Workday to eliminate ~3% of global workforce
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Workday (NASDAQ:WDAY) is looking to eliminate ~3% of its global workforce in an effort to position itself for continued growth.
Citing uncertain and challenging global economic environment, the HCM software provider disclosed that majority of the job cuts will occur in its product and technology organization.
In a note to employees, co-CEOs stated that: "These moves are not the result of over-hiring and in fact, we plan to increase the size of our global workforce in FY24. Based on what we know today, we have no plans to take similar actions of this size in the foreseeable future. Tomorrow morning Pacific Time, we will share more about today's news and what this means for Workday and the road ahead."
The company plans to support the affected U.S. employees with three months of pay, an additional two weeks of pay for each year of service, any stock vesting through April of this year, eligibility for FY23 bonus, career services, immigration support for those who need it, and the option to continue medical benefits for six months.

"Employees outside the U.S. will receive similar packages to what we provide U.S. employees, based on local standards," the company added.