Workday reports USD $2.085 billion revenue, unveils new services

Workday has reported strong financial results alongside the launch of new payroll services. The company's fiscal second-quarter total revenues rose to USD $2.085 billion, marking a 16.7% increase compared to the previous year. The new services, Global Payroll Connect and Workday Payroll provided by Strada, aim to enhance the global payroll experience.

Global Payroll Connect is designed as a unified global payroll solution that integrates seamlessly with various payroll providers. "By expanding our long-standing partnership with Strada, we are making it possible for more organisations across the globe to experience the power of a unified HR and payroll solution," said Matthew Brandt, senior vice president of global partners at Workday. He added, "Bringing these critical functions together with AI at the core enables Workday customers to make better, more informed decisions to drive their workforces and businesses forward."

The company believes that the launch of these services is a pivotal step in becoming a leading global payroll provider. Jo Anne Ruhl, vice president and managing director of Workday Australia and New Zealand, stated, "We know that getting payroll right is fundamental to business success. By leveraging our partner ecosystem, we're committed to enhancing the global payroll experience for customers worldwide." She emphasised the importance of the new services for multinational corporations, noting, "Partnering with Strada allows us to offer a seamless, cohesive payroll solution for customers operating around the world, providing coverage in 57 countries."

A recent report by Workday highlighted that half of the global organisations do not have a unified view of their global payroll, real-time visibility into workforce costs, or real-time data integration. This lack of integration complicates understanding global workforce spending and ensuring payroll data accuracy and compliance. Global Payroll Connect aims to address these issues by providing a single point of access and visibility into payroll processing status across an organisation's global workforce. According to Workday, this solution can also reduce implementation costs by up to 50%.

Cristina Goldt, general manager of workforce and pay at Workday, said, "On average, organisations manage five or more payroll systems, which is time-consuming, costly, and can lead to data reconciliation issues. Together with our partners, we're making it easier for customers to consolidate all their global payroll operations right within Workday."

Workday asserts that Global Payroll Connect can accelerate deployment times, reduce costs, and maximise time-to-value by eliminating the need to create and maintain numerous integration systems across local payrolls. Additionally, the solution aims to increase efficiency by unifying global payroll operations within Workday, providing a single source of truth for HR, workforce, and pay insights. Employees will also benefit from self-service access to their payroll data, allowing them to view pay slips, benefits, bonuses, and paid leave time all in one place.

Workday Payroll provided by Strada leverages AI to analyse and interpret large volumes of HR and payroll data, offering predictive insights and improved, data-driven decisions. The solution also allows for the customisation of payroll services per country, facilitating local regulations and compliance support across regions.

Several Workday Payroll partners, including ADP, CloudPay, PwC, Payslip, Safeguard, and SHAPEiN, are adopting Global Payroll Connect. This partnership aims to provide organisations with an integrated and comprehensive payroll solution that meets the diverse needs of global payroll management.