Workday Inc., a maker of software for business tasks like HR, said it was cutting 3% of its global workforce in response to a “challenging” global economic environment.
Workday Inc., a maker of software for business tasks like HR, said it is cutting 3% of its global workforce in response to a “challenging” global economic environment.
As of July, the company has about 17,000 employees, according to data compiled by Bloomberg.
“We have decided to restructure and reorganize some of the team during Workday, led to the difficult decision to eliminate roles,” the company said in an email to employees, adding that the majority of the reductions would “happens within the Product organization.” & Our Technology.”
It says employees will be notified at the end of the day, with WE employees receive three months of pay and two weeks of supplemental pay for each year of service, among other benefits. Non-American workers will be offered “similar packages” based on local policy.
“These moves are not the result of over-recruitment,” the company said. “Based on what we know today, we do not plan to take similar actions of this scale in the near future.”
Workday in December appointed Carl Eschenbach, board member, partner at Sequoia Capital and veteran industry executive, as co-CEO alongside its co-founder and co-founder. CEO Aneel Bhusri. At the time, the software company confirmed its forecast for the current quarter and preliminary outlook for fiscal 2024. Revenue growth has remained steady at 19% to 22% over the past three years, though analysts estimate sales will grow 17 percent on average to $7.26 billion in the 2024 fiscal year that begins February.
The announcement comes as the tech industry is being wiped out job at the fastest rate in at least two decades. In November, the most recent month for which data is available, the sector announced cuts of 52,771, for a total of 80,978 for the full year, according to consulting firm Challenger, Gray & Christmas Inc. industry since the company started keeping data in 2000.
Those drops have been followed by Amazon. com Inc. decided to cut 18,000 employees in early January, Salesforce Inc. announced it will cut 10% of its workforce, or about 8,000 employees, Microsoft Corp. moved to cut 10,000 employees in mid-January. jobs this year and the statement of Google parent company Alphabet Inc. that they will remove 12,000 positions.
Read more: Google’s Pichai tells staff cuts will avoid ‘much worse’ problems
Workday stock fell 39% last year amid a wide-ranging enterprise software industry slump, but was up 5.5% through Monday.
