Workday Human Capital Management (HCM) Modules

Introduction to Workday HCM Modules

The design of the workday HCM module is based on cloud services and created to offer ground-up management tasks. Human capital management is one of the globally accepted business applications in handling human resources. The essential tasks undertaken by human capital management include payrolls and benefits, human resource management, talent management system, time, recruitment, and attendance. 

Table of Contents - Workday HCM Modules

Introduction to Workday HCM Modules Benefits of HCM Modules of HCM Human resource management  Benefits of administration Talent management Workforce planning and analytics Big data analytics Recruitment Payroll solutions Time tracking Project and work management  Market Share

Benefits of HCM:

• HCM tool helps in enhancing the complete picture of the workforce.
• Complete people's pricing and contingent laborers understanding is enabled by the HCM tool. 
• The self-service system in HCM helps in empowering the people and leadership quality.
• Configuring the system for future business needs can be done quickly by the users themselves.
• The users can take the right action against the workforce using the decision-making tool. 

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Modules of HCM:

The main modules of Human capital management, which makes it one of the globally accepted tools, are discussed below. 

• Human resource management 
• Benefits of administration
• Talent management
• Workforce planning and analytics
• Big data analytics
• Recruitment
• Payroll solutions
• Time tracking
• Project and work management 

Each module is described briefly below.

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#1. Human Resource Management

Human Resource Management in HCM provides intuitive functionalities and self-service to organize, payment, and staffing issues. Any modifications in business roles, organizational structure, work assignments, and reporting priorities will be instantly reflected in the Workday. Workday HRM can establish consistency in the local variations and business insights. 

Features of HRM:

HRM offers self-service to the managers and employees as well. It can be of great help in Organization management, Compensation management, and Absence management. 

#2. Benefits of administration

Administration plays a significant role in defining and adjusting the benefit plan and managing the unique business processes. HCM tools enable users to track the employee-data changes automatically, and the cloud connectors update the benefits. The crucial features of the benefits of administration include health insurance, savings account, expenditure account, flex plans, retirement plans, and many other benefits from the unified system.

Features:

It is also helpful in benefitting the plans, events, and eligibility with suitable cloud connectivity. It also provides evidence of insurability and management of health savings accounts. 

#3. Talent management 

This module is vital as it helps achieve the goals and key objectives of an organization depending on the quality of the team. This tool helps improve the alignments, management system, and developments, and rewards the employees. Talent management reduces the entire administration work by reducing the cost of assimilating new employees into the organization. 

Features:

Some of the main features of talent management are that It offers good onboarding facilities, defines goals, performance-oriented management, successive planning methods, and personality and career development programs.

#4. Workforce planning and Analytics

This module can provide fully actionable and dynamic pictures of the demand and supply chain. Workforce planning and Analytics also empower entrepreneurs to make better decisions in critical business issues. Workforce planning can help us gain insight into the price, capacity, capability, and quality of the resources by helping us apply the right strategies to achieve an organization's goals. The Workday analytical tool also includes segmentation of the roles and positions, talent pools, capacity, and performance training programs. 

Features: 

Some of the main features of the Workforce Planning and Analytics module are providing operational headcount planning, analyzing supply and demand, and providing various methods for Workforce Analytics. 

 

#5. Project and Work management

The complex components required to make a company successful are allowed by the Workday HCM module. The elements that come under this module are people, nature of work, and availability of business resources. Based on these components, it becomes easier for the management to decide on the participation of the team members and find out the project relates to areas where the company is struggling or weak. Through this tool, one can find valuable ways to improve the discipline and effectiveness carried out within the organization. The tasks undertaken by this module are efficient planning, managing, tracking, staffing, and analyzing the key initiatives.

Features:

This module furnishes project as well as non-project work management systems. The available resource pools help in labor assessments facility, offer efficient tasks, cost, pricing, and budget tracking methods, project analytical training, and help to reach milestones. 

#6. Recruiting 

The workday recruitment module is used in achieving management visibility through the talent-acquisition process. It also helps in managing programmable workflow and good communication. This module will decide the hiring process and rules and restrictions phase. Before starting the recruitment process, HRM should be approved for positions from the organization, and each position should have its own rules and restrictions during hiring. This information can be accessed from anywhere and at any time within the organization allowing the organization to have better communications and collaborations among the team members and the higher management of the organization. 

Features:

The recruiting module provides screening, pipelining, headcount, sourcing analytics, referral employee structure, job positions, social media marketing of roles and positions, selection of suitable candidates, and offer and package description.

#7. Workday Payroll

The workday payroll module was classified to address the spectrum of the company's payroll needs specifically for multinational companies. The flexible method of application allows control over data, pricing, and payroll processes. Workday payroll is a calculative engine that is related to unlimited pay teams and pay runs where companies can retrieve the data related to payroll any number of times as needed. The configurable security system of Workday allows the business partners or anyone outside the payroll to provide input and view the results. The all-inclusive analytical audits and encapsulated payroll results, and audit drill alerts can be accessed by the users through in-built applications.

Features:

The main features of Workday Payroll are payrolls that can be easily processed for multinational companies. It provides a robust calculation engine and offers a self-service process, updating taxes automatically and auditing and reporting. 

Cloud Connect for Third-party payroll: 

This third-party payroll cloud connect helps companies to connect seamlessly by securing the payroll applications. The in-built functionalities can be integrated easily into the applications. Building, maintaining, and updating the built-in applications are the main tasks that are included in cloud connect for third-party payroll. 

#8. Time tracking

The time tracking module of Workday effortlessly works with project, payroll, and work management, offering a better user experience that can be accessed from the internet and mobile devices. The time tracking feature enables the user to track the time the user uses the application. The user can track the usage of web browser applications and mobile devices. A decrease in compliance risk, increase in productivity, and reduced labor costs are the well-defined aspects of workday time tracking. 

Features:

Some of the features of time tracking are that it enables mobile devices and web time clocks, time approval management, entry, and calculation of global time reporting and analytics.

#9. Big Data Analytics for HCM

Multiple Non-Workday data from different sources can be added to Workday data by various organizations using Big data analytics. It can be unstructured data or large voluminous data that needs to be added. Big data analytics offers extensive workforce insight to help decision-making skills unify workday data and applications. It gives single-platform security and an enhanced user experience. Reducing the time and effort of data deployment by using pre-built analytic templates is the main advantage of Big data analytics. Addressing key issues faced by HR management and finance departments is also done by Big data analytics. 

Features:

The main feature of Big data analytics is that it provides ample built-in HR templates that include data retention, workforce planning, pay-on performance, diversity, payroll, cost analysis, and compensation, etc.

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Market Share:

At present, over 1,920 companies make use of Workday HCM. Some of them are located in the United States. 1000-5000 workforces are used by the companies to generate more than $1000 million in revenue. Workday HCM contributes about 1.8% of the market share over other HR management software. Workday HCM is Various types of industries such as computer software, recruiting and staffing, information technology, financial services, Insurance, Higher education, retail, and management consulting make use of Workday HCM.

Conclusion:

Workday HCM eases the complexity and business-related issues at the time of development. The main usage of the HCM tool is done for payroll, human resource management, and financial departments. Talent management helps organizations to create, define, and manage eventful and unique goals. The performance management tool in Workday provides accurate performance, real-time workforce insights, and skill development needs. In identifying the best employees across the enterprises, a workday succession planning tool is used, which can captivate the users with highly skilled and potential employees and avoid disapproving leadership. Workday Career and Development planning tools are used in the employee's careers and future insights.