The different modules present in Workday are:
- Workday HCM
- Workday Financial
- Workday Student
- Workday Learning Management
Workday is a HCM, Financials, Student and Learning Management software application. It is cloud based, with only one code line, one application, and one security model.
HCM was first. This is to manage your daily HR Functions.
Financials was second. This is to manage a company’s day to day financials.
Student was third. This is to manage all aspects of a student at an educational institution. This is application is not fully GA.
Learning is the last new application.
Is it easy to learn?
It’s actually easier to learn if you don’t know other software. If you come from the PeopleSoft, e-Business Suite, SAP world you basically have to forget just about everything you know. None of it applies. It’s not a relational database, doesn’t work the same. Contact workday HCM training and get more information.
Workforce Lifecycle Management is the global core of the Workday solution and consists of the tools to plan, hire, manage, and analyze a global workforce.
Compensation Management is Workday’s solution for the creation and management of employee compensation plans. Focused on flexible compensation plan design; compensation rules assignment; compensation process definitions; compensation-performance linkage; and analysis, this HR software solution seeks to consolidate employee compensation across multiple plans, teams, and geographies. The aggregation of compensation data can deliver near real-time visibility, thereby, permitting timely course corrections or assurance of the links between compensation, performance management and business objectives.
Absence Management is Workday’s solution for calculating absences. While straightforward in its approach, the differentiating factor in this Workday software solution is that this module shares a foundation with Payroll—combining calculation methods for both. Not altogether vastly different than other absence management approaches, the result is simply consistency between calculation results. In addition, because of the shared foundation of time-off/payroll, self-service and access to information through a single self-service portal for administrators and employees is found in this module (though it does extend to others).
Employee Benefits enables HR managers to design and implement a number of benefit plans and control the plans that are eligible for selection by employees during open enrollment or benefit change events. The system also allows HR managers to automate benefit events, including new hire enrollment, benefit change events, terminations, and passive events. Customers can further set up default enrollment logic for employees that miss the benefits enrollment window, and additionally configure what benefit changes are allowed for different types of events.
Workday’s Cloud Connect for Benefits complements this primary module by delivering a catalog of packaged integrations to benefits providers across all major categories. When changes occur in Workday, the WBN automatically informs the appropriate providers of these changes, helping to reduce the total cost of managing benefits providers.
Payroll solutions at Workday are comprised of 3 distinct offerings:
Workday Payroll leverages the benefits of Workday Human Capital Management and addresses the full spectrum of payroll for the United States and Canada by providing calculation tools, automatic tax updates, audit & reporting, and adaptable pay groups and organizations, via SaaS delivery. Further, using a dynamic combo of load balancing (in-memory across multiple servers), and a tabular data store, Workday significantly decreases the amount of time necessary to handle the heavy processing needed for payroll.
Payroll Co-Sourcing Services, through OneSource Virtual HR (VHR), is Workday’s balanced solution that gives the control of an in-house payroll solution with the convenience of outsourced payroll services. This option represents a fairly standard payroll offering, but cannot fully be evaluated without understanding the cost structure of this feature which was not disclosed by the vendor.
Cloud Connect for Third Party Payroll is built off of the Workday Integration Cloud that allows organizations to leverage Payroll Connector to integrate to third-party payroll partners, as well as more easily create and maintain integrations with external (non-Workday) payroll solutions. The software functionality of this option is quite impressive and includes the ability to: import payroll data from a third-party payroll system back into Workday HCM; enable reporting and analysis across global payroll actuals in a single currency; configure Workday HCM to maximize alignment and ease of data transfer between systems; and leverage a standard Payroll Interface Output File as a foundation for new payroll integrations.