In recent times, businesses are striving hard to fulfill business requirements. Managing and evaluating large amounts of data is not easy but with the help of relevant tools and technology, this process is becoming easier. Even though change is scary in the beginning, once adopted and properly integrated into the business processes, it simplifies a lot of complicated procedures. For instance, to deal with different recruitment models, workforce strategies, and payroll methods, a software tool Workday can make life much less complex by simplifying daily HR and payroll operations.
What Is Workday?
Workday software is a cloud-based technology that excels in applications for financial management, ERP, and HCM. It has multiple features that can be used by all organizations whether small or large. All businesses are made up of different departments that have different operations to perform. Therefore, to streamline all business processes it is essential to use software like Workday that brings all the teams together to ensure better planning and productivity.
How Is It Used?
Founded by David Duffield in 2005, Workday offers an extensive solution to businesses that have multiple locations by assisting them in managing payroll, benefits and other employee data. It is software that is used by more than nine thousand customers. Here are some of the uses of Workday:
- It assists businesses to manage their staff, info, and processes using real-time reporting, analytics, workforce scheduling, and a centralized human resource database.
- It is used to keep a track of time or by companies to remotely manage their team.
- It offers a safe SaaS platform which companies can use for managing all aspects of human resources including payroll, benefits, compensation, learning management & talent management, recruiting as well as retention.
Where Can Workday Be Utilized?
Let’s have a look at some of the important areas where Workday can be used in businesses:
Human Resource Management
This feature of Workday allows businesses to better organize and control their employees. HRM helps to structure and handle the hiring processes of businesses. The self-service feature of this software enables managers and employees with an opportunity for efficient processing. Further features like absence management and compensation management can also be handled by Workday.
Recruitment
The recruitment category of Workday assists businesses to search, share, engage, and choose the top in-house and external applicants for their company. Furthermore, it handles the entire recruitment process and ensures honesty, collaboration, and transparency throughout the team. Through Workday, users can identify vacant positions and what type of candidates are required to fill those positions to create hiring practices built on real-time information.
Talent Management
Workday software comprises tech tools to better manage, develop, and reward the workforce. It has features such as objective management, performance appraisals, onboarding, succession planning, and planning for career and development to ensure efficient talent management within the organization.
Benefits
Through Workday, companies can develop and manage benefit plans that fulfill their exclusive corporate requirements. Specialized benefit software can also extract data automatically from Workday without the company having to be concerned about typing the data manually.
Payroll
Workday enables companies to make several payroll calculations. It allows flexibility with deductions, earnings, and running audit reports. Even if the company has offshore employees, it is not an issue as the Cloud Connect feature of Workday enables the payroll division to incorporate with third-party payroll providers easily. The employees can utilize the local payroll feature in another country while still retrieving the payroll data through Workday.
Time Tracking
By using Workday, it becomes possible for workers to keep a track of time, whether they mark their attendance using a tablet, mobile, or desktop. For organizations that only allow physical time checks, Workday offers integration via API to encounter this issue.
Data Analytics
By allowing the combination of Workday files with several other data sources other than Workday, the analytics features of this software can be really helpful for making bigger decisions. This software has in-built templates for analytics that focus on important business challenges encountered by HR and finance departments. It includes topics such as workforce planning, employee retention, workforce diversity, reimbursements, and payroll cost analysis.
Conclusion
Workday is an amazing SaaS software that significantly improves HR and Payroll compliance, reduces risk, provides better data for decision-making, and increases efficiencies across the organization. No matter what talent acquisition strategy framework a company follows, Workday enables businesses to work more competently by having reliable, streamlined, and modern processes.