What is Human Capital Management?
To begin with, Human Capital Management refers to the practice of transforming the traditional administrative functions of the human resources (HR) departments such as recruiting, training, payroll, compensation, and performance management into opportunities to drive engagement, productivity, and business value. HCM is a very beneficial practice that HCM helps your organization in hiring the right people for the right task. In addition, this practice eliminates the chances of hiring employees who don’t really fit your organization. Apart from these, given below are some of the benefits of implementing HCM in an organization.
- Attracting employees
- Onboarding employees
- Upgrading employees’ skill
- Retaining employees
Introduction to Workday
Workday is one of the leading human capital management (HCM), enterprise resource management (ERP), and financial management tools. It consists of multiple features such as payroll management, time tracking, human resource management, Etc and it delivers all in one package for medium-to-large-sized companies.
Features of Workday
Workday facilitates HRM and allows companies to manage and organize their workforce more effectively. It facilitates self-service functionality for employees and managers and ensures compensation management and absence management. It is also useful in recruiting and businesses use it to find, share, engage, and select the best candidates. Workday is capable of managing the entire recruiting in one system. It ensures that there is transparency and collaboration across the whole hiring team. It helps the recruiting team in making recruiting strategies on the basis of real-time data. Furthermore, it facilitates talent management and comes with various tools useful for improving managing, developing, and rewarding employees. Workday consists of various functions such as goal management, performance management, succession planning, and career and development planning. Moreover, it also helps companies in managing their plans to meet their unique business requirements. To further know about its features, one can visit Workday Online Training.
Apart from these, given below are some of the features of Workday.
- Payroll- Workday is also useful in making multiple payroll calculations and performing batch calculations. Furthermore, it is capable of integrating with various third-party payroll providers.
- Time Tracking- It facilitates time tracking and allows employees to track their time, whether they clock in and out using a desktop, tablet, or mobile device.
- Big Data Analytics- It uses Big Data Analytics to connect Workday data with multiple non-Workday data sources. This approach facilitates an even better understanding of the big picture.
Companies that use Workday
Workday provides an Easy-to-Use Employee Enrollment Experience and provides employees with easy access to information. It offers employees with streamlined employee enrollment workflow that mimics familiar consumer websites. In addition, it makes administration simple and provides companies with everything necessary to better handle the cost of their benefits programs. Workday provides comprehensive coverage and allows you to design benefits strategies and plans to provide for your employees in any location. Furthermore, it provides you with flexibility and control and allows you to update your plans with effective-date modifications. Due to these reasons, various leading companies use this software solution to manage and organize their workforce more effectively. Thus, creating multiple career opportunities in it. Many institutes provide Workday Online Training in India and one can enroll in them to learn this software tool & start a career in it. Given below are some of these leading brands that use Workday.
- Bank of America
- Adobe
- Microsoft
- Flex
- Abbott
- Target
- Airbnb
- Hewlett Packard Enterprise
- IHG
- The Ohio State University
Conclusion
Workday is an HCM, ERP, and financial management tool that provides various features for managing & organizing the workforce. It provides an easy-to-use enrollment experience and makes administration simple. Furthermore, it helps companies in handling the cost of their benefits programs.
