What is Workday
Workday is cloud-based financial management and human capital management software vendor. It offers software solutions for financial management, human resources, and planning that are designed to help organizations manage their employees, finances, and day-to-day operations more efficiently and effectively.
Founded: 2005 by Dave Duffield and Aneel Bhusri (previously involved with PeopleSoft)
One of the key features of Workday’s software suite is its use of a single, cloud-based database for both human capital management and financials, providing real-time data and insights across the organization. This integration allows for more streamlined processes, better decision-making based on up-to-date information.
Human Capital Management (HCM) solutions include functionalities for workforce planning, recruiting, talent management, payroll, time tracking, compensation management, and benefits administration.
Financial Management solutions cover areas such as accounting and finance, procurement, project and expense management, and analytics. Workday also offers Planning, which allows for budgeting, forecasting, and financial planning and analysis.
Workday’s platform is known for its user-friendly interface, scalability, and flexibility, catering to the needs of both large enterprises and mid-sized businesses.
Workday competes with other ERP (Enterprise Resource Planning) and HCM systems in the market, such as SAP, Oracle, and Microsoft Dynamics.
Different Module in Workday
Here’s an overview of some of the key modules in Workday:
Human Capital Management (HCM)
- Core Human Resources (HR): Manages employee data, organizational structures, and HR processes.
- Talent Management: Helps in recruiting, onboarding, learning management, performance management, and succession planning.
- Workforce Planning and Analytics: Provides tools for planning, analytics, and reporting on workforce composition and performance.
- Payroll: Offers payroll management for the U.S., Canada, the UK, and France, along with a general template to manage payroll calculations for other countries.
- Time Tracking: Enables tracking of employee work hours and absence management.
- Benefits Administration: Manages employee benefits programs, including health insurance and retirement plans.
Financial Management
- Accounting and Finance: Includes core accounting, accounts payable, accounts receivable, cash management, and financial reporting.
- Audit and Internal Controls: Tools for managing audits, ensuring compliance, and monitoring internal controls.
- Procurement: Manages the procurement process from requisition to payment, including supplier management.
- Expense Management: Automates and streamlines the expense reporting process.
- Project and Resource Management: Helps manage projects, resources, and financials related to projects.
- Grants Management: Designed for non-profits and educational institutions to manage grants effectively.
Planning
- Adaptive Insights: A business planning module that provides tools for budgeting, forecasting, and financial planning and analysis (FP&A).
- Analytics and Reporting: Offers reporting, dashboards, and analytics tools to derive insights from data across Workday modules.
Different Type of Organization
A Workday Organization refers to a structural unit within the Workday system designed to represent various aspects and hierarchies of a business entity. These organizations are fundamental to organizing data, defining relationships, and supporting business processes within the Workday platform. They play a crucial role in enabling efficient human capital management (HCM), financial management, and operational planning.
Here are the different types of Workday organizations, each serving distinct purposes:
Supervisory Organizations
Purpose: Serve as the primary building blocks for modeling the reporting structure within a company. They define management and reporting relationships.
Usage: Used to manage employee assignments, staffing models, and hierarchies.
Company Organizations
Purpose: Represent legal business entities for financial processing. They are essential for managing financial data.
Usage: Used in financial and payroll reporting to segregate data by legal entity.
Cost Centers
Purpose: Used for tracking and controlling expenses. Cost centers are critical for budgeting and financial analysis.
Usage: Assign employees to cost centers to manage and report on where costs are incurred within an organization.
Business Units
Purpose: Represent functional areas within an organization that are responsible for specific business operations.
Usage: Often used in financial reporting to segment operational data and in managing operational tasks across different areas.
Regions
Purpose: Used to represent geographical locations or areas within Workday. Helpful for managing location-specific data and compliance.
Usage: Can be used for reporting and tailoring business processes to specific regional requirements.
Custom Organizations
Purpose: Allow organizations to define additional organizational units that do not fit into the predefined categories.
Usage: Highly flexible, these can be used for specific reporting needs, project management, or any unique organizational structure requirement.
Matrix Organizations
Purpose: Enable the representation of dual reporting relationships and complex organizational structures where employees may have multiple managers.
Usage: Useful in project-based, matrixed, or functional-versus-operational reporting structures.
Location Organizations
Purpose: Used to manage physical locations of a business, including offices, campuses, or any geographical site.
Usage: Important for location-specific policies, safety requirements, and logistical considerations.
Worktag Organizations
Purpose: Worktags are flexible dimensions used for categorizing transactions for reporting and analytics across Workday.
Usage: While not organizations in a strict sense, they function similarly by grouping data for analysis. Examples include grants, projects, or programs.
What is a Business Process?
A series of tasks that lead to completion of overall business events is called Business Process.
Workday Business Processes:
- Hiring and Onboarding: From creating a job requisition to hiring a candidate and onboarding them into the organization, this process includes steps like approvals, background checks, and provisioning of necessary equipment and access.
- Performance Management: This includes processes for setting goals, conducting performance reviews, and managing feedback and development plans.
- Procurement to Pay: Involves steps from creating a purchase order, receiving goods or services, to processing payments to suppliers.
- Expense Management: Covers the submission of expense reports, approvals, and reimbursements to employees.
- Financial Close: A series of steps for closing financial periods, including consolidating financial data, reviewing and approving transactions, and generating financial reports.
Key business Process for HR Core?
- Position
- Hire
- Job Change
- Termination
- Assign Organization
- Change Compensation
- Request one time payment
- Change Legal Name
- Change Contact Information
- Change Personal Information
- Edit ID
- .
- .
- etc
Typical tasks involved in the hiring process.
- Create Job Requisition
Task: Initiate the hiring process by creating a job requisition, which details the job description, requirements, location, and other essential information.
Responsible Parties: Hiring manager or HR representative.
- Job Requisition Approval
Task: The job requisition is reviewed and approved by designated approvers, often including senior management or HR.
Responsible Parties: Approving managers or HR officials.
- Post Job and Source Candidates
Task: Once approved, the job is posted to internal and external job boards. The organization may also source candidates through other channels.
Responsible Parties: Recruiters or talent acquisition team.
- Screen and Assess Candidates
Task: Review applications, screen candidates based on qualifications, and conduct assessments or interviews.
Responsible Parties: Hiring manager, recruiters, and sometimes a panel or team members.
- Select Candidate
Task: Choose the most suitable candidate for the job based on assessments and interviews.
Responsible Parties: Hiring manager, with input from the interviewing team.
- Offer Management
Task: Generate and extend a job offer to the selected candidate, including salary, benefits, and other terms of employment.
Responsible Parties: HR representative or hiring manager.
- Offer Acceptance
Task: The candidate reviews and either accepts or negotiates the terms of the offer.
Responsible Parties: Candidate, HR representative.
- Background Checks and Pre-Employment Screening
Task: Conduct necessary background checks and any other pre-employment screenings required.Responsible Parties: HR department or a third-party provider.
- Hire Employee
Task: Once the offer is accepted and pre-employment checks are cleared, the candidate is officially hired in Workday.
Responsible Parties: HR representative.
- Onboarding Process
Task: Initiate the onboarding process, which includes completing necessary paperwork, setting up payroll, assigning mentors, and orienting the new employee to the company.
Responsible Parties: HR, IT, the new employee’s manager, and others involved in the onboarding process.
- First Day and Beyond
Task: Ensure a smooth first day for the new employee, including introductions, workspace setup, and starting training or orientation programs.
Responsible Parties: Manager, HR, team members.