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Workday to cut 3% of jobs amid a restructuring

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Workday Inc. plans to lay off about 3% of its staff, though the company said its move is “not the result of over-hiring.”

The software company disclosed the job cuts in a Tuesday morning filing, with its co-chief executives saying that the reductions are part of a business realignment, according to a note to employees that was also filed with the Securities and Exchange Commission.

“While our confidence in the fundamentals of our business and future growth prospects remains strong, we continue to operate in a global economic environment that is challenging for companies of all sizes,” Co-CEOs Carl Eschenbach and Aneel Bhusri said in their letter.

As the company restructures and shifts around resources, it expects the cuts to largely impact the product and technology organization within Workday

Workday had about 15,200 employees globally as of Jan. 31, 2022, when the company last filed a 10-K with the SEC. It had 12,200 employees as of Jan. 31, 2020, before the pandemic began.

See also: IBM and SAP join Spotify, Google, Intel, Microsoft, Amazon, Salesforce and other major companies laying off thousands of people

While other technology companies have admitted to growing too quickly as they’ve moved to lay off workers, Workday’s co-CEOs framed their cuts differently.

“These moves are not the result of over-hiring and in fact, we plan to increase the size of our global workforce in FY24,” they said in the note. “Based on what we know today, we have no plans to take similar actions of this size in the foreseeable future.”

See also: More than 75,000 tech-sector employees have lost their jobs since the start of the year


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