Everything You Need to Know about Workday

Workday is a cloud-based software company that specializes in human capital management (HCM) and financial management applications. 

It was founded in 2005 by former executives of PeopleSoft, a now-defunct enterprise resource planning (ERP) software vendor. Workday is known for its ease of use and quick implementation compared to on-premises HCM and financial applications. Its software is often seen as a direct competitor to ERP vendors such as Oracle and SAP. 

Workday’s software includes HCM, financial management, budgeting, planning, and analytics tools, as well as support for large enterprises. It uses a single, cloud-based database for both HCM and financials, which the company claims provides better integration and business intelligence across business functions than most ERP systems. In addition, Workday offers pre-packaged analytics tools that can be used to combine Workday data with data from other sources in order to create customized analytics.

Workday: What is it?

Workday is a cloud-based software company that provides human capital management (HCM), financial management, and payroll solutions. Workday’s HCM solution helps organizations manage their employee data, including benefits, performance, and time tracking, while its financial management solution offers tools for budgeting, forecasting, and financial reporting. Its payroll solution helps organizations process payroll and manage tax compliance. 

Workday is designed to be flexible and scalable, so it can be used by organizations of all sizes, across a variety of industries. Also, Workday as a company’s software is designed to help organizations manage and optimize their HR, payroll, and financial processes. Workday’s solutions are built on a single, unified platform, which allows organizations to manage all of their HR, payroll, and financial data in one place.

This can help organizations streamline their operations, reduce the risk of errors, and improve efficiency. Workday’s software is used by a wide range of organizations, including corporations, non-profits, and educational institutions. Moreover, Workday has its own extensive training program. 

Workday – Products Overview

Among the products Workday offers, there are the following solutions: 

1. Workday HCM 
2. Workday Finance and Supply Chain

Workday HCM

Human Capital Management (HCM) software typically offers a range of tools and features to help organizations manage their HR processes. These may include:

• Workday Core HCM (Human Capital Management): Workday Core HCM is the foundation of Workday’s Human Capital Management (HCM) system. It provides a comprehensive set of tools for managing the entire employee lifecycle, including recruitment, onboarding, personnel management, payroll, and benefits. It also includes tools for managing employee data, such as contact information, job history, and performance evaluations.
• Workday Payroll: Workday Payroll is a module of the Workday HCM system that allows organizations to manage their payroll process in a streamlined and efficient way. It includes tools for calculating and distributing employee pay, as well as for managing taxes, deductions, and other payroll-related tasks.
• Workday Time Tracking: Workday Time Tracking is a module of the Workday HCM system that allows organizations to track and manage their employees’ time, including tracking hours worked, overtime, and absences. This module can be integrated with other Workday modules, such as payroll, to ensure accurate and timely payment of employee hours.
• Workday Absence: Workday Absence is a module of the Workday HCM system that allows organizations to manage employee absences, including vacation time, sick leave, and other types of time off. It includes tools for tracking, approving, and managing absences and for generating reports on absence-related data.
• Workday Advanced Compensation: Workday Advanced Compensation is a module of the Workday HCM system that allows organizations to manage their compensation programs, including base pay, bonuses, stock options, and other forms of compensation. It includes tools for creating, managing, and analyzing compensation plans and ensuring that they are in compliance with legal and regulatory requirements.
• Workday Recruiting: Workday Recruiting is a module of the Workday HCM system that allows organizations to manage their recruitment process, including posting jobs, receiving and reviewing resumes, scheduling interviews, and hiring new employees. It also allows hiring managers to track the status of open job requisitions and collaborate with other members of their hiring teams.
• Workday Benefits: Workday Benefits is a module of the Workday HCM system that allows organizations to manage their employee benefits programs, including health insurance, retirement plans, and other types of benefits. It includes tools for enrolling employees in benefits programs, managing benefit elections, and generating reports on benefits-related data.
• Workday Learning: Workday Learning is a module of the Workday HCM system that allows organizations to manage employee training and development, including creating and delivering training programs, tracking employee progress, and measuring the effectiveness of training. It can be used to manage both formal and informal learning, including online, instructor-led, and self-paced training.
• Workday Talent and Performance: Workday Talent and Performance is a module of the Workday HCM system that allows organizations to manage employee performance, including setting goals, conducting performance reviews, and managing development plans. It also includes tools for tracking employee progress toward their goals and providing feedback, which can help organizations identify top performers and provide targeted development opportunities.

Workday Finance and Supply Chain

1. Core Finance: Core finance refers to the foundational concepts and practices that form the basis of financial management in organizations. This includes areas such as financial accounting, budgeting, financial analysis and reporting, and financial forecasting.
2. Accounts Payable: Accounts payable is the money that a company owes to its suppliers for goods and services that have been received but not yet paid for. It is a liability on the company’s balance sheet.
3. Accounts Receivable: Accounts receivable is the money that a company is owed by its customers for goods or services that have been sold but not yet paid for. It is an asset on the company’s balance sheet.
4. Treasury/Cash: Treasury management, also known as cash management, is the process of managing a company’s cash and cash equivalents to ensure that it has enough to meet its obligations and take advantage of new business opportunities.
5. Assets: Assets are resources that a company owns that have monetary value and are expected to provide future economic benefits. This can include physical assets such as property, equipment, and inventory, as well as intangible assets such as patents, trademarks, and copyrights.
6. Billing: Billing refers to the process of sending invoices to customers for goods or services that have been sold and must be paid for. It is a key aspect of accounts receivable.
7. Projects: Project management is the process of planning, executing, and closing the work of a team to achieve specific goals and meet specific success criteria. It often involves multiple stakeholders and resources and can include areas such as budgeting, scheduling, and risk management.
8. Expenses: Expenses refer to the costs incurred by a company in the course of its operations, such as wages, rent, utilities, and other operating costs. These costs are subtracted from a company’s revenues to calculate its profit or loss.
9. Contracts: A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction. This can include areas such as delivery dates, payment terms, and performance requirements.
10. Strategic Sourcing: Strategic sourcing is the process of systematically identifying, evaluating, and selecting suppliers for an organization. The goal is to create a supplier base that can help meet the organization’s needs at the lowest total cost, taking into account quality, delivery, and other factors.

An overview of Workday’s features

There are many features that Workday offers, some of which are listed below:

• Single, unified platform: Workday’s software is built on a single, unified platform, which allows organizations to manage all of their HR, payroll, and financial data in one place. Enhancing efficiency and streamlining operations can help organizations.
• Customizable dashboards: Workday provides customizable dashboards that allow users to view and track key HR and financial metrics. These dashboards can be tailored to the specific needs and preferences of each user.
• Workday Reports: Workday Reports is a feature within the Workday Human Capital Management (HCM) and Financial Management systems that allow users to create and run various types of reports, such as financial, payroll, and workforce reports. These reports can be used to gain insight into various aspects of the organization’s data and to make informed decisions.
• Security and compliance: Workday takes security and compliance seriously and provides a range of measures to protect customer data and ensure compliance with relevant laws and regulations. These measures include data encryption, secure servers, and strict access controls.
• Workday Integrations: Workday Integrations refer to the process of connecting Workday with other systems and applications in an organization’s IT landscape. This can include integrating Workday with systems such as payroll, benefits, and time and attendance, as well as with external data sources such as social media and web analytics. Workday also offers a mobile app that allows users to access the software from their smartphones or tablets.
• Workday Studio: Workday Studio is a software development tool that allows customers and partners to develop custom integrations and extensions for Workday. It provides an integrated development environment that includes a set of pre-built connectors, data models, and a library of functions that can be used to create new integrations or extend the functionality of existing ones.
• Workday Prism Analytics: Workday Prism Analytics is a data visualization and reporting tool that allows organizations to easily create and share interactive dashboards and reports. It provides a wide range of data visualization options, such as charts, tables, and maps, and allows users to explore data in new ways to gain insights and make data-driven decisions.
• Workday BIRT: BIRT (Business Intelligence and Reporting Tools) is an open-source reporting tool that can be used with Workday to create custom reports. BIRT can be integrated with Workday using the Workday Studio tool, allowing users to create more advanced reports than what is available out of the box with the Workday Reports feature.
• Workday Extend: Workday Extend is a platform to help customers and partners extend their Workday investment by building and deploying custom integrations, connectors, and extensions, with minimal coding effort. Workday Extend allows the automation of repetitive and manual tasks, adaptation to unique business processes, and creation of new functionality in a secure and managed environment.

Workday: Job Prospects

Workday jobs are numerous including human resources (HR), payroll, and financial management. As such, there are many different types of Workday jobs involved working with Workday. Some examples of roles that might involve using Workday include:

1. Workday Functional Consultant: A Workday Functional Consultant is a subject matter expert in Workday’s Human Capital Management (HCM) and Financial Management software. They work with clients to understand their business processes and needs, and then help configure the Workday software to support those processes. They also help clients with the Workday training, testing, and rollout of the Workday system.
2. Workday Technical Consultant: Workday Technical Consultants work on the technical design, development, and deployment of Workday solutions including Reports, Integrations, Prism Analytics, BIRT, and Extend in HCM and Finance. Working closely with functional consultants, they translate business requirements into technical solutions. In addition to their experience with web services and integrations, they are proficient in programming languages such as Java, XML, and XSLT.
3. Workday Project Manager: A Workday Project Manager is responsible for planning, organizing, and managing the delivery of Workday projects. To ensure the project is delivered on time, within budget, and to the required quality standards, they work closely with the functional and technical teams. They also manage relationships with clients and stakeholders and communicate progress and risks to the project team and leadership.
4. Workday Test Lead: A Workday Test Lead is responsible for planning and executing the testing strategy for Workday projects. They work closely with the functional and technical teams to understand the business requirements and ensure that the software is tested thoroughly and meets the required quality standards. They also mentor and lead a team of testers, and coordinate testing activities with the project team.
5. Workday Techno-functional Consultant: A Workday Techno-functional Consultant is a hybrid role that combines the skills of a technical consultant with those of a functional consultant. They are responsible for the technical design and development of Workday solutions, as well as the configuration of the software to support business processes. To translate business requirements into technical solutions, they work closely with functional consultants.
6. Workday Engagement Manager: A Workday Engagement Manager is responsible for managing client relationships and delivering Workday projects. To ensure the project is delivered on time, within budget, and to the required standards of quality, they work closely with the functional, technical, and project management teams. As a primary point of contact for clients, they also manage expectations and communication.
7. Workday Solution Architect: A Workday Solution Architect is responsible for the overall design and architecture of Workday solutions. They work closely with the functional, technical, and project management teams to understand the business requirements and design a solution that meets those requirements. They are skilled in design patterns, enterprise architecture, and software development, and have a deep understanding of Workday’s capabilities and limitations.

Workday: Pricing

Workday does not publicly disclose specific pricing information for its software. The company states on its website that its pricing is based on a number of factors, including the size of the organization, the number of employees, the specific features and modules being used, and the length of the contract. Workday typically offers subscription-based pricing, with customers paying a fee on a recurring basis to access the software.

It’s worth noting that Workday’s pricing may vary based on the specific needs and requirements of each organization. It’s generally a good idea to contact Workday directly to discuss pricing and determine the specific cost of the software for your organization. Workday may be able to provide a customized pricing quote based on your specific needs and requirements.

Conclusion 

There has been a loud and clear call for a more flexible workplace for the past couple of years, and it remains relevant as we move into 2023. Workday is going to be an exclusive HCM program for 2023 with its powerful and useful capabilities.

Workday is a very useful application for managing HR and financial processes in today’s business environment. It is possible for you to get fantastic job offers through Workday HCM. A number of Workday features and capabilities can be found in its cloud-based software, including employee data management, recruitment and hiring, training and development, performance management, payroll administration, benefits administration, and financial management. 

With Workday’s software, all your HR and financial data are contained within a single, unified platform, which allows you to manage it all in one location, allowing you to streamline your operations and ensure compliance with all regulations. 

Let’s get started. Sign up for Workday today. 

ERP Cloud Training is the ultimate destination for training courses in all Workday modules. We offer remote Job Placement across 40+ countries, not limited USA, UK, and India. Both instructor-led and self-paced courses are available. We provide valuable downloadable documents with 24*7 Workday Tenant and Curriculum Access. The training provides hands-on support from Mary, who is not a hired trainer but an expert with 30 years of experience in ERP and 15 years of experience in Workday. 

The training offers real-time live implementation project experience with sample resumes for every Workday job. Our free Job Support is for a lifetime, and we provide placement without interviews on internal, external, and full-time jobs billed at 150-450 dollars per hour. You would gain 10 years of real-time Workday live project experience. Cheat sheets with step-by-step guides are provided. All class recordings are provided for free. Workday Certification will be provided by partners/clients. Our courses are curated for the job market, and we are the only institute that offers training in Workday only. Enroll now and become a Workday expert today.