Workday is a cloud-based Financial Management and Human Capital Management software. We use the workday as a Service model. Workday grasps the significance of unified integration and functioning of the organizations. As per Gartner.com, Workday is the leading provider in the ERP industry. With the single system for HR and finance, Workday provides us complete visibility to make decisions according to the data.

What is Workday?

Workday is a cloud-oriented software vendor that specializes in financial management, enterprise resource management, and human capital management applications. It provides a multipurpose package that is useful for companies of all sizes. It is helpful for enterprises with multiple locations due to its features like time tracking, human resource management, data analysis, and time management.

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Workday Terminology

• Business Process: In Workday, a business process comprises tasks that you start, complete, act upon to accomplish the required business objective. We create the business process by amalgamating approvals, actions, approval chains, Checklists, and To-Dos. The activity can be a sub-processor of a task, which is also a mixture of the steps. 
• Life Event: A Benefit event which takes place in our personal life like having a child or getting married.
• HeadCount: HeadCount represents the workers’ count of an organization.
• Org Chart: It is the visual representation of the organizational structure. It summarises the responsibilities, roles, and relationships between the individuals of the organization.
• Staffing Event: A staffing event is an event that modifies our job or position, like a promotion, hire, or transfer. Generally, staffing events trigger the opportunity for editing or altering the benefits elections. 
• Worker Profile: The worker profile is the page that provides a quick view of our contact information and position.
• Worklets: Worklets is a compact report that is shown as an icon over the landing page, offering access to information and tasks that we use regularly. Examples: Open oppositions, Anniversaries, etc.
• Actions and Views: They are the buttons for generally grouped reports and tasks. We can access it through worklets.
• Add Button: It is a clickable button that allows us to add further information to the task.
• Alert Message: Alert messages act as soft warning messages that notify you about system restrictions according to the configuration. This message allows us to continue our work without solving the issue.
• Attachments Icon: It is a clickable icon that allows us to attach .pdf files, excel, word documents to a task.
• Arrow: It is a clickable icon that opens the page to further areas that we can edit. It is also related to the More icon.
• Workday Logo: It displays our home page. We can use this icon for navigating back to our home page.
• Calendar: It is a clickable icon that opens a calendar for selecting the data.
• Cancel Button: A button that ignores a button known as the Cancel button.
• Continue Button: The continue button is a clickable button that progresses you to the next step or the next page in our task process.
• Delete Row: It is a clickable icon that removes the current row from the grid.

Benefits of Workday 

• Through a cloud-based solution, we can use it anywhere at any time.
• It provides 24/7 data access with a secure network.
• It offers an agile system for Finance, HR, and Planning.
• It does not require programming knowledge.
• It enhances process efficiency.
• Using Workday, we can audit every transaction of every object.
• It has a user-friendly GUL, and it assists the companies in accommodating the changes.
• It gives access to reports in the real world, even on mobile devices.

What is Workday HCM?

The HCM(Human Capital Management) module exists on the foundation of cloud services and is designed for providing bottom-up tasks. HCM is one of the global business applications that manage human resources. The essential functions of human capital management include payrolls, human resource management, time, talent management system, recruitment, payroll, and benefits. 

Advantages of Human Capital Management

• Through the HCM tool, we can improve the workforce picture ultimately.
• HCM allows us to grasp the knowledge of people’s contingent laborers and pricing.
• The self-service system of HCM assists us to enable leadership and people quality.
• The decision-making feature of HCM allows us to take corrective action against the workforce.
• We can easily configure the system for further requirements.

Workday HCM Modules

1. Human Resource Management

The Human Resource Management module of Workday HCM provides intuitive and self-service functionalities for staffing, payment, and organizing related things. When any modification occurs, like business roles, reporting priorities, work assignments, and we can modernize the organizational structure instantly in the workday.

Features of Human Resource Management

• It provides organization management.
• It offers compensation and absence management.

2. Talent Management

In this module, attaining our goals depends on the quality of our organization’s team members. The talent management tool of HCM helps us enhance the system’s adaptability and developments, alignments, management systems, and rewards to employees. Talent management decreases the complete administration and reduces the cost of assisting recent employees in absorbing rapidly into the organization. The goal management of Workday assists us in defining, creating, and managing the essential goals. 

The performance management of the workday offers accurate performance, real-world workforce understandings, and skill development requirements. 

Features of Talent Management

• It provides onboarding provisions.
• It has goal management services and succession planning methods.
• It offers series of panning methods.

3. Workforce Planning and Analytics

The Workforce planning and analytics module of Workday offers complete dynamic and actionable pictures of the talent demand and supply. This module enables the businessman to make the best decisions. The workday analytic tool also divides the positions, roles, capacity, and talent pools.

Features are Workforce Planning and Analytics

• It offers operational headcount planning.
• It assists us in demand and supply analytics.
• It contains workforce analytical methods.

4. Project and Work Management

The Project and Work management module of Workday enables the enterprises to concentrate on the essential or on any complex components they develop for making a company prosperous. Project and Work management includes several elements like people, availability of the business resources, and work nature. By combining all these elements, management can take the decisions over the team members. We can use this tool easily for finding ways for improving the efficiency maintained inside the organization.

Features of Project and Work Management

• It offers non-project and project work management systems.
• It assists us in reaching milestones and provides practical tasks.
• It advises over the project analytical training.

5. Recruiting

The recruitment module of Workday assists the business enterprises in achieving job-management visibility in the talent-acquisition process. One more essential thing is that the recruiting module also helps in managing adaptive workflow and candidature experiences. The recruiting module of Workday assists the organizations in having control over company recruitment and provides the capability to define the company’s individual recruitment rules and restrictions. 

Features of Recruiting

• It offers pipeline, headcount, screening, and sourcing analytics.
• It includes Job position and Candidate Managements.
• It also contains referral employee structure and social media interactions.

6. Payroll

The payroll module of Workday handles the complete range of requirements. The application methods enable us to get full control of the pricing, payroll, and data processes. We can consider the Workday payroll as the best calculative engine associated with the unrestricted pay runs and pay teams. Companies can get the payroll data as often as required.

Features of Workday Payroll

• The Workday payroll does payroll processing for various international companies.
• It provides robust calculation engines and self-service methods.
• It provides tax updates, auditing, and reporting.
• It provides third-party vendor cloud-connect payroll.

7. Time Tracking

The time tracking module of Workday works continuously with the project, work, and payroll management for providing an easy user experience that we can access through the internet and mobile devices. The time tracking module of Workday allows the users to track workers, and users type the time from any web browser and mobile devices applications. 

Features of Time Tracking 

• It allows the users to type the global time.
• It has web time and mobile device clocks.
• It has time approval management and calculation of global time.

8. Big Data Analytics

Many enterprises use this module for inserting the workday data with the multiple non-workday data from various resources. We can include the data that is unstructured data and a massive volume of data that provides extensive workforce understandings for assisting in decision-making skills integrated workday data.

Features of Big Data Analytics

• Non-Workday and Workday data sources integrated may be huge volumes and unstructured data.
• It provides single-platform security and user interface applications.
• It offers various in-built HR templates.