Our Summary: Workday, founded in 2005 by Duffield and Bhusri, declared its intention to raise up to $400MM in an IPO (tentative price). Founders intend to retain dominant control. Workday had $120MM in revenues in first half 2012 doubling the revenue with losses growth of ~30% from a year ago. No date set on when Workday will start trading. Last fall company raised $85MM on $2B valuation.
Our comment: a little context according to InformationWeek:
Just this week, IBM acquired HCM vendor Kenexa for $1.3 billion. That deal comes in the wake of SAP’s $3.4 billion acquisition of SuccessFactors, Oracle’s $1.9 billion buy of Taleo, and Salesforce.com’s purchase of privately held Ryyple.
Workday Discloses Finances, Plans for Founders’ Control
by Ben Werthen
Originally published Aug 30, 2012
Workday, one of the most closely watched among a new crop of enteprise-technology start-ups, on Thursday opened the kimono on its inner workings on the way to an IPO and also disclosed that its founders are determined to keep control of the venture as a public company.
Our Summary: Companies large and small are moving away from a top-down and structured 360 performance reviews in favor of peer-based approaches. Movement to crowdsource evaluations leads to flattening of organizations, improved employee engagement, and increasing teamwork and collaboration.
Companies experimenting with this approach include Hearsay, LivingSocial, LRN, Symantec. Popular tools range from in-house solutions, to Salesforce Rypple, Laudits, WorkSimple, and iDoneThis.
Peer Performance Reviews Take Off
by Rachel Emma Silverman and Leslie Kwoh
Originally Published on July 31, 2012
Treat your peers well. They may soon be responsible for your performance reviews.
As some companies flatten out their management hierarchies and encourage more team-work, they’re doing away with traditional top-down, manager-led performance reviews and leaning more heavily on the rank-and-file for evaluations.
Our summary: This is a little old, but still quite interesting. The overall trend is that the market is improving, but job growth is limited. In January, small business accounted for 95,000 jobs out of 170,000 jobs created in the private sector and small businesses need to have better cash positions to be able to hire. FairSetup should be able to help such businesses.