Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud
applications for finance and human resources, today announced
the availability of Workday People Analytics, a new augmented
analytics application that identifies top risks and opportunities
regarding an organization’s workforce and delivers these insights
in easy-to-digest story form. These insights empower HR and
business leaders to make better people decisions—faster—to shape
business outcomes.
Workday customers—which include more than 65 percent of the
Fortune 50—can use Workday People Analytics with Workday Human
Capital Management (HCM) to maintain business continuity and solve
challenges created by the pandemic. In addition to announcing
availability of Workday People Analytics, Workday also announced
two new solutions for Workday People Experience—a machine
learning-driven employee experience—to further help organizations
manage the complexities associated with our new world of work.
Fueling Strategic People Decisions with Machine
LearningWorkday People Analytics offers companies a deep
and accessible understanding of the workforce, which is critical to
success in today’s ever-changing business environment. Companies
that base decisions on workforce insights can focus on emerging
stronger from crisis because they’re better positioned to take
informed action to effectively manage talent, such as hiring,
re-skilling, and retention. And, as companies seek to build a truly
inclusive and diverse workplace, insights and trends regarding
workforce demographics and representation across gender identity,
race, ethnicity, and generation will shape workforce
decisions.
While applying analytics to the workforce is increasingly viewed
as a strategic advantage, for many companies the demand for talent
insights often outstrips the capacity or maturity of people
analytics teams. Workday People Analytics is like having an
additional team of specialized digital analysts that do the
difficult work of studying patterns throughout the workforce over
time to find the “needles in the haystack.”
Augmented Analytics Drives Workforce
OptimizationWorkday People Analytics automates insight
discovery for a broad range of workforce questions using technology
called augmented analytics. Augmented analytics uses pattern
detection to look for important changes a human might not see and
graph processing to find connections across vast datasets. Machine
learning algorithms then identify the most important shifts for
each user, and natural language generation explains the metric and
trends in a simple and actionable story.
Workday People Analytics automatically surfaces insights across
five critical focus areas, empowering HR and business leaders to
better understand and confidently optimize their workforce:
- Organizational Composition. Capturing hires,
transfers, and terminations, customers can uncover trends in
headcount movement and compensation costs. For example, for many
companies forced to shift workforce locations due to the pandemic,
analyzing worker costs by region and office allows them to optimize
resources and discover opportunities for minimizing costs to align
to the corporate plan.
- Retention and Attrition. Gaining a deeper
understanding into why workers are leaving provides insight into
what can be done better to keep them. This focus area reveals
turnover trends in the workforce that are impacting the overall
attrition rate. For example, companies can identify areas of the
organization with the highest churn rate, dig into the reasons why,
and use these insights to develop a stronger retention
strategy.
- Diversity and Inclusion. Gaining insight into
workforce demographics can boost diversity across the organization
in terms of gender, under-represented minority, ethnicity, and
generation. For example, by analyzing promotion rates and
compensation through the lens of diversity, companies can improve
equal opportunities.
- Hiring. Identifying opportunities to improve
the recruitment process and illuminate bottlenecks in the current
hiring process can improve hiring success. By analyzing people data
through a recruiting lens, companies can create more competitive
offers that win candidates, such as incorporating preferred
benefits.
- Talent and Performance. Discovering new ways
to develop the workforce helps companies optimize the talent and
performance of employees. For example, Workday People Analytics can
flag high-potential employees who demonstrate room to grow, so
programs and development plans can be created to ensure they are
set up for success.
Comments on the News“Now, more than ever,
companies need to understand their workforce—who they’ve got,
what’s working, what’s not, and where there’s opportunity to
improve,” said Pete Schlampp, executive vice president, product
development, Workday. “The crisis is forcing workforces to
rapidly shift and companies need easily understood talent insights
to help them quickly respond, so they can emerge stronger and
continually build more optimal, diverse, and productive
workforces.”
“Workforce analytics is a strategic area of investment for HR
leaders today,” said Erin Vincent, global HRIS director, Sonoco.
“Workday People Analytics accelerates our efforts by uncovering
issues we haven’t previously looked for and makes insights
available with very little work on our part. With these insights,
our HR business partners and business leaders can focus their
attention on actions that matter most.”
“Today’s business environment is evolving faster than ever
before, underscoring the need for organizations to have a deep
understanding and clear insights into the challenges that stand in
their way,” said Pat Russo, principal and Workday Analytics Leader,
Deloitte Consulting LLP. “Workday People Analytics, with enhanced
machine learning and augmented analytics capabilities, provides the
key to unlocking automated insights so our clients can make
informed decisions and effectively respond to the needs of their
organization. Together the combined experience of Deloitte’s
strategy, implementation, and managed services with Workday’s
platform will empower our clients to unlock the full potential of
their workforce and prepare for whatever lies ahead.”
“As a Workday alliance partner, Accenture has been an early
innovator and implementer of analytics solutions for our clients.
Accenture has helped empower many organizations to unlock valuable
insights and drive intelligent business decisions with Workday,”
said Gloria Samuels, senior managing director and Workday Business
Lead at Accenture. “Now, with the availability of Workday People
Analytics, we can help our clients access insightful metrics and
trends about their workforce, further increasing the value of the
Workday platform.”
Additional Information
- Read the blog “Focusing on People to Make Companies Stronger
Than Ever” authored by Pete Schlampp, executive vice president,
product development, Workday
- Explore the Workday People Analytics data sheet
- Check out the following Workday resources on Returning to
Workplace and COVID-19 Resources page
About Workday Workday is a leading provider of
enterprise cloud applications for finance and human resources.
Founded in 2005, Workday delivers financial management, human
capital management, planning, and analytics applications designed
for the world’s largest companies, educational institutions, and
government agencies. Organizations ranging from medium-sized
businesses to Fortune 50 enterprises have selected Workday.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding the expected
performance and benefits of Workday’s offerings. The words
“believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “seek,” “plan,” “project,” and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are subject to risks,
uncertainties, and assumptions. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. Risks
include, but are not limited to, risks described in our filings
with the Securities and Exchange Commission (SEC), including our
Form 10-Q for the fiscal quarter ended April 30, 2020 and our
future reports that we may file with the SEC from time to time,
which could cause actual results to vary from expectations. Workday
assumes no obligation to, and does not currently intend to, update
any such forward-looking statements after the date of this
release.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Workday's discretion and may not be delivered as planned or at
all. Customers who purchase Workday, Inc. services should make
their purchase decisions based upon services, features, and
functions that are currently available.
© 2020 Workday, Inc. All rights reserved. Workday and the
Workday logo are registered trademarks of Workday, Inc. All other
brand and product names are trademarks or registered trademarks of
their respective holders.
News Contact:
Diane OrrWorkdaymedia@workday.com
Photos accompanying this announcement are available at:
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