What Is Workday Software & What Is It Used For? (2024)

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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.

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What Is Workday 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

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 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.

How To Use Workday

While the day-to-day use will vary by company, preparing to launch a new system takes careful planning. These steps are crucial to successfully implementing Workday software in your organization:

Identify Existing HR Procedures and Techniques

Every application in Workday has default options, which might not be optimal for your business. Before starting implementation, it’s crucial to assess current procedures to ascertain what’s effective and what isn’t. Garnering a solid understanding of optimal operations will help you identify any need for software customization which could lead to an increase in planned expenses.

Test Workflow Before Implementing

Before implementing changes or functionality, test out how things will work and what improvements may be needed. When testing, be sure to evaluate the impact your actions will have on your organization. Developing testing scripts and evaluating automation tools may be involved, therefore it’s crucial to have a team in place with the necessary technical knowledge.

Prepare for Data Migration

Transferring and converting data from your organization’s current systems to Workday is a crucial stage in the implementation process. The issue with Workday is that your current data format may not be compatible with the application’s data format. To manage this, you need to ensure accurate data entry, prevent data duplication, and locate data points.

Discover the Ideal Implementation Partner

Working with the appropriate implementation service provider is important since Workday affects important staff processes in the organization. These independent partners with experience adopting Workday will provide enormous value by recommending best practices to ensure a seamless and successful transition.

Is Workday Right for Your Organization?

Workday HCM is primarily made for midsized to large businesses with multiple locations. While large organizations frequently have many applications and teams working on various projects at once, midsized organizations typically have fewer people but may still need advanced capabilities.

Thousands of organizations across sectors such as healthcare, education, manufacturing, finance, technology and retail use Workday and make full use of the HCM suite of tools, from midsized businesses to Fortune 500 firms.

Workday is an excellent choice if you are the owner of a business with 250 to 1,000-plus employees and require workforce management tools (onboarding and training, scheduling and leave management), as well as HR analytics tools (pay management and performance evaluation and management).

Frequently Asked Questions (FAQs)

What are the top Workday alternatives?

There are several HCM software that you can use in place of Workday. Good alternatives include Paycor, Oracle Cloud HCM and Sage People.

Is Workday the best HR system?

Workday is touted as one of the best HR systems in the world as it helps in raising HR and payroll compliance and boosting efficiency all over different organizations.

Why is Workday so popular?

Founded in 2005, Workday has been a leader in the human capital management field. Its client base includes big brands such as Walmart (which has about 2.3 million employees), Alphabet and Apple.

What is the best recruiting software?

The best recruiting platform for your organization depends on your specific needs. For example, Forbes Advisor considers ZipRecruiter the best solution for medium to large businesses, HiringThing best for small businesses, LinkedIn best for professional roles, Zoho Recruit best for staffing agencies and Breezy HR best for fast-growing companies. Read our piece on the best recruiting software for more details.

What features should a payroll service for small businesses have?

The features you want in a payroll service for your small business include one that is simple to set up, provides payroll processing and management, makes it possible to do tax filing, creates detailed payroll reports, offers direct deposit to your employees, allows employees to make certain changes as needed, and offers quality customer support.

What Is Workday Software & What Is It Used For? (2024)
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