Comparison between Workday HCM and PeopleSoft HCMCategory: Workday HCM Posted:May 23, 2018 By: Robert
Human capital is the term that is used to recognize the people in the organizations or businesses. This is an important asset, whose contribution matters a lot in the development and growth of the organizations, in the same way as physical assets like machine and money. Human Capital Management is a technique of employee staffing that is used to observe the people as assets i.e. Human Capital, whose current cost can be estimated and future cost can be enhanced through investment. HCM is important in an organization in order to automate and streamline the task flow, generate the exact report, develop an accurate payroll procedure, work together with the team, manage workflow, etc.
With the growing technology, everyone wants to ease their work, everybody is looking for an automated solution to carry out their daily task in an effective manner. HCM system is a solution provided to the HR of the organizations so that they can perform their task easily and effectively. HCM is also used to improve the productivity related to financial management via payroll processing tasks and benefits administration. Presently, web-based HCM software solutions are frequently utilized in most organizations. They are basically designed in a way to enhance the efficiency of the organization’s work by maintaining accuracy in the workflow. It also acts as a part of ERP i.e. Enterprise Relationship Planning to maintain the records of the employee.
The Workday, SAP SuccessFactors, and PeopleSoft are the HCM software system, which is used by most of the organization nowadays. PeopleSoft and Workday both were established by David Duffield. PeopleSoft founded in 1987, which is acquired by Oracle in 2003. In 2005, the cloud-based HR and financial system were launched. Both Workday and PeopleSoft are the robust HCM software system in the HR market. Both of them exhibit similar sets and functionality for huge trades like recruiting, payroll, talent management, learning and development, in-memory application, but they have some differences too. Each of the products has its own advantages. This post presents a comparison between PeopleSoft and Workday HCM software.
PeopleSoft is a strong HR software that offers complete industry and business solutions for multifaceted enterprise needs. Its highly-scalable application set provides the solution for the small and medium-sized company which shows growth and development all the time. It is basically designed to focus on the company’s transactional operations. By automating and centralizing these transactions the issues related to cost and compliance can be reduced. It also provides a set of HR-related functions that allows lowering the company’s risks, and increases productivity, and enhances the performance of the organizations.
PeopleSoft is supported by Global industry leaders in developing the business software solution. It includes various features that handle human capital management, supply chain management, financial management, etc. It provides a user-friendly and instinctive interface so that all these functionalities are easily accessed by the users.
The Workday is a well-known Software-as-a-Service i.e. SaaS enterprise software solution basically designed to manage global businesses. It also provides a combined Human Capital Management, Financial management, payroll, and other solutions that are exclusively designed for the present companies. It is basically a cloud-based solution, and thus it is selected by over 280 customers spanning from medium-sized companies to top fifty businesses. It offers subscriptions to its various services instead of selling the software.
Workday provides robust functionality for the manager and employee self-service, containing the mobile applications. It is more compatible with the company’s which has remote workers or the employees who travel frequently. It has also started the global payroll functionality. PeopleSoft is providing its services to multinational companies globally. It has a global payroll function, which is good for the companies that deliver their operations around the globe.
Industry and Company Size:
Both Workday and PeopleSoft deliver a complete solution for performing the HCM and other services. Now, more than ten percent of the market is sharing Workday’s Human resource management system. PeopleSoft is also a verified technology continuously utilized by more than six thousand customers. It is also a perfect match for the larger customers in different areas, like education and manufacturing, and government, but nowadays Workday is also aiming the education clients. The Workday is successfully targeting smaller and medium-sized clients as well as pharmaceuticals companies.
Both Workday and PeopleSoft have a difference in their deployment options. Since Workday is a cloud-based solution, it can be implemented in a few months rather than years and provides the latest version to the users since the functionalities are always upgraded automatically. Workday also provides the lowest cost of ownership, because it does not require any on-premise hardware or infrastructure. Well, PeopleSoft also delivers cloud-based deployment, but it can also be purchased in an on-premise and private cloud implementation. It also provides an application that permits businesses to modify their system as per the specific requirements of the industry. Though this modification gives several installation options it increases the complexity level as well. This changing, updating, or eradicating the earlier systems could be an expensive procedure for the companies.
Workday has provided an instinctive and user-friendly design. It was created on present architecture and offers a client UI created for the web. The iPhone app of Workday got five features and a completely updated UI within a year.
PeopleSoft also provides a significant upgrade, but their design and user-interface basically remain retrofitted for the web.
Both Workday and PeopleSoft provide online web gateways for the customers, where they can search for the solution and can get the documentation. A Workday is a Software as a Service product, so it provides continuous support to its users, it automatically drives out the updates and solution to the customer mostly two times in a year, whereas the customers who make use of PeopleSoft HCM depends on their IT departments to manage and apply patches. If there is no staff available in the organization to get the services done, Workday offers them this automatic application of patches and solutions which is an additional benefit for them.
Both Workday HCM and Peoplesoft provide various benefits. Let’s have a look at them:
Benefits of Workday HCM:
1. Workday combines the finance and HR management functions and provides the client with real-time awareness, global visibility, and predictive analytics.
2.The Workday is a single version tool that is used to meet various business requirements. It can also be integrated with a large number of business systems and applications.
3. The Workday is a very simple and instinctive software solution to carry out various business functions, so anyone can finish their task quickly without any expertise requirement.
4. The customer will not come across with the troublesome and complex upgrades while using this software. As it always provides the most recent version to the users.
5. It also provides other features like absence management, benefits administration, and automated settlements for the bank statements.
6. Workday’s approach provides better security and integrity of the organization’s data and also provides protection against various security threats. It selects the most reliable and secure data-center providers as its partners.
7. Workday offers a flexible pricing structure, it provides the separate price to each user as per their requirements.
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Benefits of PeopleSoft HCM:
1. PeopleSoft offers an easy way to manage the organization’s peoples. It streamlines the process to decrease costs and increase productivity and efficiency. It covers all the transactional process of any organization.
2. With the help of Peoplesoft HCM solution, the various HR operations can be managed actively including the recruitment and management of employees and prediction on workforce requirements.
3. The rules and duties may diverge from each country in which the company that pays the workforce is situated. To meet the requirements of the global marketplace, it provides a reliable strengthening of the policies and a single source of truth to report the business metrics which are covered by the cloud-based software. It also ensures the data confidentiality and privacy with the help of an embassy grade security system.
4. It provides a workforce management system to manage and control the policies for the workforce by predicting labor and workload demand, it also captures absence and the work time of the employee and identifying and designating schedules to meet the various business needs. This ensures that no time is wasted that helps to improve productivity among the employees.
5. PeopleSoft offers Labor rules and monitoring management, so that the productivity can be increased without increasing the costs through efficiently managing the workforce. It also allows you to control the cost by providing a real-time analysis of the critical labor data, for example, unexpected absence and overtimes of the employee.
6. It offers a self-service solution to the employees as well as managers that decreases the workload of HR staffs. By streamlining this process, the time for high-priority task can be freed and the team collaboration can be increased.
7. It provides talent management feature that includes planning, recruiting, learning and development. It also focuses on career development, performance, and compensation, among others, so that the visibility of the workforce can be obtained and bring in line to achieve the company’s goal.
The Workday is a pioneering platform that is developed for the modern workforce and their technology to bring into line with the current IT trends. It is an alternative to ERP for HR and finance management. It provides continuous updates which makes it a popular choice for the different companies. On the other hand, PeopleSoft is developed to solve the most complex business needs. This makes the PeopleSoft as a great choice in terms of the market presence and end-to-end functionality, but the installation procedure may be a very complex procedure. Though PeopleSoft is offering many functionalities in their on-premise solution, many businesses are transforming towards the Workday software solution. Thus, it is required for the organization to set the business goal and strategy, then figure out the requirements to achieve them and based on these specific business requirements the organization can choose one of the two HCM software.
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