Workday Solution for HCM
Workday Software is one of the demanding Cloud-based software in the HCM (Human Capital Management) space. HCM deals with managing employees in the organization effectively, i.e., it manages processes like Recruitment, Payroll Management, Tracking Project Time, Capital Management, etc. The beauty part of the Workday suite is its cloud-enabled features. The importance of HCM is to enable the organizations to focus on their core business of what they are.
Workday HCM solutions play a key role in the organization’s success because Workday software takes care of employee management from end to end. In addition, the workday suite has multiple modules which target a specific need in the HCM space.
Workday software comes with the below module
Let’s see each module in detail
1. Human Resource Management
Workday HRM module provides a complete understanding of the organization’s workforce, skills, and capabilities. In addition, it provides an easy way of managing the employees like changing the Organisation structure, to-do assignments, updating employee roles, changing the designation, reporting structure, etc.
It builds the right skill, i.e., helps an organization develop the right talent and enables the organization to get a workforce in terms of recruitment.
Below are the key functions of the workday HRM module
Key Points
- Recruiting the right talent
- Learning and Development
- Employee performance management and Career planning
- Rewards, recognition, compensation, and various other benefits
2. Workday software for Talent Management
HCM talent management software enables the employees to track and manage goals and objectives. The software can define, create, and manage the right goals, allowing the organization to track employee performances based on the goals set.
Key Points
- Effective Goal management
- Future Planning methods
- Goal-oriented decisions
- Career development program
3. Workday Payroll Module
Workday payroll software enables organizations to generate payroll for their employees. Payroll processing involves complex calculations and is different for different jurisdictions, and the software is strong enough to generate the payroll, especially for US and Canada countries.
Key Points
- Generates payroll for MNC’s in the USA and other countries
- Different payroll-related services
- Detailed reporting for tax calculations
4. Workday Workforce Management
Workday workforce management system enables employees to be available for the right project at the right time based on their skillset and experience.
The Workday software for workforce management is robust enough to give the right employees for the project, including scheduling, timekeeping, forecasting, and employee empowerment.
Key Points
- Identifies the right workforce at the right time
- Schedules the availability of the workforce
- Forecasts employees availability for future availability
5. Workday Analytics and Reporting
This module of Workday will enable us to make smarter, faster, and more accurate decisions. The workday module will be equipped with NLP and machine learning to get the right stats based on lumps of data available in the system. The module gives various reports, daily, weekly, monthly reports on various stats like sales, revenues, retention, etc. These statistics are key in analyzing the company’s performance and will serve as input for the future decisions taken by the organizations.
Key Points
- Machine Learning, NLP, Pattern detection are used to analyze the data to get accurate results
- Analytics are used for analyzing the performance of the organization
- A unified data core for all kinds of data which can be accessed in a simple way
- Reporting features enable us to generate, schedule and get the right information
6. Workday Workforce planning
This module of Workday enables you to bring different teams together like HR, finance, and operations to get the right workforce for the organization. Software is strong enough to take the right workforce whose goals and skillsets match the company goals and plans, which enables us to plan headcount, capacity planning, Talent planning, and strategies better to utilize the resources effectively.
Key Points
- Drive the workforce to achieve the desired goals set
- Get the pulse of organization talent needs
- Make cost-effective decisions in searching right talent
7. Workday Time Tracking
This module of the workday takes care of tracking the time for employees, Projects, and meetings. This application is robust enough to work globally, like employees working in different time zones, different working hours, and schedules are tracked effectively. Time tracking application is always available anytime, anywhere, online and mobile gadgets. It has a user-friendly interface for filling the timesheets, accessing the appropriate projects, efficient approvals.
Key Points
- A unique application for time entry across the globe
- An efficient way of handling the approvals
- Time/clock integration for better service for the users across the globe
- Timesheets application is well integrated the organization projects
8. Workday Project Management
This workday module manages the project effectively by allocating rightful resources and tasks together. We can track the application-related tasks right from the requirement phase to the production phase; this allows us to track the tasks, project design, development, customer feedback, and bugs in a single system making it available to all the employees working on this. This robust application involving multiple entities, like customers, employees, business analysts, and product owners, helps track the progress effectively.
Key Points
- Tracking all the project stuff in a single place
- Assigning the right talent to the right projects
- Update the progress of the projects to customers in an automated way
- Analyze the work progress and make appropriate decisions
- An effective way to manage the available resources
Conclusion
Workday cloud software is an effective way of managing organizations in the HCM space. By taking care of these, organizations can effectively focus on the core business and improve their business value in the market. For the success of any organization taking care of HCM functionalities are important, for which we need effective software which does for us. So, Workday software has effective modules to manage the workforce uniquely.
