8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) ofthe Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 31, 2023

WORKDAY, INC.

(Exact name of Registrant as specified in itscharter)

6110 Stoneridge Mall Road

Pleasanton, California 94588

(Address of principal executive offices)

Registrant’s telephone number, including

area code: (925) 951-9000

N/A

(Former name or former address, if changed sincelast report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01 – Other Events

On January 31, 2023, Workday, Inc. (“Workday”) announced a realignment of resources resulting in the elimination of roles impacting approximately 3.0% of its global workforce. These actions are part of Workday’s efforts to help position the company for continued growth. This includes continuing to invest in strategic areas of the business; aligning resources against business priorities; optimizing in certain areas for operational efficiency; and prioritizing to meet customer and market demands. Potential position eliminations in each country are subject to local law and consultation requirements.

A note to Workday’s employees from Workday’s Co-Chief Executive Officers regarding these actions is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference.

This Current Report on Form 8-K and the accompanying note to Workday’s employees contain forward-looking statements including, but not limited to, statements related to the expected benefits and impact of the elimination of roles and our future hiring plans. These forward-looking statements are based only on currently available information and Workday’s current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of Workday’s control. If the risks materialize, assumptions prove incorrect, or Workday experiences unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in Workday’s filings with the Securities and Exchange Commission (“SEC”), including Workday’s Form 10-Q for the fiscal quarter ended October 31, 2022, and Workday’s future reports that it 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.

Item 9.01     Financial Statements and Exhibits

(d) Exhibits

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 31, 2023

Exhibit 99.1

Subject Line: Aligning Resources to Focus Our Business in FY24

Hi Workmates-

Earlier this month, we aligned as a company around a refreshed vision, strategy, and core set of values that we firmly believe will pave the way for our next phase of growth. While our confidence in the fundamentals of our business and future growth prospects remains strong, we continue to operate in a global economic environment that is challenging for companies of all sizes.

As we navigate this uncertain environment, it’s important we help ensure Workday is set up for continued growth for many years to come. This includes continuing to invest in the strategic areas of our business so we can capitalize on the opportunity in front of us; aligning our resources against business priorities; optimizing in certain areas so we can operate more efficiently; and prioritizing to meet customer and market demands.

As a result, we have decided to restructure and realign some teams across Workday, leading to the difficult decision to eliminate roles impacting approximately 3% of our global workforce, with the majority happening in our Product & Technology organization. We will be meeting with impacted employees, and all notifications are expected to be completed by the end of day, January 31, Pacific Time.

Please know we are supporting our Workmates who will be moving on from the company. In the U.S., we will provide affected employees with three months of pay, 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 who need it, and the option to continue medical benefits for six months. Employees outside the U.S. will receive similar packages to what we provide U.S. employees, based on local standards.

It is always difficult to say goodbye to Workmates we have worked with side-by-side. As we’ve said from day one, we will always lean on our values to guide our decisions. While it may be difficult to see the connection between our values and today’s news, it’s important that we structure Workday in a way that helps us continue to grow and sustain our business.

We realize that this news raises many questions, including what will happen in the future. These moves are not the result of over-hiring and in fact, we plan to increase the size of our global workforce in FY24. Based on what we know today, we have no plans to take similar actions of this size in the foreseeable future. Tomorrow morning Pacific Time, we will share more about today's news and what this means for Workday and the road ahead.

Seeing colleagues leave Workday under these circumstances is not easy. Please continue to support one another during these challenging times. To those Workmates we are saying goodbye to, we thank you for your many contributions that have helped shape Workday into the company it is today.

Aneel and Carl