Workday HCM – The only HCM course you needCategory: Workday HCM Posted:Nov 30, 2018 By: Alvera Anto
In any organization, the workforce plays an essential role. They are the primary support of an organization. An organization may fail to exist without employees because an organization can run successfully only with the help of folks who contribute in their way for the success and growth of their company. To achieve the organization’s goals and objectives, they work hard and put in their maximum effort. Every employee in his contract gains some set of expertise via their experience, training, etc. which helps in enhancing productivity. The particular skills and proficiency which employees grow during his contract are referring to as human capital. Human capital plays an integral part in improving the productivity of an organization. Thus, to manage the entire activity of the workforce in an organization, there should be an appropriate process.
Human capital management is a process that every business is utilizing. It includes activities such as acquiring, managing, retaining employees so that they can contribute effectively in enhancing the organization’s productivity. In an organization, the Human Resource department is responsible for taking care of all these activities. Thus, to perform all the HCM activities flawlessly and efficiently, there should be sophisticated HCM software. Nowadays, there is a lot of HCM software available, which helps the organization to carry out their HR-related tasks effectively, Workday HCM software is one of them.
Well, Workday is a cloud-based software system that includes HCM and financial management applications. It delivers wide-ranging visibility into the global workforce including an improved user experience so that the organization can keep the employees involved and support them to grow. Most of the organizations are utilizing Workday HCM software, due to its various characteristics such as:
1. Using Workday HCM, the people of an organization can participate in their favorite device.
2. The organization can take appropriate actions and also respond to the modifications on the fly.
3. It is possible to use only one version of a single system for the entire organization.
4. Based on the proper perspective, the organization can make better business decisions.
5. It provides you with complete visibility with a single system of finance and HR to make a better decision based on data.
6. Workday helps the management to efficiently manage workforce data, time tracking, compensation and benefits, financial accounting, etc.
According to Gartner’s and Google trends report, Workday HCM is the leader in most industries.
Why implement Workday? Here are the reasons to implement Workday:
- Workday is the wide-ranging Human resource system. It is a platform for reliable HR processes.
- With Workday HCM, it is possible for every employee to access their profile and also the group-wide organization chart.
- Workday is one of the tools that we need for managing the growth of the organization worldwide.
- With the help of Workday, managers can have a consistent source of information related to their teams, and also HR can perform their tasks more efficiently.
Workday HCM has different modules such as Financial Management as well as Human Capital Management module. The Financial Management module includes accounting and financing, revenue management, inventory, projects, grants management, etc. whereas the HCM module includes Human resource management, recruiting, talent management, learning, compensation, benefits, payroll solution, etc. Let us now explore them in detail.
1. Human Resource Management: With the help of Workday HRM inherent abilities, the organization can effectively form, staff, and pay your global workforce. It enables the organization to manage the complete employee life cycle from recruitment to retirement in a single human capital management system. It changes organizations’ structures using flexible organization management. It also enables the team to define and organize their business processes. It delivers a reliable, engaging, and social experience across all devices. Workday HRM allows you to establish global consistency and enables local variations.
2. Recruiting: Workday payroll is created to address the complete range of payroll requirements. It enables the user to control payroll processes, data and costs completely. The recruiting team gets better visibility, configurable workflows, and a positive candidate experience using Workday recruiting. This information is available anytime and anywhere. It also allows better association and communication among the team members to speed up the recruiting process.
3. Talent Management: Attaining the objectives and goals of an organization relies on the excellence of people. Talent Management feature provides the tools that help the organization in enhancing the way of managing, developing, and rewarding its employees. It includes various functions such as onboarding, goal and performance management, succession planning, etc.
Onboarding decreases administrative loads and costs by supporting the new employees so that they can get adjusted in the organization quickly. With the help of goal management, the organization can create and able to achieve significant goals that line up and focus the employee. Performance management provides exact and real-time vision into the performance, skills, and growth requirements of the employee. Succession planning offers a tool that helps in recognizing the best people across the organization. Career and development allow the workforce to take the best control of their career by making them aware of the tools. Other benefits are:
- Workday talent management inspires people in the organization.
- It is possible to set goals and reward the great work of the employees.
- The strength of the team can be understood easily.
4. Workforce Planning & Analytics: Workforce planning and analytics enable leads to take better decisions on critical business problems by delivering a complete, actionable and active image of talent supply and demand. It allows you to obtain the complete vision of cost, capacity; quality, and skills of the employee to enhance the resources so that the correct plans are developed to meet the organization’s goals.
5. Benefits: In order to achieve the exclusive business requirements, Workday Benefits management enables you to define, manage and modify business benefits plans. Workday HCM allows you to track employee data modifications within Workday HCM and update benefits providers automatically through Cloud connect. With the help of Workday HCM’s benefits, the organization can handle health, insurance, spending accounts, health saving accounts, retirement saving plans from a single, integrated system.
6. Learning: This feature of Workday provides an attractive learning environment that allows the workforce to get and share their skills and knowledge everywhere. Workday learning involves current strategies such as interactive videos for learning, which employees can access on any device.
7. Time tracking: The time tracking feature works flawlessly together with Workday HCM, Payroll, and project and works management to provide a simple user experience. The user can access this feature through the internet and mobile devices. With the help of Workday Time tracking, the employees can quickly enter their check-in and out time from any mobile device or web browser. It enables the organization to decrease labor costs, reduce compliance risk and enhance employee productivity.
8. Workday Payroll solutions: Workday payroll is created to address the complete range of payrolls requirements. It enables the user to completely control payroll processes, data, and costs. It has a powerful calculation engine that helps the infinite pay groups and pay runs. With the help of the Payroll solution, the companies can save and act on payroll data instantly to recalculate payroll numerous times. It simplifies and manages the complete payroll process. It allows third-party payroll integration via cloud connect. Organizations can execute various reports and reviews from payroll data and instantly get the complete vision which they require.
9. Compensation: With Workday’s compensation framework, it is easy to develop a compensation plan which fascinates and retains the best talent in the organization. Pay equality can be examined easily across the organization from only a single dashboard, to take immediate action in case of any discrepancy. Using this excellent feature, the workforce can get an entire view of all the compensation and benefits records.
Advantages of Workday HCM: Using Workday HCM, the organization is able to:
- Obtain a complete portrait of their employees.
- Empower managers and employees via self-service.
- Configure the system easily for a particular business requirement.
- Provide a consistent and easy to use interface for all users.
- Easily take action at the point of decision.
A brief about Workday Financial Management: The financial management module is developed on an adaptable global foundation. It provides businesses with the money-related management liability which is expected from a cloud arrangement. It involves the following application and features:
- Accounting and finance: Workday provides the organization with continuous business awareness and complete internal control.
- Projects: With this feature, the organization can handle their projects and skills in a specific system, which results in authorized teams, and enhanced productivity.
- Revenue management: With a single finance system, Workday finance management module manages the complete revenue process.
- Expenses and Procurement: This feature accomplishes touring and entertainment expenditures effectively and simplifies the cost reports to improve accuracy and decrease rates. Procurement feature simplifies the presence of subsidiary procurement in a single system to improve working efficiency.
- Inventory: It is an innovative method to recognize controls with entire perceptibility through the core supply chain.
- Grant management: It is responsible for managing the requests related to the most complicated grant.
Workday HCM software has provided several features, using which the organizations can connect, work together and drive their business ahead. The organizations can manage the workforce and their related activities efficiently and effectively form a single framework. Workday software focuses on the mobile experience, using which the employees can access their data, the recruiter can access the candidate information anywhere at any time, and managers are able to manage the performance of their employees. It offers 24/7 access to information on a secured network. Due to all these fascinating features of Workday HCM, the companies are getting attracted towards it and compelling their people to learn and implement.
These are the related articles that can be checked
- How to Start Your Career with Workday HCM
- Comparison between Workday HCM and PeopleSoft HCM
- Why is Workday HCM the Top HCM Software?
- Why Workday is a Major Threat to SAP
- Why can Workday continue its enormous growth?
That’s all for today. If you’re interested to read more articles on this topic, feel free to visit ZaranTech Blog.