Workday's Aneel Bhusri on Engineering Values | Summary and Q&A

TL;DR

Anil Bussary, co-founder and CEO of Workday, shares insights on the company's journey, the importance of values, and the impact of COVID-19.

Key Insights

• ❓ Workday's success can be attributed to its disruptive product, customer focus, and relentless innovation.
• 🥺 Bussary and Duffield's strong working relationship and shared values were crucial in leading the company.
• ❓ Workday effectively adapted to the challenges of the COVID-19 pandemic, prioritizing employee well-being and customer support.
• 😚 Bussary emphasizes the importance of building a strong team, staying close to customers, and constantly investing in innovation.

Transcript

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Questions & Answers

Q: What were the key factors that led to the success of Workday in the software industry?

The success of Workday can be attributed to its disruptive product, focus on customer satisfaction, and relentless innovation driven by a team of top technologists.

Q: How did Bussary and Duffield maintain a strong working relationship and navigate decision-making as co-CEOs?

Bussary and Duffield had a deep trust and respect for each other, actively listened to one another, and were committed to aligning their values to make the best decisions for the company.

Q: How did Workday adapt and support its employees and customers during the COVID-19 pandemic?

Workday quickly transitioned to a remote work model, focused on employee well-being, provided support for mental health, and ensured business continuity for customers through its cloud-based solutions.

Q: What advice does Bussary have for entrepreneurs looking to build successful companies in the enterprise software industry?

Bussary suggests building a disruptive product, focusing on customer satisfaction, and continuously investing in innovation to stay ahead of the competition.

Summary

In this video, Sarah Guo interviews Anil Busrty, the CEO and co-founder of Workday, discussing his journey as an entrepreneur and leader. They talk about the beginnings of Workday, the importance of values and innovation, the challenges of competing with established incumbents, and the role of venture capitalists in supporting founders. They also touch on the impact of COVID-19 on both Workday and its customers, the changing landscape of talent management, and the role of education in employee retention and development.

Questions & Answers

Q: How did Anil Busrty and his co-founder Dave Duffield form a relationship that led to the creation of Workday?

Anil met Dave in 1992 while interning at Northwest Venture Capital. Dave, who was already a legend in the industry, took Anil out for a beer and Anil immediately wanted to work for him. They started as friends and mentors to each other, and they have been together for almost 30 years now.

Q: What were some of the key learnings that Anil Busrty gained from working with Dave Duffield at PeopleSoft?

Anil learned the importance of values in running a company and focusing on employees as the number one priority. Dave emphasized the significance of innovation, integrity, and having fun in the workplace. Anil also learned the importance of constantly innovating to stay relevant in the tech industry.

Q: How did the Peoplesoft-Oracle acquisition and the subsequent challenges impact Anil Busrty's thinking as a leader?

Anil was not ready to become the CEO of Peoplesoft at the time, and they brought in an outside CEO. While the company saw temporary success in terms of profitability, they started to lose their culture and focus on employees, innovation, and customers. Anil realized the importance of staying true to values and constantly innovating to avoid becoming irrelevant.

Q: What characteristics does Anil Busrty look for in founders when making investments?

Anil believes that being a leading technologist is the most important characteristic for founders. He looks for disruptive technologies and products that are significantly better than existing solutions. Identifying big markets and having a clear vision are also crucial. He also values founders who are value-based, focused on integrity, and can attract great people.

Q: How does Anil Busrty think founders and venture capitalists can team up to recruit top talent?

Anil believes venture capitalists should ask hard questions and provide guidance to founders, challenging them to build the right team and make the right decisions. Founders should focus on communicating a compelling vision, attracting great people, and hiring top talent. The combination of vision, communication, and a strong team can help attract and retain the best employees.

Q: How has COVID-19 affected the way Workday's customers think about their people and talent strategy?

COVID-19 has made CEOs and CHROs more focused on employee sentiment and engagement. There is a greater need to stay connected with remote employees and ensure their happiness. The hiring environment has become more challenging, making employee retention and skill development even more important. Workday helps customers with employee engagement measurement and internal talent marketplaces.

Q: How has Workday supported its employees and customers during the pandemic?

Workday quickly transitioned to a remote workforce and utilized cloud-based technologies to continue operations. They held virtual meetings and gatherings to stay connected with employees. Mental health support and additional paid time off were provided to employees. Workday also supported its customers, especially those in healthcare and retail, to ensure their businesses could run effectively using Workday technology.

Q: How does Anil Busrty think about leadership and impact, particularly with regard to his co-CEO model?

Anil and Dave became co-CEOs of Workday as a natural progression. They enjoyed working together and had a lot of fun. Anil believes that being a leader is about constantly pushing for innovation, staying true to values, and keeping the company's soul intact. He values collaboration and communication, and the co-CEO model has worked well for Workday.

Q: How did Anil Busrty decide to expand Workday's product lines to include planning, analysis, and extension capabilities?

Workday initially started with HR applications before realizing the pain point for CFOs was planning. They built their own planning system and acquired Adaptive Insights to enhance their planning capabilities. They expanded their product lines based on customer needs and challenges, including finance and analytics. The goal is to provide a closed-loop system for planning, execution, analysis, and extension.

Q: What advice does Anil Busrty have for entrepreneurs facing the challenge of competing with established incumbents?

Anil advises entrepreneurs to come up with disruptive products that solve real needs in the market. They should focus on making their early customers successful to build credibility and attract more customers. Customer satisfaction should be a priority from day one. Entrepreneurs should also identify big markets and think about which products or markets they can replace to build a successful company. Constant innovation and staying ahead of emerging startups are also crucial.

Takeaways

The conversation with Anil Busrty highlights the importance of values, innovation, and customer satisfaction in building and scaling a successful company. Key takeaways include the significance of having a compelling vision, attracting top talent, constantly innovating, and staying close to customers. COVID-19 has brought employee engagement and skill development to the forefront, and the adoption of education technologies has become vital for employee retention and development. Leadership should focus on pushing for innovation, staying true to values, and building a collaborative and communicative environment. Lastly, entrepreneurs should aim to disrupt existing markets, focus on customer satisfaction, and identify opportunities for significant product or market replacements.

Summary & Key Takeaways

• Bussary highlights the importance of his relationship with co-founder Dave Duffield and how it led to the formation of Workday.

• He emphasizes the significance of values in running a successful company, always putting employees first, and maintaining a focus on innovation.

• Bussary discusses the challenges faced during the Peoplesoft Oracle acquisition and how it changed his perspective as a leader.