Human resource is a valuable asset of an organization. There is a misconception that financial resources are crucial assets. Yes, financial resources are essential, but they are of no use if organizations lack competent human resources to utilize them effectively. The Organization’s employees give it a competitive edge over its competitors. Therefore, an organization needs to ensure efficient employees in line with financial dominance and competitiveness.

It is pretty challenging to manage the crucial asset of the businesses (Human Resource) efficiently and effectively, especially in global and complex companies but not anymore because the Workday HCM (Human capital Management) has come to the rescue of businesses that work globally. The Workday HCM has enabled businesses to enhance the complete workforce picture, and it also has helped enterprises adapt to changing business trends.

The Workday HCM is an efficient tool to manage human capital effectively,  only if you know how to use this software and make the synergic output from it. There are plenty of platforms that provide training on Workday HCM, but a company that has proved itself as having high expertise in the Workday HCM and its training enables the trainees to have full command of the Workday software with their interactive sessions is Workday Online Training.  

If you are looking for the best tool to manage its human capital and all other HR functions effectively, cheers! You have landed on the right page. This article is all about the Workday HCM, its functions or modules, its core concept, and how it will benefit your enterprise. 

What is Workday HCM?

Workday HCM is a single cloud-based solution for all the functions of Human Resource Management. The beauty of this tool is that it is suitable for the business of all sizes and most of the industries. It is a perfect solution for the company operating in multiple locations. It is a sophisticated, one Hr control system that supports both the global HR practices and local HR requirements.  The modules covered by this one-stop solution are recruiting, onboarding, training and development, payroll, compensation, benefits, attendance and time off, and much more. The latest version of Workday HCM works on both the browser and the mobile, makes it a user-friendly tool. 

In a nutshell, it is a modern-day tool that helps businesses to operate in a complex and competitive environment yet intact their innovation.  Today, all enterprises should understand the global workforce and be ready for any sudden and quick decision to give meaningful and maximum output. This cloud-based service can efficiently handle any HR function and is considered one of the best global business applications to keep them ready for whatever comes next. The Workday HCM is used by many G2K and Fortune 500 companies to operate efficiently and with agility. 

The core concepts of workday human capital Management (HCM):

Workday HCM is undoubtedly a sophisticated tool that helps organizations model their workforce according to the Organization’s specific goals and keep up with rapidly changing global HR strategies. This globally accepted HR tool is based on six core concepts, and each concept covers different modules of Human Resource Management.  It is the only application that unifies all the HR functions on one interface to strengthen the processes.

To understand the Workday HCM, it is essential first to understand its six key concepts. 

1. Supervisory Organization:

In the supervisory Organization, workers report to the same manager, and the Workday manager is responsible for the overall performance and its review. Only the members of the superior Supervisory Organization are assigned the role of manager. Financial tracking does not come in the domain of Supervisory Organization.  

Benefits of Supervisory Organization:

The Supervisory Organization helps in organizing the data and in creating reports within and out of Workday. It also provides route action to the business processes and clarifies how the workers are functionally organized. It also offers a system of records that helps measure and tracks the business’s ability to keep up with the changing workforce.

2. Staffing Model:

This fundamental concept defines how the jobs are created, illustrated, and filled in a Supervisory Organization. The staffing model also defines the different levels of controls over staffing. Every Supervisory Organization must be associated with a staffing model, and the good thing is that Workday HCM supports other staffing goals. There are two types of staffing model:

• Position Management:  it is a primary staffing model and used for creating and filling positions. These positions remain constant in the Supervisory Organization no matter who has joined or exited the Organization.  The Position management provides greater control over hiring, and the job is referred to as “chair.” The chair remains in the Organization when some are hired and even when the worker leaves the Organization. The responsibilities of Position Management are to keep track of filled and vacant positions and report it. It also plans the budget for vacant a filled positions and also keeps position history. The significance of position Management is that it assigns roles and responsibilities to the post rather than the employee.
• Job Management: the Job Management is opposite to the Position Management. Here the job is referred to as “seat” and created particularly for a worker, and when the worker leaves, the seat disappears, making the hiring process more flexible. In addition, in Job Management, there is no need to track the position of the worker’s history. 

Benefits of Staffing Model:

The Staffing Model helps the organizations efficiently carry out the hiring process, keeping in mind the industry’s particular needs. It also helps in planning and formulating the budget for long-term positions. 

3. Job Profile and Job Family:

The job profile defines the description, roles, responsibilities, job specifications, pay rate, compensation grade, job type, etc. The job profile is specific, while the job family is a broader term. A job family is a group of job profiles with similar functions, for instance, nursing, accounting job, etc. the Workday HCM allows you to link one job profile to multiple job families.

Benefits of Job Profile and Job family:

It helps the businesses streamline the creation of new positions and unify the job descriptions, qualifications, and other job profiles for all the workers across the company irrespective of their location. 

4. Compensation:

It is a broader term used for pay grades, compensation plans, and other benefits. The Workday HCM helps in both determine the compensation plan and compensation package.

• Compensation Plan: it is a monetary component of the pay, and it includes the details of salaries, wages benefits (monetary), bonuses, incentives, and commission. 
• Compensation Package: it is a group of different compensation plans. 
• Compensation Grade: different job profiles are assigned with varying grades of compensation based on their job description and job specifications. 

Benefits: 

It helps the business assign the market competitive compensation packages to each job family that ensures employee satisfaction and business goal achievement. 

5. Business Process:

All businesses have specific goals and objectives that they want to achieve through the different day-to-day activities. The Workday HCM defines sequence activities o the workers that need to be done to attain business objectives.

Benefits:

Keep all the activities running smoothly and direct the workers about different activities such as approval, uploading documents, etc.

6. Security:

Not everyone is granted access to the Supervisory Organization, but only a particular group or users can access the securable items associated with the security group. 

Benefits:

Only a limited number of users can initiate the business process, reducing the chances of mistakes in the Workday. Furthermore, only those users can create the business processes equipped with relevant skill sets to cut down on errors. 

The modules of Workday HCM:

The Workday HCM is a globally accepted best tool because it covers all the critical components of the HRM. Below are the essential modules of Workday HCM:

1. Human Resource Management:

The Workday HCM is a one-control solution for all the Human Resource Management-related functions like staffing, onboarding, payment, appraisals, etc. The Workday provides self-service and modifies and upgrades whenever changes occur in the organization structure, policies, role assignment, absence management, compensation management, and other work-related things. In addition, Workday has made it possible to manage the workforce from anywhere in the world and at any time. 

2. Workforce planning and Analytics:

It is the only HR cloud base solution that provides a fully actionable workforce planning module and analytics module. This module provides a comprehensive insight into talent demand and supply. In addition, this module allows the businesses to keep a record of workforce skills, performance, cost, and location and empower the organizations to adopt better strategies to solve crucial issues. 

The Workday HCM workforce planning module helps in creating effective and flexible headcount policies. The Analytic module helps identify the talent gaps and apply the best strategies while recruiting, developing, and having performance training programs. 

3. Talent Management:

The talent management module of Workday HCM is all about synchronizing the skills and expertise of the staff members to achieve your business goals and objectives. Talent management also enables the enterprises to have their talent pool for the future induction of devoted and productive employees. In addition, this module helps in reducing the cost of Organization by going again and talent hunt. 

Another feature of talent management is Succession planning. It helps in identifying and preparing the future leaders for the Organization. It also helps the workers have complete insight into their career and establish their career future goals.

4. Recruiting: 

The recruitment software solution collaborates with the other Organization members and the higher Management to ensure that everyone is on the same page while creating, hiring, and onboarding new hires. In addition, the workday HCM recruitment modules made the hiring system effort-free, and now the HR department can hire faster and efficiently by making timely and more informed decisions. 

The HR team cannot create the positions and go into the recruitment process without prior approval. For carrying out the recruitment process, every post will have its own rules and restrictions. The recruitment module is interlinked to the Social media platforms and has a referral employee structure. 

5. Learning:

This module allows HR to share the learning material on the Workday HCM, and the access is granted to the workers so that they can learn new skills and knowledge that will help them improve their current performance and help them in their career growth. In addition, the learning module makes the learning experience interactive and professional as per the expectations of the modern day’s workforce. 

6. Project and Work Management:

In this module, the focus is on all the crucial business elements that make it successful, such as workforce, resources (material and financial), and the nature of the project. By Keeping insight into all these major components, the businesses make significant decisions on taking up or starting new projects and improving the performance of the areas where the company is struggling.  

Other key features of this module are keeping track of the project and non-project work, resource pool, labor assessment, cost, pricing, budget, and project analytical training. 

7. Benefits:

The employee benefits module of HCM allows businesses to design, implement and keep track of the benefit plans.  The benefit plan includes health savings, retirement plan, spending account, flex pan, and other benefits. This module transmits forms, automatically tracks the employee data changes, and updates the employees about any changes through cloud connectors.

8. Payroll Management:

The Workday offers a comprehensive payroll management enterprise in the UK, Canada, France, and the US, but for other countries, it has an application that unifies with the Workday financial management and allows overall control over data, pricing, and payroll. Moreover, the companies can retrieve the payroll data as many times as needed for multiple purposes like comprehensive analytical audits and reports.

9. Time tracking and Absence Management:

With the time tracking software, the companies can track workers’ productivity and reduce labor costs by assessing what the labor is working on and how much time they spend.

10. Audit and Internal control:

The Workday HCM seamlessly provides the comprehensive data of the HR for the financial audits and strengthens the internal controls. 

Conclusion:

The Workday HCM eases and streamlines all the HR functions and makes the business run successfully and competitively in today’s complex and highly competitive environment. It also helps HR professionals to grow their careers if they get certified in the Workday HCM.