Workday Talent Marketplace Delivers Skills-based Talent Matching to Drive Greater Agility

Rhea-AI Summary

Workday, Inc. (NASDAQ: WDAY) has launched Workday Talent Marketplace, a machine learning-driven talent mobility solution aimed at connecting employees with relevant opportunities and enhancing organizational agility. As businesses navigate the evolving nature of work due to the COVID-19 pandemic, the platform helps redeploy, reskill, and upskill employees. Key features include skill-based matching, promoting internal mobility, and enabling faster transitions to agile workforce structures. The initiative is expected to bolster employee engagement and retention while addressing changing workforce needs.

Positive

• Launch of Workday Talent Marketplace enhances talent mobility and aligns skills with job opportunities.
• Machine learning capabilities improve employee placement and skill matching.
• Supports internal mobility, boosting employee engagement and retention.

Negative

• None.

Machine Learning-Powered Skills Technology Connects People With Relevant Work and Growth Opportunities; Helps Organizations Optimize Talent to Quickly Adapt to Changing Business Needs

PLEASANTON, Calif., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, today announced the availability of Workday Talent Marketplace, a talent mobility solution that enables employers to connect their people with targeted opportunities for greater organizational agility. Workday Talent Marketplace helps companies foster employee development and better allocate talent to meet evolving business needs—all greatly improving how work gets done.

The COVID-19 pandemic changed the nature of work and the way businesses operate overnight. To stay competitive in this dynamic environment, organizations have had to accelerate adoption of emerging talent strategies—with more agile organizational structures, greater internal mobility, and gig and project work. Market uncertainty has also impacted employee expectations and needs, prompting workers to reevaluate whether they have the skills and capabilities that will position them for future success. 

Workday created its talent marketplace to help customers navigate this changing world of work, enabling them to more effectively redeploy, reskill, and upskill employees to support the business as new needs arise. Equally important, Workday Talent Marketplace helps employers connect their employees with the targeted development and growth opportunities they seek to further their career goals—ultimately helping to improve engagement and retention. 

Additionally, with Workday Talent Marketplace, customers are able to:

• Make Skill-based Connections Between People and Opportunity. Workday Talent Marketplace leverages Workday’s machine learning-powered skills cloud to match people to opportunities by comparing their skills and interests against the organization’s full-time, project, and gig work skill requirements. The skills cloud can provide a full view of the skills workers have by inferring and verifying skills—derived from Workday HCM data—to create a comprehensive and unique skills signature for each worker. It has the ability to review data in an employee’s profile to predict skills that person may have, even if they have not explicitly entered that information. By understanding how well matched a person’s skills are for a particular role, and where employees may need additional learning or development, organizations can drive more intelligent talent matching and opportunity creation. 
  
  
• Build a More Agile Workforce. Workday Talent Marketplace enables a faster transition to a more agile workforce, helping companies quickly tap into internal talent pools to fill projects, short-term gigs, and full-time roles, and reskill and upskill employees to adapt to change. For example, as a result of the pandemic, many companies are experiencing surge demand and requiring additional resources in one part of the business, while other areas may have less need and overcapacity of resources. Workday Talent Marketplace can identify employees that best match the skill needs of internal opportunities to help companies find the right mix of resources and more efficiently build more agile cross-functional teams—quickly placing people where they are most needed.
  
  
• Promote Employee Growth and Internal Mobility. People are looking to increase their marketability and want to pursue new experiences and skills outside of their traditional roles. Workday Talent Marketplace delivers more personalized, data-driven opportunity recommendations to empower employees to take an active role in their development, while enabling organizations to promote internal mobility to keep their best workers. For example, a sales associate interested in developing a career in marketing could use Workday Talent Marketplace to find hands-on experiences in that field. With tailored recommendations for internal marketing gigs or projects, this person could pursue the growth opportunities that align most with their career goals and aspirations.
  

Comments on the News
“Workday is fundamentally changing how businesses optimize talent, providing a deep understanding of skills that can only be derived with insights from a true cloud HCM system,” said David Somers, general manager, Talent Optimization, Workday. “People have far more capabilities than what they enter into a resume or CV; because our skills technology can infer related skills, customers have seen a dramatic increase in the number of skills attributed to their workers and enabled better discovery and recommendations for more targeted opportunity matching. With Workday Talent Marketplace, organizations can build a more agile workforce to achieve long-term success in a skills-based economy.”

“At Dell Technologies, we see great value in enabling talent capability with skills and experiences,” said Karen Caveney, chief HR technologist, Dell Technologies. “We launched our Workday Talent Marketplace pilot a year ago and have had fantastic feedback from both gig owners and workers. Other groups in the business are eager to follow suit, and we believe our employees will truly benefit by taking on opportunities that will help them further their career development goals.”

Additional Information
For additional perspective:

• Read the blog “The Foundation of the Workday Skills Cloud,” by Jim Stratton, chief technology officer, Workday
• Watch this video: Talent Optimization with Workday
• Read the ebook: Strategies for Meeting the Talent Challenge
• Check out the following resource: Workday Talent and Performance

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.

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 July 31, 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.

Media Contact
Samantha Sok
Workday
media@workday.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/594224c5-684f-4fcb-b305-bfd27d2ef8a8

FAQ

What is Workday Talent Marketplace?

Workday Talent Marketplace is a talent mobility solution that connects employees with targeted work opportunities to enhance organizational agility.

How does Workday's new platform impact employee growth?

The platform promotes internal mobility and offers personalized recommendations for employees to pursue skill development based on their career goals.

When was Workday Talent Marketplace announced?

Workday Talent Marketplace was announced on October 15, 2020.

What technology powers Workday Talent Marketplace?

The platform leverages machine learning technology to match employee skills with available opportunities.

What benefits does Workday Talent Marketplace offer to organizations?

It helps organizations quickly adapt to changing business needs by effectively redeploying and reskilling employees.