Delivers New Functionality Across Human Capital Management, Payroll, Initiatives, Financial Management, and Spend Management Solutions
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Three times per year, Workday releases feature-packed updates to its Human Capital Management (HCM), Payroll, Initiatives, Financial Management, and Spend Management solutions. Unlike traditional on-premise software that requires costly and time-consuming upgrades every 3 to 5 years, Workday’s multi-tenant architecture allows customers to move to new updates in just a few days — at no additional cost — as part of their regular subscription fees. As of today, all live Workday customers are running Workday 13.
- Workday HCM. Workday HCM is a unified solution that includes global human resources management and talent management capabilities.
- HR functionality introduced in Workday 13 allows customers to quickly respond to new U.S. healthcare regulations and global personnel data changes. Workday also delivers best-in-class position budgeting, providing visibility into and understanding of workforce cost and capacity. This update also allows HR practitioners and managers to leverage market salary data for benchmarking, fair worker compensation, and manager decision support.
- Workday continues to extend its talent management footprint with the delivery of cascading goals, multi-rater feedback, competency management and talent analytics, and interactive and configurable talent matrix (or “n-Box”) reports. These capabilities enable organizations to efficiently support a talent-driven, high-performance organization without the additional cost or complexity of bolt-on talent systems.
- Workday Payroll. With this update, Workday introduces a partnership with OneSource VHR to provide payroll co-sourcing services, including payroll settlement, tax administration, and garnishments administration.
- Workday Initiatives. Introduced late last year, Workday Initiatives can now track non-project work activities such as product research and development, marketing campaigns, grant programs, and even standard job functions. Users can track work efforts and costs by percentage of time or hours worked. Users can also link work to employee or organization goals, initiatives, and performance results. This helps organizations track the true cost of any type of work and make better choices about how to allocate their workforce and non-people resources.
- Workday Financial Management and Spend Management. With continued focus on built-in governance and control, Workday 13 delivers expanded audit and control capabilities around spend processes. This update also includes multi-book, a foundation that allows users to produce both GAAP- and IFRS-based reports from a single system, as well as real-time cash management and forecasting.
- Workday User Experience. Workday is always taking cues from consumer Web constructs in order to enhance its overall user experience. The current version of Workday provides several new features, including Workfeed, a real-time activity stream that provides personal notifications and enables users to respond to alerts, process requests, and tasks. Also added is the Workbench, an easy-to-use homepage for system administrators that provides intuitive access to administrative activities such as the configuration of business processes, security policies, and reports.
- Workday Mobility. With this update, Workday releases Workday for iPad® in limited availability. Workday for iPad is a native application that will allow executives to easily browse organizations, view talent profiles, monitor their personal Workfeed, and gain insight into workforce and financial analytics. General availability is planned for Workday 14.
- Workday Usage Insight. For the first time, Workday delivers Workday Insight, an opt-in feature that provides a report of key metrics that detail the depth and breadth of a customer’s application usage.
Comments on the News
“Workday embraces the cloud model, which means we innovate at the pace of the Web, not at the pace of the enterprise,” said Aneel Bhusri, Workday co-founder and CEO. “All features and functionality delivered as part of our regular updates are available to our customers at no additional cost. As of today, all live customers are running the newest — and only — version of Workday. We continue to be excited about the pace at which we can deliver innovation to our customers and by the overall momentum of cloud adoption in the enterprise.”