Employees and finance are the building blocks of every company. The success of a company depends largely on its employees and financial expenses. Thus, it is crucial to manage and look after them well. But how will you go about doing that?
The best way is to opt for software that takes care of both employees and the finance. Search on Google, and you will get numerous human capital management and finance management software.
But none can quite match the competency of Workday. This workday tutorial will clear all your doubts. Keep reading!
What Is Workday?
A Workday is a cloud-based software vendor. It specializes in offering human capital and financial management software. Be it small, medium, or large, every company can benefit from Workday. Its single system solution for finance and HR gives comprehensive insight to make data-driven choices. Workday has now become the go-to choice for many organizations because of its magnificent features and benefits.
You can divide workday features into two parts.
- Human Capital Management
- Financial Management
1. Human Capital Management(HCM)
Workday HCM has a plethora of features. However, mentioning all of them in this Workday tutorial is not possible. So, take a look at the prominent ones right below:
- Excellent Human Resource Management
This feature is beneficial for every company. With Workday’s HR management, you can effectively organize, run, and pay the workforce. It collects and safeguards various data to maintain employee compensation records. Furthermore, its absence capabilities manage and process employees’ absence information.
- Simplified Recruitment Process
Workday makes the recruitment process easy. The software gives you complete insight throughout the talent acquisition process, which will help you find the best candidate for the role. Also, hiring staff with high prospects, flexible workflows, positive applicant attitude, and experience is simple.
- Advanced Tracking
Time-tracking management works well with different features of Workday. Whether it is payroll management or project management, it works well with all. It leads to a better online and mobile user experience. You can track employees’ check-in and check-out times efficiently.
- Payroll Management
This feature takes care of the payroll process with ease. Get complete control of the pricing, payroll, and data operations by Workday. It can be understood as the ideal calculation engine for unconstrained pay runs and pay teams. With this feature, you will get payroll data in minutes.
- Quick Planning & Analytics
Workforce planning and analysis empower company decision-makers to make more informed decisions. With analytics, you can determine the ability, quality, and cost of employees working for the company. It will help in doing precise planning and boosting resources to meet the company’s goal. As a result, before initiating any commercial action, careful planning is required.
2. Financial Management
Take a look at the crucial features of financial management(FM) in a nutshell right below:
- Accounting & Finance
The Accounting & Finance feature eliminates the need to have traditional bookkeeping methods. This feature provides you with superior automated solutions to handle the financial operations of the company. It has multiple features such as multi-element, multi-currency, and multi-book, which helps financial transactions management.
- Revenue Management
Get comprehensive insight into clients and manage the whole revenue lifecycle. Workday financial management suite allows the company to integrate with any CRM system and create billing schedules, contract management, revenue recognition. All these will satisfy client requirements and drive business profitably.
- Project Management
This feature helps businesses to focus on the critical or complicated things necessary for a company’s success. Company resources and the nature of the job are parts of project management. Workday takes these factors into account before making any decision. It is an easy-to-use feature that improves the efficiency of the company.
- Inventory Management
Workday has a splendid inventory management feature. It simplifies the process of managing the inventory life cycle from the start till the end. This approach eases the stocking, tracking, and maintenance of necessary items. It provides comprehensive supply chain visibility.
Advantages Of Workday
This section of the Workday tutorial discusses the magnificent advantages of workday suites. Get a sneak-peek into it.
- One-stop solution for managing finance and human resources.
- Anyone can learn Workday suites as it does not require coding knowledge.
- Single platform for auditing every transaction of every object with ease.
- It comes with one of the best user interfaces in any other software of its kind.
- Use it anywhere at any time as it is cloud-based.
- Get around-the-clock data access with the assurance of a highly secure network.
- Real-time data analytics on any device of your choice.
- Workday releases new HR and payroll features at least twice a year.
- It helps in setting up business procedures once for all.
Leading Companies Who Hire For Workday Jobs
Why Should You Be Workday Certified?
Workday is the leader in ERP software. It has various job opportunities. Get certified with Workday if you want to build your career in the human resource or finance sector. People with a master’s degree in finance or human resource management are eligible for the Workday HCM course. It is also appropriate for professionals who want to switch professions and move to finance or human resources. Workday HCM has numerous job openings as it is in use in almost every country. It has witnessed massive growth and will continue to do so in the long run. The average payout of Workday professionals in India is 7.5 lakh per annum.
Job Roles In Workday
- Workday Consultant
- Workday Architect
- Workday Manager
- Workday Analyst
- Workday Project Manager
- Workday Functional Consultant
Workday is high in demand. Almost every company relies on it for HR and finance management. Easy to use and learn features are the USP of Workday. It can be the best option for you to make a career in accounts or human resources. It’s also beneficial for professionals who wish to broaden their horizons in the related sector.