Workday Update 18-Enhanced Financial and Workforce Management Capabilities

In an analyst webinar, Workday announced Update 18 of its Workday solution, which proposes enhancements for financial management, workforce engagement, performance management, and flexibility. In 2012, Workday had three significant updates demonstrating sustained efforts to advance its product at a fast pace. Furthermore, the update contains more than 100 new items, 60 of which address client feedback that was collected through the Workday’s Brainstorm online customer community.

Workday is a software-as-a-service (SaaS), multitenant solution, and all the company’s clients use the latest version of the software. However, clients can turn off functionality that might not be necessary for their particular context.

From a functional perspective, new enhancements were targeted at:

• Financial Management

With this update, Workday aims to tackle multinational enterprise demands by adding global tax and payment support. This release also offers fund accounting and grants management capabilities that are specific for education and government institutions. Project scenario planning is another area that was developed in the release, with the new addition of a capability that evaluates the compatibility between resources and active projects by taking into account attributes such as cost, availability, skills, and experience.

• Workforce Management

Workday presented a few mobility enhancements for workforce management. Looking at managers’ needs to interact with their teams as a whole, the update offers a comprehensive view of team members, team calendar, compensation, talent, performance summaries, key statistics, and real-time team analytics. Time tracking has also been enhanced on mobile devices with check-in and check-out into projects and tasks as well as nearby locations, by using location-based services. In addition, the Professional Profile—a feature that displays employees’ public information—was remodeled to encourage collaboration among peers. The newly redesigned profile provides visibility of a person’s skills, education, and work experience, as well as the option to integrate LinkedIn profiles.

• Performance Management

Drag-and-drop calibration facilitates interactive manager meetings for assessing performance ratings or future talent planning. Analytics that unveil workforce trends is another feature added to support performance management.

From a user experience perspective, Workday introduced the capability to define custom fields that can be viewed from within profiles and used in all reports, calculations, rules, etc. Also, data can be added in these fields through integration with other systems. Update 18 offers ad hoc approvals, allowing more people to be invited and participate in the approval processes.

Workday is a relatively recent product that offers a unique combination of financial management and human resources functionalities. The company strives to expand it into a human capital management (HCM) solution. To this end, Workday recently announced that in 2013, a talent acquisition application—Workday Recruiting—will be released. Furthermore, Workday’s emphasis on developing functionality that supports people performance and workforce engagement further underlines its chosen path toward developing an HCM solution.
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