Workday is a worldwide provider of enterprise cloud applications for finance, human resources, and planning. The company provides financial management, human capital management, and analytics applications to companies, educational institutions, and government agencies globally. Workday products are used by organizations ranging from medium-sized businesses to Fortune 50 enterprises.
The company was founded by Aneel Bhusri and Dave Duffield in 2005 and is headquartered in Pleasanton, California. Aneel Bhusri and Chano Fernandez are co-CEOs and Dave Duffield is CEO Emeritus. Workday is publicly traded on the NASDAQ under the symbol WDAY and reported $5.14 billion in revenue for the 2022 fiscal year.
Workday ranks #19 on the 2021 Fortune 50. Workday has won several other awards, including being named a leader in the Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for six years and being named one of the World’s Most Ethical Companies (WME) by Ethisphere for 2021 and 2022.Forbes has named Workday to several lists, including the Global 2000 2022 and Forbes best employer lists for 2021, 2020, and 2019.
Workday's revenue is mainly earned through product subscriptions and professional service fees. Subscription revenues consist of monthly fees that clients pay to access the company’s software. Professional service fees are the charges for consulting services associated with the implementation and customization of Workday products and reports.
Workday offers several products that work in combination, bringing corporate data and information together into one suite of solutions. Workday's solutions cater to a broad array of industries: communications, education, energy and resources, financial services, healthcare, hospitality, life sciences, manufacturing, media and entertainment, nonprofit, professional and business services, public sector, retail, and technology.
The Workday products include the following:
- Financial Management—accounting, payables, receivables, cash and asset management, auditing, analytics, reporting, and more
- Human Capital Management—HR, employee experience, help, knowledge and case management, planning, compensation, and benefits
- Workday Adaptive Planning—financial, workforce, sales, and operational planning, as well as analytics for the entire enterprise
- Spend Management—expenses, procure-to-pay, strategic sourcing, and inventory management
- Talent Management—talent acquisition, learning, and performance optimization
- Payroll and Workforce Management—scheduling, time and attendance, absence management, and payroll
- Analytics and Reporting—financial, workforce, and operational analytics; benchmarking; and data management
- Student—admissions, financial aid, student records, advising, and more
- Professional Services Automation—project and resource management, billing, time tracking, expenses, and more
- Platform and Product Extensions—solutions for extensibility, including app development and integrations
- Workday Peakon Employee Voice—real-time employee engagement, sentiment, and productivity insights, including industry benchmarks
Workday customers range from medium-sized businesses to Fortune 50 enterprises, educational institutions, and government agencies, such as Netflix, Patagonia, Puma, Abbott, Nissan, Target, Accenture, AIG, Airbnb, Brown, Brandeis, Slack, Abode, and Hewlett Packard.
In February 2005, Aneel Bhusri and Dave Duffield met for breakfast at a diner in California and decided to form a startup company to revolutionize the enterprise software market. They founded Workday on March 1, 2005, and launched their first software solution, Workday Human Capital Management, in November 2006.