What Is Workday Software & What Is It Used For?
Workday is a provider of cloud-based software that specializes in applications for financial management, enterprise resource planning (ERP) and human capital management (HCM).
Founded in 2005 by David Duffield, former CEO of PeopleSoft, alongside Aneel Bhusri, former PeopleSoft chief strategist, Workday is a pioneer in HR software as a service (SaaS) and is headquartered in Pleasanton, California. In this article, we’ll look at what Workday is, how it works and why businesses should consider using it.
What Is Workday HCM Used For?
Workday offers a comprehensive solution for medium- to large-sized businesses, particularly those with many locations, helping them manage payroll, benefits, HR and employee data.
Workday software is used by over 9,500 customers, and that includes Fortune 500 companies. The software:
- Helps companies better manage their staff, information and processes through real-time reporting, analytics, integrated workforce scheduling and a centralized HR database
- Can be used by individuals to track their own time or used by businesses to remotely manage team members daily
- Offers a secure SaaS platform that businesses can use to manage all areas of human resources (HR), including payroll, compensation, benefits, learning management, talent management, recruiting and talent retention
Key Features of Workday HCM?
Workday offers several interesting features for managing employee information, benefits, training and performance. These features include:
Talent Management
Workday talent management suite provides tools to foster employee development, reward workers and engage in career planning and goal management.
Time Tracking
Workday simplifies time tracking by making it possible to use either a desktop, tablet or mobile device to clock in and out. Furthermore, physical time clocks may be integrated with Workday via an API for businesses that do need them.
Recruiting
Workday provides an effective method to find, vet and hire qualified candidates. The software gives recruiters access to a single platform where they can manage all facets of their hiring workflow, from sourcing candidates to assessing applications and holding interviews.
Analytics and Reporting
A variety of tools are available in the reporting and analytics component for tracking employee performance statistics and assisting with well-informed company decisions.
Employee Self-Service
Workday facilitates employee self-service in different ways. The employee portal helps new hires to quickly get accustomed by offering onboarding details along with crucial company documentation. Using a checklist that shows an employee’s progress through the various processes, managers can customize the onboarding process for each unique employee. This facilitates a quicker and more pertinent onboarding process.
By accessing the site or using the mobile app, employees may also manually record their time, check in and out from any location in the world, as well as keep track of the regular and overtime hours they have worked, their upcoming payday and any vacation time they have accrued.
Workday HCM Pricing
Workday chooses to work directly with businesses to provide a quote that is customized for the needs of each company. Workday does not provide any pricing information on its website and requires interested companies to contact the sales team directly. However, some users claim that the starting price is typically $99 per user, per month.
7/10 organization are using Workday. Workday is sibling of PeopleSoft largely used by organizations in USA. If you are medium to large organization workday is best for you.