What is Workday? A Beginners Guide to Workday & HCM
Workday is a cloud-based software vendor that specializes in human capital management (HCM) and financial management applications. Their all-in-one package is designed for medium-to-large-sized companies, especially companies with multiple locations, because it gathers all of your standard human resource (HR) functions together, as well as, including workforce planning and big data analytics.
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 HCM suite is a leader in the space.
Features and Benefits of Workday
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 Workday is its mobile experience. 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.
This solution helps companies manage their benefits 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.
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 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 Workday?
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. Here are some of their most notable customers:
- Bank of America
- Hewlett Packard Enterprise
- The Ohio State University
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. To achieve a seamless implementation, partnering with an IT consultant that has extensive experience with Workday is key.
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.