Why is Workday HCM the Top HCM Software?Category: Workday HCM Posted:May 25, 2018 By: Serena Josh
Human Capital Management is all about handling the important properties of the organization i.e. its people. It includes 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 seamlessly and efficiently, they should be provided with sophisticated HCM software. It is a very complicated task for businesses to select the best software to perform various HR functions effectively. The organization can choose the software as per their requirements. They can either select a dedicated tool to perform a single function efficiently or they can go with a consolidated tool that will help them to manage all the HR operations under one roof only.
Nowadays, there is a lot of HCM software available in the market, which is utilized by most enterprises to carry out their regular HR-related tasks. Out of which, Workday HCM software has become the topmost choice of maximum organizations now. Due to its various features, enterprises are attracted to the Workday software. Workday’s real-time reporting and analytics features such as prism analytics help the organization’s people to take quicker and better business decisions. The Workday HCM suite is a cloud-based solution that provides a single solution for all the HR activities like financial management, human capital management, performance management, etc. It is designed for almost all the size of the businesses, especially companies with multiple locations.
Workday HCM offers different HR functions, including the traditional as well as the latest functions such as Workforce Planning and Analytics and Big Data analytics. These functions make the Workday HCM the popular choice across the organization. It is a global enterprise application that combines different features such as Human Resource Management, Recruiting, Talent management, Payroll, Time and Absence Management, Benefits, Workforce Planning and Analytics, Learning, Compensation, Audit, and Internal Controls. Let us now explore each of these features in detail.
Human Resource Management:
The Workday HCM suite provides an instinctive, self-service proficiency framework, utilizing which it is easy for businesses to manage, staff, and pay in the global workforce. If any changes happen with the business requirements and conditions, they are instantly updated in the Workday, these changes also involve organization structures, business-process rules, worker assignments, and reporting priorities, etc.
Workday HRM allows you to create global consistency with unique local requirements. With this feature, it is possible to achieve a meaningful business vision across borders and all through business procedures. With the help of Workday compensation, it is easy to manage staff compensation by merging the various data across several plans and teams. The Workday absence has a unique and easy-to-use interface that permits you to access and process the absence information of any employee. The other benefits of the HR management suite are:
1. It is possible to achieve all the HR management requirements in one place.
2. It allows your team to define and manage their own business operations.
3. It can be organized quickly and easily with a pre-defined business process catalogue.
4. The conditional reasoning can be added easily so that the operations become streamlined.
5. With the help of a complete review, it’s easy to monitor all the processes and transaction status of the organization.
6. The HR system is designed in such a way that it can be accessed by people anytime, anywhere.
With the help of Workday’s recruiting feature, it is possible to gain accurate visibility through the entire talent-acquisition procedure and to select the best talent. It helps the hiring team with better perceptibility, configurable workflows, and a positive candidate experience. This information can be accessed by the team at any time anywhere. The right candidate can be hired and a great team can be established. It allows greater communication and connection with the team members to enhance the recruiting process. The different benefits are:
1. It speeds up the recruiting process, i.e. the right candidates can be selected quickly, with all the relevant data on one mobile device.
2. It helps to measure the quality of hire and to make a better hiring decision.
3. It allows you to get the full vision of the entire talent group including the existing employees.
The entire payroll process can be controlled easily, with the help of Workday’s Payroll management. It has a powerful payroll calculation engine that supports infinite pay groups and pays runs. It allows the enterprise to retrieve and take a decision on the payroll data immediately to recalculate the payroll as many times according to the requirement. It offers a configurable security option using which the business partners are able to provide their input on the payroll before the completion of the process. The businesses are able to run an infinite number of reports and reviews on payroll data and can visit the data immediately as per their needs. It has several benefits:
1. Workday payroll management allows you to manage the payroll globally and process it locally. It provides enterprise payroll software for different countries and delivers applications and programs to combine with the best local providers.
2. It authorizes the payroll department to improve the control of various processes and data. Even complex payroll calculations can be performed easily with the help of its easy-to-use calculation engine.
3. With the flexible payroll management software, the new monitoring changes, HR policies, and organizational shifts can be adapted quickly and easily.
Checkout the Workday HCM Article
Workday talent management provides the tools to enhance the way, to manage, develop and reward your employees. It includes the functions to manage the employees, such as onboarding, goal management, and performance management, career and development, and succession planning. By helping the new employees to get mixed in the organization quickly, onboarding decreases the administrative load and cuts costs.
Workday’s goal management helps the organization to set and manage the meaningful goals that bring in line and put a focus on the staff. The staff gets more motivated as the software system transparency allows them to observe how their own work is connected with the accomplishment of the business. Performance management, on the other hand, provides the correct and real-time awareness about the performance, skills, and development requirements of the staff. With the help of Succession Planning, talented people across the organizations are identified.
Workday Career and development planning permit the staff to take the best control of their career by providing them awareness about the tools. The other benefits are:
1. Workday Talent Management motivates the people in the organization.
2. It is possible to set goals for the organization and reward great work.
3. Also, it is easy to understand the strength of the team.
To provide a simple user experience Workday time tracking feature works with HCM, payroll, project, and work management so that the user can access this feature easily through the internet and mobile devices anywhere. It allows the workers to check their in and out time, also they can enter the time easily from any web browser or mobile device. With the help of time tracking features the organization can reduce labor costs, compliance risks and improves productivity. The various benefits are:
1. With the help of time tracking, it is possible to manage the absence of an employee flawlessly.
2. Easy to track the employee’s activities, i.e. for how long they work and how much it costs, this helps in managing the workforce.
3. It saves a lot of time and money when it works together with Workday HCM, payroll, and absence management.
Workday Workforce planning allows the business heads to take better and well-versed decisions related to crucial business matters, by giving a complete actionable and dynamic view of talent supply and request. With the help of these decisions, you can get a clear view of the abilities and capacity, cost, and quality of the employees so that the resources can be enhanced and appropriate strategies can be defined to accomplish the business objectives. Workday has provided a way for roles and positions to judge the gaps between capacity and capabilities. The other benefits are:
1. With the help of Workday’s Workforce planning, it is easy to put the correct strategies in place.
2. It provides an easy-to-understand overview of the organization’s health with the scorecards.
3. With the help of Workday’s familiar spreadsheet, better plans can be made to achieve the business goals.
With the help of Workday Benefits management, businesses can manage and regulate the business benefits plans to meet the exclusive business needs. The changes in the workforce data can be tracked within the Workday HCM and the benefits providers get the updates automatically by connecting through the cloud. The organization can manage health, insurance, retirement savings plans, extra benefits with a single system.
Workday’s learning and development features provide an attractive learning environment, that permits you to engage the employees at every stage of their career. This feature includes the latest strategies for learning such as interactive videos and a shareable learning experience, which can be accessed by the employees on any device. The enterprise can manage learning in an easy way as there are superintendents throughout the organization with an instinctive learning management workspace so that the great content can be delivered within very little time.
Audits and Internal Controls:
The Workday application provides an undefeatable audit control with no extra cost and without any effect on performance. It is easy to collect the electronic audit proofs quickly with the help of a self-documentary system of Workday. It also enhances effectiveness and efficiency and reduces the cost of the audit and control. The other benefits are:
1. Due to the easily directed internal practices, it is easy to evaluate the workflows.
2. Workday provides you with built-in security control so that it does not require paying and maintaining the bolt-on security systems.
3. It ensures data integrity and consistency, as Workday retains a single in-memory copy of the data which is easy to use and generates accurate reports at any time.
With a single system, the compensation package can be defined across all regions of the organization. With the help of a compensation management system, it is easy to get the view to require to develop compensation plans which attract and retain the best talent in the organization. It is easy to monitor pay equality throughout the organization from a single dashboard so that immediate action can be taken in case of any inconsistency. The global workforce is easily managed with the help of easy to use compensation management system. Also, the employees can obtain a complete view of all the records which involves compensation and benefits.
Big Data Analytics:
With the help of this unique feature of Workday’s, the Workday data can be integrated with multiple non-workday data sources. These involve the unstructured and large volumes of data, that provide the complete assessment which helps to enhance the decision-making. It helps to reduce the time and effort of deployment by providing pre-built analytic templates that report the key business concerns encountered by HR and finance. The templates also report the questions that range from workforce planning, holding, and variety to pay for performance and compensation.
Workday HCM is one of the innovators in the data migration and software integration feature, due to this the companies which had been operated on different platforms are now transferring to the Workday without dropping their important data and spending greater time in migration. The Workday especially focuses on the mobile experience which provides several benefits to the employee, manager, and recruiter. With this mobile experience, the employees can access their own data, the recruiters can access the information of the candidates anywhere at any time and the managers are able to control absences and enhance the time off and manage the performance of the employee. The Workday provides 24/7 access to the information on a secured network, its Saas i.e. Software as a Service/cloud-based delivery model provides the services ranging the customers with a minimal number of servers. Due to these unique features of Workday HCM, it is one of the most demanding HCM software.
These are the related articles that you can check
- How to Start Your Career with Workday HCM
- Comparison between SAP SuccessFactors and Workday HCM
- Comparison between Workday HCM and PeopleSoft HCM
- Role of Workday HCM in Simplifying HR Functions
- Ask these questions before joining the Workday HCM training
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