PLEASANTON, Calif. (KRON) — Workday, a cloud-based business management platform with its headquarters in Pleasanton, is laying off three percent of its workforce, according to an SEC filing. The majority of the layoffs will impact workers in the company’s product & technology division, according to post co-written by Workday’s co-CEOs, Aneel Bhusri and Carl Eschenbach.
The note from the CEOs cites factors that include “aligning resources against business priorities,” “optimizing in certain areas,” and “prioritizing to meet customer and market demands.” One notable difference between these layoffs and many of the recent tech layoffs in the Bay Area and beyond, is that these layoffs are not a result of over-hiring during the pandemic, according to the co-CEOs.
“These moves are not the result of over-hiring and in fact, we plan to increase the size of our global workforce in FY24,” the note reads in part. It also sounds like the company does not plan additional layoffs.
“Based on what we know today, we have no plans to take similar actions of this size in the foreseeable future,” the note reads.
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Employees let go by the company will receive a severance package that includes:
- Three months of pay with 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 that need it
- An option to continue medical benefits for six months
“We will be meeting with impacted employees, and all notifications are expected to be completed by the end of day, January 31, Pacific Time,” the note read.
The Workday layoffs follow a slew of similar moves from Bay Area tech companies that include Meta Inc., Salesforce and Twitter.