In today’s era of constant organizational change and evolving workplace dynamics, it’s crucial to have reliable metrics to gauge workforce performance and the effectiveness of HR processes.
A Workday Benchmark can be an impactful resource for organizations looking to assess and improve their human resources and workforce management business operations.
Read on to learn more about Workday Benchmark and how our senior-level Workday consultants can help your organization optimize the effectiveness of your Workday systems.
What is a Workday Benchmark?
Workday Benchmark, announced at the 2017 Workday Rising conference, was created to provide organizations with deep insights displaying their strengths and weaknesses. Workday Benchmark enables users to compare key performance indicators (KPIs) to metrics from others in the same industry. This data gives users insight into where their organization lies compared to other customers’ Workday usage.
Using benchmarking data in Workday helps users strategically decide where to allocate their resources to obtain a competitive edge. By utilizing Workday Benchmarking methods, users can eliminate the need to perform the labor-intensive task of gathering and submitting data, managing time off, or accessing real-time feedback. With a third-party benchmarking vendor or the comprehensive Workday Benchmark solution, data is collected and updated regularly, ensuring organizational benchmarks are always current.
After opting into the Workday Benchmark program, users have the ability to choose what data they want to share with key stakeholders and other organizations in the industry. Their information is then uploaded to a safe, combined data pool where customers can access the vendor-customer participation community and assess their performance against peers with comparable demographics.
Why Should Users Care About Benchmarking?
Workday is no stranger to providing reporting and analytics services to assist customers in better understanding their performance and how they match up against other organizations.
With Workday Benchmarking, users can identify areas of improvement and focus strengths by understanding comprehensive peer benchmarks and comparing their metrics to other competing organizations.
Introducing Workday Data-as-a-Service
To provide reliable data context, Workday launched Data-as-a-Service, a technological foundation allowing customers to access centralized datasets with a single click. Workday Benchmarking enables participants access to numerous benchmark categories, such as:
- Financial management
- Turnover rates
- Leadership effectiveness
- Workforce composition
How Does it Work?
After opting into the Workday Benchmark service, customers will select the specific metrics they want to assess and compare. The tenant provides de-identified data to Workday Data-as-a-Service for the chosen metrics and calculates the associated benchmarks.
Participants can then access aggregated benchmark data whenever and wherever they need it. Rigorous precautions, including ID hashing and minimum statistical thresholds, have also been implemented to preserve the privacy of personal data.
Benchmarks are then produced as business objects accessible via all Workday analytics and reporting features for all authorized Workday users.
Common Use Cases for Workday Benchmark
Here are a few common use cases for the Workday Benchmarking platform:
A technology CEO can consult comprehensive dashboards integrating worldwide employee engagement survey data from third parties with regional Workday HCM attrition statistics to manage staff turnover better.
An HR director at a manufacturing organization could examine a mobile dashboard on their smartphone to view time off data from Workday HCM and shop floor output data from a supply chain system in the same location. This makes it easier to understand how worker overtime or absence influences worker productivity.
When reporting on performance, retailers and financial planning analysts can examine profitability by store, region, or product line by drilling down into reports that combine Workday’s finance data with data from a point-of-sale system.
A general manager of an insurance firm can receive reports that combine financial data from Workday with sales pipeline data to better align sales strategies with financial forecasting. This allows them to comprehend current growth rates and the potential influence of the opportunity backlog on future revenue.
Key Capabilities of Workday Benchmark
Here’s a closer look at the main capabilities of Workday Benchmark:
- Regularly refreshed benchmarks
- Embedded reports and analytics
- No additional cost of ownership
- Total control over performance data
- Accessibility for all authorized customers
- Filters for industries and countries
Top 3 Benefits of Workday Benchmark
Here are a few main advantages of Workday Benchmark:
Data Sharing Autonomy
Workday Benchmark allows companies to control how much data is shared by opting in or out of data sharing with certain countries, regions, organizations, or stakeholders.
Control Access to Sensitive Data
With a single security model, organizations have total control over which users can view benchmark dashboards, Discovery Boards, and custom reports.
Benchmarks are taken from live arrangements across many customers and can be refreshed daily to ensure reliable, up-to-date benchmark data, no matter what.
How Can We Help?
Whether you need help implementing a comprehensive benchmarking tool to add to your existing Workday ecosystem, additional support identifying business processes that require a little extra TLC, or just an extra hand beginning your Workday journey, Surety Systems can help.
Our senior-level Workday consultants have the skills and experience to help you assess your needs, implement any Workday solution on your terms, and maximize your investments.
Are you interested in learning more about the Workday Benchmarking platform or how our expert Workday consultants can help?
Contact us today!