t changed much dating back to the late 1990s).

Our employees are critical to our mission of being Earth’s most customer-centric company.

We consider our employee relations to be good.

We focus on investment and innovation, inclusion and diversity, safety, and engagement to hire and develop the best talent.

We rely on numerous and evolving initiatives to implement these objectives and invent mechanisms for talent development, including industry-leading pay and benefits, skills training programs such as Amazon Career Choice and the Amazon Technical Academy, mentorship and support resources, and programs that advance engagement, communication, and feedback.

Notes on language: “Human Capital” might sound dystopian as a direct replacement for “employees,” but it’s an accepted term in finance, meant to reflect a more comprehensive view of the value of employees.

Worker safety: The 10-K notes that the company has added more than 400,000 workers since February 2020 to increase its fulfillment center capacity, largely in response to skyrocketing demand during the COVID-19 pandemic.

That growth has put an increased focus on worker safety in its fulfillment and distribution centers.

Some workers were no longer willing to make concessions to a company that they felt was jeopardizing their safety and potentially their lives.

Amazon’s 10-K filing says that the company spent more than $11.

5 billion on COVID-19 related costs in 2020, including extensive safety measures.

“We will continue to prioritize employee and customer safety,” the filing says, “and comply with evolving federal, state, and local standards as well as to implement standards or processes that we determine to be in the best interests of our employees, customers, and communities.


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