An Ultimate Guide to Workday HCM

Posted On Nov 28, 2022 |

In this blog, you will get to know about Workday HCM Modules, Key Benefits, and how to implement & Setup up a Workday HCM system

Introduction

Workday is Enterprise Resource Planning (ERP) Software that provides services for the Human Resources (HR) and Financial Management of a business. Workday offers solutions that apply to almost all industries that exist and it is also suitable for all sizes of organizations. Workday crosses the limitations of existing legacy vendors to help businesses adapt to changes and function accordingly.

What is Workday HCM?

Workday HCM is a cloud-based system that addresses the challenges a business faces today and prepares it for whatever the future brings. It provides a single solution for all HR activities to streamline processes, empower workers, collaborate across the organization, and align teams with strategic business initiatives. Workday HCM provides a flexible framework that enables businesses to organize their people by using multidimensional criteria so that the finance and HR teams both get what they need. The user-friendly global system also ensures that customers are always on the latest version with up-to-date capabilities, whether they’re on a browser or a mobile device.

Modules of Workday HCM

Each of the Workday HCM Modules does an excellent job to perform tasks. The unique features of each separate module help eminently to simplify various HR tasks. Combined together they form a strong HCM system.

Modules of Workday HCM


Human Resource Management

Workday Human Resource Management provides self-service, intuitive functionalities to organize, staff, and payment-related things. Human Resource Management plays a significant role in managing people and the workplace; hence Workday Human resource management helps to establish consistency and create meaningful business insights.

Features:

  • It helps manage an organization efficiently.

  • It helps in all management-related functions of Compensation management, Absence management, and more.

  • Managers and employees can use self-service to save time and resources.

Benefits Administration

Workday Benefits assists organizations in defining, adjusting, and managing their benefit programs to meet the specific needs of their business operations. Tracking employee data to apply suitable employee benefits becomes automatic with Workday HCM.

Features:

  • It assists in defining eligibility and applying for proper benefits.

  • All benefit programs are centralized and simple to identify and navigate.

Workforce planning and Analytics

Workforce planning and the analytical module offer a completely actionable and dynamic view of talent supply and demand, enabling firms to make smarter decisions and perform better when crucial business issues arise. The workday analytical tool also categorizes roles and jobs, capacity, talent pools, and direct action during recruitment, development, and performance training.

Features:

  • It helps with operational headcount planning.

  • Aids in supply and demand analysis.

  • Provides methods for analyzing the workforce.

Project and Work Management

Project and Work Management Workday HCM module enables businesses to focus on crucial or difficult components that contribute to a company's success. Many other factors are incorporated, such as personnel, the availability of company resources, and the nature of the task. When compared to conventional bolt-on project management systems or other job-management solutions, the Workday project and work management module is extremely effective. This module includes critical duties such as effective planning, staffing, tracking, managing, and analyzing that are required to enhance essential initiatives.

Features:

  • Offers work management systems for projects and other types of work.

  • Facilities for resource pools and labor evaluations are available.

  • Provides efficient tasks and aids in reaching objectives

  • Methods for tracking costs, prices, and budgets.

Big Data Analytics for HCM

Various organizations can use Big data analytics to add several Non-Workday data sources to Workday data. It may be unstructured data or enormous amounts of data that must be included. Big data analytics provides significant workforce information to aid decision-making by unifying daily data and apps. It provides single-platform security as well as an improved user experience. The key advantage of Big data analytics is that it reduces the time and effort required for data distribution by utilizing pre-built analytic templates.

Features:

  • It comes with a wide variety of built-in HR templates, such as those for data storage, workforce planning, pay-on-performance, diversity, payroll, cost analysis, and compensation, among others.

  • Instructional guides for project analysis.

Talent management

Workday HCM's Talent Management assists you in improving the management system, advancements, alignments, and employee rewards. Onboarding talent decreases overall administration as well as the expense of assisting new workers to integrate rapidly into the firm. It provides onboarding services as well as goal management services.

Features:

  • It implements performance-based management to keep personnel and skills up to date.

  • Based on performance, assists in the creation of career and personality development programs for employees.

Recruitment & Onboarding

Workday recruiting aids in the management of a flexible process and good candidate experiences. The Workday Recruiting module gives businesses complete control over their company's recruiting and allows them to establish their hiring limitations and criteria. The recruitment information is available at all times and from any location inside the company. It also contributes to improved cooperation and communication between team members and upper management.

Features:

  • Analytics on headcount, pipeline, sourcing, and screening are available.

  • Management of job positions and candidates.

  • Management and packages are available.

Payroll Solutions

Workday Payroll is a versatile program that gives you complete control over your data, pricing, and payroll operations. Users may build up thorough analytical audits, incorporate payroll data, and dig audit alarms for additional inquiry using the built-in apps.

Features:

  • Payroll processing for a wide range of foreign businesses.

  • Provides a powerful calculating engine

  • Self-service options are available.

  • Tax changes are made automatically.

Time Tracking

Workday Time Tracking integrates with payroll, project management, and task management to provide a simple user experience that is accessible via the internet and mobile devices. Workday time tracking allows users to track their employees and input time conveniently from any mobile device or web browser application.

Features:

  • Allows the user to enter global time.

  • Clock in or out on mobile devices and the internet.

  • Management of time approvals

  • Global time calculation

Key Benefits of Workday HCM

  • Workday HCM helps to enhance the complete workforce of a business.

  • Workday HCM reduces the cost and time for operation with increased efficiency.

  • Businesses can easily adapt to changing future business needs with Workday HCM.

  • Take the right action in the workforce using the decision-making tool offered in Workday HCM.

  • Quick and easy access to company data and for changes or insights.

  • Automatically updates with the latest improvements in functions without any extra charge.

  • Works across PC, MAC, and Smartphone for easier access with the self-service feature.

Companies using Workday HCM

Our customers are from almost every industry that exists in the world. Some of the most recognized names include:

  • Amazon

  • Bank of America

  • Netflix

  • The Ohio State University

  • AT&T

  • Chick-fil-A

  • MGM Resorts

  • Abbot

  • The Washington Post

  • Ford Foundation

  • Pepsi

  • FedEx

  • Deloitte

  • Puma

  • Target

  • Adobe

  • LinkedIn

  • Airbnb

How to implement & Setup up a Workday HCM system in any Company?

Workday implementation and setup follow a clear well-built structure to avoid any errors and inconvenience; starting with the planning phase where a team is built and the project plan is documented for the implementation.

Next is the design phase where the building of the initial prototype takes place along with fit gap analysis thorough review and approval to satisfy the needs of the business entirely. Now we configure for the approved design followed by unit testing and preparing training materials for users.

In the testing phase, various test scenarios are created and tested along with the user acceptance test. Training materials are prepared to train users in Workday HCM Training.

Finally, the system goes live and gets implemented successfully. The post-production support/Hyper care team is available to handle production issues.

Competitors of Workday HCM

  • SAP Success Factors

  • Oracle HCM suite

  • Dayforce HCM

  • Epicor HCM

  • Infor CloudSuite HCM

Future of Workday HCM

Workday started from scratch and built a successful system that overtakes the legacy system as it focused on solving the issues from all the legacy systems and enhanced the functionality to meet the market trend for all HCM solutions. Workday plans to change and adapt to the changing business needs. Anyone who wants to pursue Workday HCM Jobs can complete the Workday HCM Training to get their Workday HCM Certifications which can help them in their pursuit. Workday is a well-known and established name in the ERP software industry so Workday HCM Salary is at par with any other legacy vendors.

Conclusion

Workday is the leader in the market of HR management with its Workday HCM system. Through its various Workday HCM Modules, Workday has the power to replace many stand-alone applications with single purposes. When businesses get all their HR management needs in one single system, stand-alone applications don’t stand a chance. Also, the Workday is the way to go when thinking about HR. Workday HCM is built from scratch so it was able to do away with a lot of previous existing issues occurring in another legacy HCM System.

Categories: Workday HCM, Workday HCM Certification, Workday HCM Training, Workday Placement

Frequently Asked Questions

No, Workday HCM is a Human Capital Management System Software and one of the software solutions offered by Workday itself to help with important business needs such as Human Resource Management, Benefits Administration, Workforce Planning and Analytics, Recruiting, Payroll Solutions, and much more. Workday HCM helps in the efficient operation of a Business by covering such business needs; however, it is not a tool but software. Going by the basic definition of a tool, a tool helps in the development of other software, but Workday HCM has nothing to do with development. It is purely software that helps businesses manage their various management tasks.

Workday is ERP (Enterprise Resource Planning) software that offers Workday HCM (Human Capital Management) as a solution for various important business needs such as HR, Payroll, and more. Workday combines the greatest finance and HR applications into a single, stable system, as opposed to ERP solutions with separate applications. Additionally, you have the knowledge and flexibility to make the best decisions as both the company's financial and human resources data seamlessly connect to provide smooth navigation. With Workday, you have the flexibility to adjust as frequently as necessary since it is an open, expandable, and configurable solution.

The core Workday HCM Modules include Recruiting, Staffing, Benefits, Talent, Learning, Absence, Time Tracking, Compensation, and Payroll. Workday HCM helps in managing HR functions with such modules. Businesses can make the entire recruiting and staffing processes efficient and automated. Managing Leaves and Tracking time also becomes easier with Workday HCM as the whole self-service option enables employees to track their time themselves and ask for leaves and get them recorded immediately with the System. This also makes the payroll process easier and error-free. Workday HCM’s learning also helps in managing and storing relevant learning information for scaling up employee skills. Categories: Workday HCM, Workday HCM Certification, Workday HCM Training, Workday Placement