What is Workday?

Table of Contents

 

1. What is Workday?

Workday is a provider of cloud-based software that specializes in applications for financial management, enterprise resource planning (ERP), and human capital management (HCM). It offers a comprehensive solution for medium- to large-sized businesses, particularly those with many locations, helping them manage payroll, benefits, HR, and employee data.

Workday software is used by over 9,500 customers, including Fortune 500 companies. It helps companies better manage their staff, information, and processes through real-time reporting, analytics, integrated workforce scheduling, and a centralized HR database.

Key features of Workday include talent management, time tracking, and recruiting. The talent management suite provides tools to foster employee development, reward workers, and engage in career planning and goal management. Time tracking is simplified by making it possible to use either a desktop, tablet, or mobile device to clock in and out.

Workday was founded in 2005 by David Duffield, former CEO of PeopleSoft, alongside Aneel Bhusri, former PeopleSoft chief strategist. It is headquartered in Pleasanton, California.

 

2. The CEO of Workday

The current Co-CEOs of Workday are Aneel Bhusri and Carl Eschenbach.

Aneel Bhusri is a co-founder of Workday and has been a leader, product visionary, and innovator in the enterprise software industry for more than 20 years. He is also the chair of the company’s board of directors.

Carl Eschenbach was appointed as Co-CEO on December 20, 2022. He will serve as co-CEO alongside Aneel Bhusri through January 2024, at which point it is expected that Carl will assume sole CEO responsibilities and Aneel will assume a full-time role as executive chair.

 

3. History of Workday

Workday was founded in March 2005 by David Duffield, former CEO of PeopleSoft, and Aneel Bhusri, former PeopleSoft chief strategist. They decided to form a start-up that would sell cloud-based applications for finance and HR.

Here are some key milestones in Workday’s history:

• November 2006: Workday announces the general availability of its first application, Workday Human Capital Management.
• August 2007: Workday announces the beta release of Workday Financial Management.
• October 2007: Workday hosts the first Workday Rising event.
• June 2008: Workday is named one of the “Best Places to Work in the Bay Area”.
• September 2009: More than 100 companies in 46 countries have selected Workday as their cloud application for finance and HR.
• March 2010: With the delivery of Workday 10, global organisations now have a single system-of-record for both talent management and core human capital management.
• July 2011: Workday announces Workday Student – the first true cloud application for higher education.
• October 2012: Workday goes public on the New York Stock Exchange. Shares of Workday jump as much as 83 per cent in a red-hot trading debut following its initial public offering.
• May 2014: Workday announces the availability of Workday Recruiting.
• March 2015: Workday achieves a 98 per cent customer satisfaction rating – the highest of any major enterprise application vendor.

Workday has grown significantly since its inception and as of January 2023, it has 17,700 employees.

 

4. Workday's Key products and services

Workday offers a comprehensive suite of cloud-based applications for financial management, enterprise resource planning (ERP), and human capital management (HCM). Here are some of the key products and services offered by Workday:

1. Financial Management: This includes expenses, accounting and finance, revenue management, projects, grants management, and professional services automation applications.
2. Human Capital Management (HCM): Workday’s HCM suite helps companies better manage their staff, information, and processes through real-time reporting, analytics, integrated workforce scheduling, and a centralized HR database.
3. Talent Management: This suite provides tools to foster employee development, reward workers, and engage in career planning and goal management.
4. Time Tracking: Workday simplifies time tracking by making it possible to use either a desktop, tablet, or mobile device to clock in and out.
5. Recruiting: Workday offers a comprehensive solution for recruiting, including talent acquisition, applicant tracking, and onboarding.
6. Professional Services Automation (PSA): This includes multidimensional services pricing and quoting, intelligent resource management, informed capacity and demand management, real-time project financial performance, optimized utilization, automated budgeting and forecasting, and comprehensive services financials.

These products and services are designed to help medium- to large-sized businesses, particularly those with many locations, manage their payroll, benefits, HR, and employee data. They are used by over 9,500 customers, including Fortune 500 companies.

 

5. Workday's Competitors

Workday operates in a competitive market with several key players. Here are some of the main competitors of Workday:

1. ADP: A comprehensive global provider of cloud-based Human Capital Management (HCM) solutions that unite HR, payroll, talent, time, tax and benefits administration.
2. iCIMS: Offers leading software solutions and tools for attracting, engaging, and advancing talent.
3. Ceridian: Provides human resources software and services with a focus on human capital management, workforce management, and payroll and benefits.
4. Alight: Offers technology-enabled health, wealth, HR and finance solutions.
5. The Access Group: Specializes in business management software, including HR and payroll, financial management, hospitality, and more.
6. NGA Human Resources: Provides digital HR and global payroll services.
7. TIVIT: Offers integrated technology solutions that support companies in the process of digital transformation.
8. UKG: Provides comprehensive HR and workforce management solutions.
9. Oracle: Offers a comprehensive and fully integrated stack of cloud applications, platform services, and engineered systems.
10. SAP: Provides enterprise software and services with a focus on business processes.
11. Learning Technologies Group: Offers a range of services and technologies to support talent management and learning technologies.
12. Cornerstone (SumTotal): Provides a comprehensive suite for talent management.
13. Saba: Offers a cloud-based intelligent talent management solution.
14. HROne: Provides an easy-to-use HRMS system to automate HR operations.

Please note that the competitiveness can vary based on the specific product or service line, geographical presence, target customer segment, and other factors.

 

 

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