What is Workday HCM?Category: Workday HCM Posted:Jul 11, 2019 By: Serena Josh
Human Capital Management is all about managing the crucial properties of an organization, i.e., its people. It comprises all the activities from hiring an employee to retaining them. All these management activities are taken care of by the Human Resource department of the organization. In order to carry out all the HR tasks flawlessly and efficiently, the organization should have sophisticated HCM software. Presently, there is a lot of HCM software available in the market, out of which, Workday HCM suite has become one of the top choices of maximum organizations now. Due to its various features, the enterprises are attracted to the Workday HCM. This article presents an overview of Workday HCM.
Workday HCM Suite is a cloud-based HCM Suite, which provides a single solution for all the HR activities like financial management, human capital management, performance management, planning, etc. It is designed for almost all the size of the businesses, especially companies with multiple locations. It is a one-stop solution for onboarding, recruiting, learning and development, compensation benchmarking, payroll, benefits, time off, and analytics. Workday HCM software is very user-friendly, global system software, which offers the latest version with updated capabilities to the customers both on the browser as well as mobile.
Checkout the Article-What is the Role of Workday HCM in Simplifying HR Functions?
History of Workday HCM:
Workday was established in March 2005, and it was introduced in November 2006. It was founded by David Duffield (Founder and former CEO of ERP company PeopleSoft), and Aneel Bhusri (prior Chief strategist of PeopleSoft). In the beginning, Duffield and venture capital firm Greylock Partners sponsored Workday. In December 2008, Workday shifted its head office from Walnut Creek, California to Pleasanton, California. In 2008, Workday proclaimed that it had touched a final agreement to purchase Cape Clear Software. Later, Workday signed a broad agreement with Flextronics to provide Human Capital Management software services. Other large companies such as Aviva, Chiquita Brands, CAE Inc. Fairchild Semiconductor, etc. have publicly revealed contracts or deployments of Workday.
In April 2009, Workday broadcasted that it is protected $75million in funding led by New Enterprise Associates. In October 2011, Workday announced $85 million in new financing, which raised capital around $250 million. In 2012, Workday launched a successful initial public offering (IPO) that increased the company’s value at $9.5 billion.
The Growth of Workday:
Workday has announced its Q1 2019 earnings and provided a robust quarter growth. Earlier the revenue went up by 28% up to $618.6 yearly, but now subscription revenues increased by 30.6% year or year up to $522.1. Workday is expanding its full-year estimate for subscription revenue in the range of $2.275 billion to $2.290 billion for subscription revenue and it is expected that its Q2 subscription revenue will increase from $557 million to $559 million or about 28 to 30%, with successive enhancement in Q3 and Q4 of around 4.5 to 6.5% respectively.
The Economic year 2018 for Workday was great for the 4th quarter. The drive is expected to continue well this year as well. It is doing very well going by the salary record and the economic statistics. Workday’s press releases represent a quiet assurance to focus on the task at hand and a firm grasp on the future.
Workday management is ready with its plans for growth for the year 2020 with detailed plans for 28% growth. Workday expects growth of 29% in the first quarter. When one considers the year, Workday has just experienced quarterly growth, its sales team will be presented with aggressive numbers and challenging targets to achieve. Workday believes that the success of its customers will enable them to pursue and close deals and enhance their winning rate continuously. Workday is driven by winning market strategy and vision. But the challenge in front is work, consistency in terms of their growth, customer satisfaction and retention, and high subscription renewal rates, and more.
Why Workday is better than other HCM software:
Workday, SAP SuccessFactors, and PeopleSoft are the most widely used HCM software systems nowadays. PeopleSoft and Workday both were established by David Duffield. All the three HCM software’s exhibit similar sets and functionality for huge trades like recruiting, payroll, talent management, learning and development, in-memory application.
Let’s talk about Workday HCM and SAP SuccessFactors. Workday HCM and SAP SuccessFactors are the most comprehensive HR software in the market. Both of them share similar capabilities, but workday grasps more benefits for recruitment, scheduling, and learning tools whereas SAP SuccessFactors holds no advantages. Workday provides an accountability feature that is absent in SAP SuccessFactors. Some of the benefits of Workday over SAP SuccessFactors:
Both the software exhibits similar core HR related functionality for keeping employee records. Both of them are user-friendly so that employees can view and adjust their personal information and other documents.
In terms of recruiting, applicant tracking, and onboarding features, Workday is better than SAP SuccessFactors because its software’s mobile competencies simplify communication with probable candidates and the recruiting teams.
In time and attendance management features, it is beneficial to use Workday HCM as it provides employees with clear and accessible scheduling tools. Also, it enables managers to track time, make modifications, and use data to plan future processes.
Services provided by Workday HCM: Workday HCM has become the leading choice of many companies for their HR and finance-related processes. Workday services offer the tools, and resources which help any industry to grow successfully. It provides services that extend the full Workday life cycle, from initial deployment to ongoing adoption of new products and features. Various services offered by Workday HCM are deployment, education and training, customer experience, and support, etc.
Workday HCM modules and how they help? Workday Human capital management is a cloud-based solution using which it is possible to handle a wide range of HR functionality within a single system. It is one of the global business solutions that combine human resource management, talent management, payroll, time and attendance, recruiting and onboarding, etc. It includes the following modules:
Talent Management: It is a practice of searching, training, and keeping the employees who are best suitable and meeting the requirements and goals of the company. Talent management’s primary objective is to recruit the top affordable employees so that the company can achieve the maximum potential for success.
Time Tracking: Workday’s time tracking feature is designed to work flawlessly with Human Capital Management, Payroll, and work management to deliver a smooth user experience through the internet and mobile devices. With the help of this feature, it is easy for the employees to enter the time or check-in and out time quickly on any of the browsers or a mobile device.
Recruiting and Onboarding: With Workday recruiting, organizations can acquire true visibility through the entire talent-acquisition process and can get the best talent. It is possible to hire a team with great perspective, configurable workflows, and a positive candidate experience.
Human Resource Management: This is one of the essential features of Workday HCM. It provides self-service skills that help to arrange, operate, and pay to the global workforce. With Workday HRM, it is possible to create a global as well as local uniformity. It helps to keep the record of the worker’s compensation by consolidating different information. With the workday absence feature, it is easy to access and process the absence information of any employee.
Workforce Planning and Analytics: This feature provides an authority to the business leaders to take better and informed decisions regarding crucial business issues. It is possible to know the capacity, ability, cost, and quality of the people so that the resources can be enhanced and the correct planning could be developed to achieve the organization’s objective.
Payroll Solution: This is a flexible feature that allows you to take complete control of payroll processes, data, and costs. Workday payroll provides, payroll software for the enterprise requirements for the US and Canadian companies. It provides a powerful calculation engine that supports unlimited pay groups, using which the companies can regain and act on payroll data instantly anytime whenever required.
Learning and Development: With workday’s learning and development feature, it is possible to engage the employees at any phase of their career via shared learning experiences that can be accessed on any device. With this feature, the employees can manage all the aspects of learning, including information as well as compliance training.
Time and Absence Management: This feature allows an organization to manage the complete staff, at any time anywhere. It offers people mobile and automatic systems. With this feature, one can easily track and analyze the requests generated by any of the team members.
Benefits: This feature enables HR to define and design various benefit plans such as retirement, insurance, etc. from a single benefits system.
Audit and Internal Controls: This feature improves efficiency and effectiveness and lowers the cost of the audit and internal controls. With workday, it is possible to work further than compliance to enhance business performance by applying cost-effective audit controls.
Workday HCM Market: Presently, around 1,920 companies are using Workday HCM. Most of the companies utilizing Workday HCM are located in the United States and the Computer Software industry. Companies most frequently utilize it with a thousand to five thousand workforces and more than $1000 million in revenue. It has been noted that Workday HCM has a market share of about 1.8% over other HR management software.
Presently, Workday HCM is used in almost all types of industries, top industries that use Workday HCM are computer Software, Recruiting and Staffing, Information Technology, and Services, financial services, Insurance, Higher education, retail, management consulting, medical devices, etc.
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Top five competitors of Workday HCM: Workday is one of the best HCM software in the market, but there are other vendors too that are also at the top of the market.
1.SAP SuccessFactors: SAP SuccessFactors is also a cloud-based software suite, which not only manages HR-related activities but also handles talent management. It manages essential functions such as payroll and time management; also it handles onboarding tasks.
2.Oracle HCM suite: It is another software company that delivers entirely cloud-based HR applications. Oracle’s HCM is mainly destined for large companies across the globe.
3. Dayforce HCM: It is also cloud-based software that holds the advantage of providing access to real-time data.
4. Epicor HCM: It is one of the most flexible HCM solutions in the market. It offers self-service HR services for both employees and candidates so that employees can check their benefits, time off, etc. It allows candidates to view the status of their application.
5. Infor Cloud Suite HCM: It is an exclusively cloud-based solution. This suite also involves a lot of HR and talent management skills like a benefit, time management, etc.
Benefits of Workday HCM: Workday was created on a disruptive concept to bring people to the center of enterprise software. Workday still delivers that concept every day. Due to its various benefits, many organizations, no matter whether it is a small or mid-sized company, trust Workday as their partner for their HR and financial activities. Some of its benefits are
- With its single suite for Finance and HR, Workday provides you complete visibility to make better decisions based on data.
- It engrosses people with its instinctive experience across mobile, tablet, and desktop and also ensures wide adoption. The employees can access insight whenever they need it.
- With Workday HCM, it is possible to obtain a complete picture of your workforce.
- It helps to understand your entire people’s cost, including its liable labor.
- With Workday HCM, it is easy to configure the system for your particular business requirements.
- With Workday HCM, the organization can empower workers and business leaders via its self-service.
- Workday HCM enables an organization to take action at any point of decision.
Future of Workday HCM: Workday holds a promising future in the HR market. Recently, it has been announced that Workday is at the top place on fortune future 50 lists. Workday is growing quickly, earlier the growth of Workday was not satisfying, but it is increasing for the last few years. Workday is investing severely in its cloud technology and thus providing various benefits such as easy to access and timeless capabilities. Along with this, Workday is also investing heavily in Research and Development.
Conclusion: Workday is an innovative platform developed for the modern workforce and their technology to bring in line with the existing IT trends. Workday is a substitute for ERP for HR and finance management. Workday is very user-friendly, easy to use and learn, and can meet the customer’s need efficiently as compared to other HCM suites. It is utilized in most organizations to manage their workforce performance, goals, and services. Also, it delivers updates continuously due to which is a popular choice for various companies.
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