Workday was started in 2005 and it launched with its first product – Workday Human Capital Management (HCM) in 2006. It launched its financial suite, Workday Financial Management in the following year. Even though Workday HCM was a success from the beginning, it took over years for the Financial Management to enter into the competitive marketplace.
Workday HCM (Human Capital Management) is a cloud-based human resource software application that unifies many different HR functionalities like payroll, time tracking, and compensation etc, and Talent management into one system. With the comprehensive services provided by Workday software, many organizations are using it to their most useful. Moreover, it is easy to learn and implement.
1. Human Resource Management (HRM)
It designs and manages the entire spectrum of human capital desires of an agency right from scratch keeping common global practices and unique local requirements. It tailored according to an organization unique needs. Since it is cloud based, it allows its customers to access it anytime and from anywhere.
2. Workforce Planning
A workforce is what makes or break a company.
Workday’s Workforce planning provides an unparalleled service of shaping your workforce into delivering your organizational objectives for now and for the future. It is the only cloud solution merge
This software helps HR to –
- Comprehend the workforce
- Identify problems and implement a suitable strategy to solve them
- Create flexible headcount plans
- Always be on track by embedding great talents.
This is the best way to increase efficiency and reduce the cost of other internal and external audits. It aggregates operational and financial records for audits. Workday always keeps a copy of in-memory HR data that ease the delivering of audit reports anytime.
- Identifies top-priority issues with audit reports and dashboards
- Increases the efficiency of the audit process of a company with a dedicated single source to the range of applications
- Personalize reporting to meet the needs of internal and third-party audit needs
- Makes customers independent by running their own reports
Recruiting is the major need of any organization. Workday’s recruitment software solution works well with all the other workday. It helps HR in creating hiring and creating their workforce. With all data in a single mobile-first recruiting system, it would become easier for HR to hire faster and make decisions that are more informed.
- With all data in a single mobile-first recruiting system, HR can hire faster
- Can review candidate profile from anywhere and anytime and take decisions
- Can make offers in almost immediately, since recruiting and compensation are in one place.
- Applicants can import relevant information through social profiles
- Increases productivity through automation
5. Talent Management
Talent Management software helps an HR to predict the right worth of a candidate and manage them wisely for future use. It Increases productivity right from the first day. It also reduces many administrative tasks.
6. Compensation Management
Workday’s compensation management software gives you an insight that is required to retain top talent. With its automation, it simplifies the compensation management with only a few system integrations. It also provides tools to customize compensation packages.
Workday’s Enrolment software can design and implement multiple benefits including but not limited to wellness, insurance, retirement, health. It ensures all the employees are properly covered.
8. Payroll Management
Workday also provides payroll management. It has its payroll software working in Canada, the UK, France, and the US. In other countries, they provide different applications and programs for integrating with top local providers. It helps to manage HR transactions for compensation plans, reorganizations, onboarding etc.
9. Time and Absence Management
Workday has time tracking software that helps HR to increase worker productivity, reduce labor cost etc. by tracking employee time and attendance. It helps to track the kind of work, duration of work, cost with time tracking etc.
Finally, Workday HCM software helps an organization to keep track of the complete workforce. This helps an HR to take necessary actions and make decisions in the growth of the employees thereby organization.