Yahoo Finance Workday (WDAY) Set to Expand Ireland Headcount by 30%
Workday WDAY recently announced plans to create 400 new positions at its European headquarters in Dublin, Ireland. The recruitment will begin with immediate effect and the investment is backed by the government of Ireland.
The additional recruitment represents a 30% increase in Workday headcount for Ireland. The company forayed in Ireland in 2008 with the purchase of local technology company — Cape Clear.
At present, Workday employs more than 800 engineers at its Kings Building headquarters in Dublin.
People will be hired mostly for roles across product and technology development category including software engineering. Moreover, Workday is also trying to employ people for roles in sales, customer operations department as well as others.
Workday, Inc. Price and Consensus
Workday, Inc. price-consensus-chart | Workday, Inc. Quote
Per the company’s latest 10-K filing, Workday employed 12,500 people across 32 countries as of Jan 31, 2021.
Shares of Workday were up 2.4% and closed at $257.27 on Mar 22. In the past year, shares have returned 94.3% compared with industry’s rally of 123.9%.
Ample Opportunities for Workday in HCM market
Per Mordor Intelligence report, Human Capital Management (HCM) software market is anticipated to hit $24.64 billion by 2026 from $16.7 billion in 2020 at a CAGR of 6.7% between 2021 and 2026.
This bodes well for Workday, which is a well-known provider of enterprise-level software solutions for financial management and human resource domains. High demand for its HCM and financial management solutions is supporting top-line growth. Moreover, growing clout of Workday Prism Analytics and Adaptive Insights business planning cloud offerings augurs well.
Markedly, in the last reported quarter, Workday’s HCM solutions were selected by the likes of Cox Enterprises, First Rank Bank, Nike, ABB, Anthem, Cognizant Worldwide, among others.
Workday’s acquisitions have also contributed to its top line growth. The company recently acquired Peakon, a Denmark-based Human Resource (HR) company that specializes in improving employee engagement by converting employee feedback into actionable insights.
Earlier, Workday purchased companies like Scout RFP (2019), TrustedKey (2019) and Adaptive Insights (2018) to bolster its stance in the lucrative HCM domain.
Adaptive Insights, a provider of cloud platform for business planning, is one of its biggest acquisitions for Workday. The company purchased Adaptive Insights for $1.55 billion.
Nevertheless, Workday needs to watch out for intense competition in the HCM and financial management software market from the likes of Oracle ORCL, SAP SAP and Automatic Data Processing ADP.
At present, Workday carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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