Careers at Workday
Workday’s mission is to put people at the center of enterprise software.
Dave Duffield had founded PeopleSoft and served as its Chairman and CEO. Aneel Bhusiri had held several leadership roles at PeopleSoft, including SVP of Product Strategy. In 2005, the two long-time friends met up in a diner in Lake Tahoe, California. Feeling the need to launch a new venture, they decided to build start a new company that would revolutionize the enterprise software market.
The two formed a startup to produce cloud-based applications for HR and finance, called Workday. It officially launched in November 2006 when they introduced its first application, Workday Human Capital Management. The company raised funding in an initial round from venture capital firm Greylock Partners, with Duffield also contributing money.
In 2008 Workday decided to expand by purchasing Cape Clear Software. Over the next few years, it was able to obtain additional investments, including $75 million in a round led by New Enterprise Associates in 2009 and $85 million in 2011. By 2012, it had 310 clients ranging from mid-sized firms to Fortune 500 companies. In October 2012, Workday filed an initial public offering on the NYSE.
Benefits at Workday
Business model of Workday
Workday has a mass market business model, with no significant differentiation between customer groups. The company targets its offerings at firms across industries and sizes.
Workday offers four primary value propositions: accessibility, convenience, performance, and brand/status.
The company creates accessibility by providing a wide variety of options. It has acquired numerous firms since its founding, including five in the last two years alone: Gridcraft, Platfora, Zaption, Mediacore, and Upshot. This has enabled it to diversify its portfolio and expand its capabilities.
The company offers convenience by making life simpler for customers. It provides a single system for finance and HR, reducing complexity significantly. Its solution includes real-time reporting and analytics tools, enabling customers to see live data across multiple devices.
The company demonstrates strong performance through tangible results. Its solution has achieved a 99.9% uptime rate in the past two years. It regularly passes third-party compliance audits of its security, availability, confidentiality, and privacy controls. It introduces a major update every six months. Lastly, its customers go live in 8.2 months on average.
The company has established a strong brand due to its success. It has more than 1,350 customers, including several prominent firms such as Adobe, Church & Dwight, Electronic Arts, Johnson & Johnson, Sony, Toyota, Visa, and Warner Music Group. It had a 97% customer satisfaction rating in 2016.
Lastly, it has won a number of honors, including recognition as one of the "100 Best Companies to Work For" by Fortune magazine and recognition as a “Leader“ in Gartner’s 2016 “Magic Quadrant for Cloud HCM Suites for Midmarket and Large Enterprises.“
Workday’s main channel is its direct sales team. The company promotes its offerings through its website, social media pages, sports sponsorships, and participation in webinars and conferences.
Workday’s customer relationship is primarily of a personal assistance nature. The company assists customers in the following ways:
Support Services - The company offers customer service on a 24/7 basis. Support is provided by specialists highly trained in Workday’s suite of applications. Workday also maintains the Customer Success Management program, through which it provides dedicated advisors for clients.
Deployment Services – The company provides consultants who can assist new clients with implementation of its solution.
Education Services - The company offers training on use of its solution for its customers, with formats including instructor-led classroom and virtual training. It also offers the Workday Pro accreditation program for clients who want to achieve significant expertise.
Despite this orientation, there is also a self-service component. The company provides a portal through which customers can receive on-demand training, with specific features including videos, interactive exercises, quizzes, and tests.
There is also a co-creation element, as Workday invites customers to share their ideas and best practices with its product teams to assist them with brainstorming new innovations. Lastly, there is a community element in the form of a peer forum.
Workday’s business model entails designing and developing software and maintaining its cloud-based platform for customers.
Workday has the following types of partners:
Services Partners - The company works with firms that provide various services to its customers, such as deployment and adoption of new features. Specific partners include Accenture, Deloitte, IBM, Abeam Consulting, Capgemini, CSC, Hewlett-Packard, KPMG, Mercer, OneSource, and PwC.
Software Partners – The company works with firms that provide software that integrates with its solution so that it can provide enhanced capabilities for customers. Specific types of partners are Solution Partners, Certified Solution Partners, Workday Connect Partners, Preferred Integration Partners, and Cloud Connect Partners. Specific partners include Adobe, Microsoft, and Kronos.
Payroll Partners – The company works with payroll providers outside the U.S. and Canada that integrate their software into its solution. Its partners operate in more than 40 countries, and include ADP, CDP Group, Cenedigm, Intelligo, Soreco, Ascender, Excelity Global, and SD Worx.
Workday also operates Workday Ventures, a program through which it works with early-stage companies to help them develop new enterprise applications.
It focuses on firms that apply machine learning and data science principles in the areas of analytics, applications, security, and platform technologies. It provides them with funding and strategic guidance from a group of executives, customers, engineers, and board members.
Workday’s main resource is its proprietary software platform, which serves over 1,350 customers.
It depends on human resources in the form of the engineers that design and develop its software, sales staff that promote it, training/consulting staff that provide instruction/advisory services, and customer service employees that provide support.
Workday has a value-driven structure, aiming to provide a premium proposition through significant personal service and frequent service enhancements.
Its biggest cost driver is sales/marketing, a fixed expense. Other major drivers are product development expenses, cost of professional services, cost of subscription services, and administration costs.
Workday has two revenue streams:
- Subscription Revenues – Revenues it generates from the sale of subscriptions to customers for access to its cloud-based platform.
- Services Revenues – Revenues it generates from the sale of professional services such as training to customers.
info: Dave earned a Bachelor’s degree in Electrical Engineering and an MBA at Cornell University. He previously served as Chief Customer Advocate of Workday, as President, Chairman, and CEO of PeopleSoft, and as CEO of Integral Systems.
info: Aneel earned a Bachelor’s degree in Electrical Engineering and Economics at Brown University and an MBA at Stanford University. He previously served as SVP of Product Strategy, Business Development, and Marketing at PeopleSoft.
info: Mike earned a Bachelor’s degree in Accounting at the University of Wisconsin. He previously served as President and Chief Operating Officer of Workday, as a partner at Greylock Partners, and as Chairman and CEO of PolyServe.
info: Robynne earned a Bachelor’s degree in Economics and Accounting at Claremont McKenna College and an MBA in Finance at Golden Gate University. She previously served as Chief Accounting Officer of Workday and VMware.
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