Objective:
In this article, we are going to discuss the methods to improve HCM reporting in Workday.
Introduction:
From the beginning, the purpose of Workday is to bring Human Capital and a unified Finance platform to the customers to help them in managing their businesses in a better way.
In the companies where we worked in the initial days of the automated financial reporting systems, Workday Finance and Human Resource were a mystery to each other. They were not interested in erecting the company’s barriers and sharing the information that may foster isolation. Every requirement for the information or data from one function to another function can create some extra burden for the department offering the information because we aggregated, extracted, and analyzed information on the spreadsheets. It was referred to as the laborious process that took many weeks.
The disruption of Workday had made all that when they created the Financial cloud system, which was integrated with the HCM. The object-based architecture, in-memory, composite reporting, and a unified code base make it possible for using business intelligence which was unavailable without the systems of expensive BI.
What is Workday HCM?
Workday HCM is known to be the system of cloud-based Human Resource Management software that can unify a wide range of HR functionality into a unique system. The software offers talent management, benefits, time tracking, payroll, Workforce recruiting, and planning.
Workday Human Capital Management (HCM) enables organizations to design and implement various compensation plans within a single company to administer Canadian and US payroll and use big data analytics for HR reporting and research.
Workday talent management analytics can enable HR to identify the areas in the organization where there are some gaps between the capacity of the Workforce that is required and the ability to fill the gaps. These types of analytics tie together the talent pools of succession, recruiting the internal employee and pipeline movements to stay on the Workforce track goals.
The product of Workday includes retention recommendations in the talent insights application. These prescribe coaching, promotions, and other moves that the organization can make to retain valuable employees. Also, it pinpoints the employees are likely to leave the organization. Also, Workday features a learning module that is available for the subscription fee. This type of module can recognize employees and offer them the experiences of personalized learning. The learning software will also know an individual’s job, location, positions’ applications, and career interests.
Four recommendations: This functionality also places analytics and reporting in your hands. The below four recommendations help you to get the most from the Workday Composite Reporting.
- Upskill your Staff
- Use Work tags
- Reach Across Boundaries
- Customize your Reports
1. Upskill your Staff: You are not required to hire a data scientists team for getting actionable business intelligence out of Workday. A person with the aptitude in pivot tables, spreadsheet formulas, and pivot charts will become adept at the Workday Composite Reporting mechanics in a short while. Take advantage of the three-day Composite Reporting training for Workday.
Also, outsourcing the development of the report is an option. Your analytics consultant or implementation partner can help you as the user builds the ability over the short term.
Most of the value that a user gets out of Workday reporting often lies in asking the best questions. In our experience, most of these data or information requirements are related to the impact of projects, HCM programs, and learning activities on the business results. Building results like increased sales per employee as the result of a sales training program is very simple. In some cases, the user can use indirect results such as customer engagement, revenue per employee, or cost per incident.
If you have already reached out across your company, then congratulations on knowing the questions to ask. Suppose you have not reached out to the leaders responsible for your organization’s key performance indicators will pay off in knowing how few other business functions perceive the results of the business.
2. Use Work tags: Financial systems are established on the Accounts chart: a list of every liability, asset, revenue, equity, and expense. The main purpose of work tags is to enforce the structure of the transactions in making it possible in order to automate the journal entries. It is known to be a rigid structure, expensive and time-consuming, and in legacy ERP systems in adapting to the changing requirements of the business. They can also give the user flexibility that doesn’t exist in traditional platforms.
The tagging is not new. We have been working with the ERP clients since the mid-90s by using the flex fields in adding the descriptors to the accounts and transactions. Many companies found them very useful, but they can be very inflexible. The expense and time of bringing them into the reporting infrastructure prevent the clients from using their potential.
Flexibility is what makes the difference and the ease of bringing them into the reports. Project, program, and learning activity in Worktags can help the user show the financial impact of the HCM initiatives for cutting the guesswork.
3. Reach Across Boundaries: The unified code base of Workday and then composite reporting have removed the structural obstacles to sharing internal information. Still, if your company has policy barriers in place, then it might be time to reexamine all of them. If your present security settings prevent you from analyzing the company’s productivity and the performance measures affected by HCM initiatives and programs, it will be worth all the effort. It is best to work with Finance in bringing the walls down such that you can analyze the program’s impact.
4. Customize your Reports: Workday offers several Standard Reports. They are very useful, but we often recommend the user to use them as the templates in building their own.
Initially, you can’t use the standard reports in the web services to share the data with other applications. You must copy them into the custom reports and must enable the web services. They will be available for data integration, but the web series can enforce the validation that the reports are very stable.
Next, the user and his staff will find extra capabilities such as your skills growing and calculated fields to be useful; also, your reports can also grow with you.
The composite reporting of Workday has brought some new dimensions to the reporting of Human Capital Management. We all hope that we helped the user to make the most of it.
Conclusion:
Hope this article helps you to know the ways to improve HCM reporting in Workday. Still, if you have any queries regarding Workday HCM, please get in touch with Gologica or call 82969 60414.