Workday is a cloud-based software vendor that specializes in human capital management (HCM), enterprise resource management (ERP), and financial management applications. The Workday system delivers an all-in-one package that’s designed for medium-to-large-sized companies, especially companies with multiple locations thanks to features like:
- payroll management
- time tracking
- human resource management (HRM)
- talent management
- data analysis
- and much more
What is Human Capital Management (HCM)?
Human capital management (HCM) consists of a comprehensive set of practices for managing, recruiting, developing, and optimizing the human resources of an organization. It’s essentially a tool for managing your most valued asset: your people. There are a lot of HCM solutions available on the market today, but Workday human capital management suite is a leader in the space.Contact a Workday Consultant
What is Workday ERP?
Workday ERP is a software system used for planning in areas such as human capital management (HCM), professional services automation, project management, finance, analytics as well as professional services automation. Enterprise resource management (ERP) is most commonly used for business processes and the transformation of data for enterprises. Most Workday customers are mid-size and large companies and organizations. Workday ERP includes workforce, sales planning, and real-time analytics for an entire company. Workday financial management is used to provide financial accounting and reporting for a business.
Features and Benefits of Workday HCM Software
Workday was developed on a disruptive concept: bring people to the center of enterprise software. After more than a decade later, they still deliver on that idea. For example, one of the most significant benefits of the Workday experience is its mobile component. Employees, managers, and recruiters can access information anywhere, anytime on mobile, tablet, and desktop. Even better, Workday offers mobile access at no additional charge.
Other useful features of Workday include:
Human Resource Management (HRM)
HRM allows companies to manage and organize their workforce more effectively. In addition to self-service functionality for employees and managers, other features include compensation management and absence management.
Workday’s recruiting solution helps organizations find, share, engage, and select the best internal and external candidates for their organization. It manages the entire recruiting lifecycle in one system and enables transparency and collaboration across the whole hiring team. Users can also analyze what positions are open or what specific types of candidates they’re looking for and then create recruiting strategies based on real-time data.
The Workday talent management suite includes tools to improve managing, developing, and rewarding employees. It contains functions perfect for management, including onboarding, goal management, performance management, succession planning, and career and development planning.
Workday solutions help companies manage their benefit plans to meet their unique business needs. Cloud Connect for Benefits includes a pre-built integration catalog to many different providers and automatically takes employee information data from Workday HCM, (which means users won’t have to worry about manually entering data. Goodbye manual data entry headaches…)
Workday’s payroll solution allows users to make multiple payroll calculations, perform batch calculations either by group or workers, have flexibility with earnings and deductions, and run audit reports. Have employees located outside of North America? Not to worry! Workday’s Cloud Connect for Third-Party Payroll makes it simple for your payroll department to integrate with third-party payroll providers. Users can use the local payroll service in the desired country while still accessing payroll data via Workday. Problem solved. Interested in an HCM consultant with financial expertise? Learn more about our banking services.
Workday makes it easy as possible for employees to track their time, whether they clock in and out using a desktop, tablet, or mobile device. And for companies that do require physical time clocks, those can integrate with Workday via an API, so no troubles there.
Big Data Analytics for Workday HCM
Workday Big Data Analytics combines Workday data with multiple non-Workday data sources for even better understanding of the Big Picture™. It comes with pre-built analytics templates that address key business issues faced by HR and finance, addressing topics like workforce planning, retention, and diversity for pay-for-performance, compensation, and payroll-cost analysis.
What Kind of Companies Use the Workday HCM System?
From mid-sized companies to Fortune 50 enterprises, thousands of organizations in industries as diverse as healthcare, education, manufacturing, finance, technology, and retail use Workday and take full advantage of the applications in the hcm suite. Here are some of their most notable customers:
- Bank of America
- Hewlett Packard Enterprise
- The Ohio State University
Implementing the Workday Human Capital Management (HCM) System
If you’ve envisioned your goals and decided that Workday is the solution to help you reach them, your next step is implementation—that’s where the real work begins. Because Workday implementations affect so many people within an organization (not just HR departments), it’s important to be prepared for your transformation. In order to avoid implementation challenges and achieve a seamless transition, partnering with an IT consultant that has extensive Workday experience is key. Take your organization to the next level with Workday Human Capital Management.
Our senior-level Workday consultants, for example, have the experience to not only help you implement your solution successfully, but will also make sure you’re getting the most out of your investment. Contact us to learn more and get started on your digital transformation journey.
Questions about Workday
What Is Workday Used for?
Workday ERP is a software system used for planning in areas such as human capital management (HCM), professional services automation, project management, finance, analytics as well as professional services automation.
How Is Workday Different from Other ERP Systems?
Workday provides a smoother user interface experience that is built with modern technology.
What Industries Can Benefit from Using Workday?
Healthcare, Manufacturing, Higher Education and Retail are just a few of the industries that Workday supports.
How Can Surety Systems Help with Workday Implementation?
Surety can provide Workday consultants to assist with the initial implementation, help with the data migration, project management, integration, support and go-live.