Amazon News: E-Commerce Giant Invests $700 Million To Retrain US Workers For Technical Positions

E-commerce giant Amazon (AMZN) is seeking to invest in its U.S. workforce by investing $700 million in programs for its employees to learn new technical skills.

The initiative is known as "Upskilling 2025" and will train 100,000 employees for in-demand technical professions by 2025.

"We think it's important to invest in our employees and help them gain new skills and create more professional options for themselves," Beth Galetti, Amazon's senior vice president of HR said. "With this pledge, we're committing to support 100,000 Amazonians in getting the skills to make the next step in their careers."

"Programs will help Amazonians from all backgrounds access training to move into highly skilled technical and non-technical roles across the company's corporate offices, tech hubs, fulfillment centers, retail stores, and transportation network, or pursue career paths outside of Amazon," a post on Amazon's blog read.

Some of the programs include Associate2Tech, which prepares Amazon employees with non-technical backgrounds for IT jobs and Amazon Technical Academy, which prepares employees for careers in software engineering. Another unique program is Machine Learning University, which trains employees for a career in artificial intelligence.

Amazon cites data from the Bureau of Labor Statistics that there are 7.4 million job openings, a larger figure than unemployed Americans, which stands at 6 million people.

Major companies have tried to grow their own talent through training programs in recent years. Investment firm Goldman Sachs (GS), for example, offers undergraduate and graduate students with a good academic record to participate in their New Analyst Program. The program is not just for finance students but for individuals of all academic backgrounds.

Pharmacy company Walgreens is another company which offers workplace training.

As college tuition in continues to skyrocket, workplace and career development programs is considered by some to be a useful alternative for individuals looking for training without the debt.

In Germany, apprenticeship programs have become integral to Europe's largest economy.