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Workday signed an agreement to acquire Peakon ApS, a platform that gathers employee feedback and provides insights to management. The company said customers will be able to take advantage of a “continuous listening platform” that includes real-time data on employee experience, sentiment and productivity, as well as customized recommendations for actions organizations can take. The idea behind all of this is to drive engagement in a way that strengthens overall business performance.
By combining its technology with Peakon’s, Workday said it can help businesses monitor and respond to employee feelings, needs and behaviors as they evolve over time. For example, by developing a better understanding of employee belonging, customers can more consistently adjust plans to support an inclusive culture. The platform will determine and distribute “surveys and information to the right person at the right time, with the comprehensive employee insight in Workday, to help leaders continually discover and respond to evolving employee feelings, needs and behaviors,” Workday said..@Workday will acquire Peakon, an employee feedback platform, and combine technologies to create a "continuous listening platform." #HR #HRTech Click To Tweet
“Bringing Peakon into the Workday family will be very compelling to our customers—especially following an extraordinary past year that has magnified the importance of having a constant pulse on employee sentiment in order to keep people engaged and productive,” said Workday CEO Aneel Bhusri.
Workday will acquire Peakon for about $700 million in cash. The transaction is set to close during the quarter ending April 30, 2021, pending regulatory approvals.
Peakon, which was founded in Copenhagen in 2015, has roughly 1,000 customers and 260 employees. In a blog post, CEO Phil Chambers said the company’s approach is designed “around employees, not surveys.” That enables organizations to gather feedback in a less obtrusive manner, he said.
Peakon’s approach also ties business outcomes to engagement and emphasizes taken proven actions to make the link work, he said.