When the credit reporting bureau, Equifax, was gearing up to expand its information database, they were stuck by an unlikely roadblock—an outdated legacy system that proved incapable of providing accurate information about its workforce. In addition to difficulties in accessing data, the legacy system was also preventing Equifax from realizing its goal of being a globally unified company. This led the credit rating behemoth to look for a solution that integrated HR and payroll in a fast and efficient manner, at the same time, made the unified data available and easily accessible globally.
Enter Workday, Inc.
Armed with a single system that integrates and syncs HR, payroll, and employee time, this Pleasanton, CA-based financial management and human capital management (HCM) software vendor utilizes automation and cloud technology to simplify the payroll process. With interesting features like continuous payroll processing, retro payroll processing, smart audit, built-in reporting and analytics, integrated HR and payroll transactions, Workday is making payroll more efficient and intelligent while managing compliance and monitoring tax updates. Additionally, Workday also provides payroll partners to help organizations customize their payroll processes.
With Workday’s HCM and payroll applications, Equifax not only managed to reduce its payroll processing time from 1.5 hours to mere minutes but also got a single global force for accurate workforce information. Further, by combining actionable HR reporting, Workday ensured better decision-making and centralized global reporting for Equifax, leading to boosts in productivity and profits.
This is but one of the instances. Workday is similarly addressing every organization’s unique payroll needs with its payroll management solution. The solution’s full spectrum of enterprise payroll tasks from recruitment to retirement, and provides the much-needed flexibility, control, and insight for firms looking to boost their payroll processing efficiency.
These features also let the company employees easily access payslips, benefits, and resignation information and apply for leaves on a single self-service browser and mobile application.
More importantly, the solution allows organizations to seamlessly conduct financial management tasks, like previewing journal forms in real-time and posting them to the general ledger (GL). Its continuous calculation engine ensures a constantly up-to-date payroll system while allowing organizations to configure their accumulations, balances, and balance periods according to their accounting and reporting needs. In addition, its inbuilt analytics engine comes with actionable insights and instantly retrievable payroll data that help companies run reports and conduct smart audits on the entire payroll, allowing them complete control over payroll processing.
Right now, Workday’s payroll management solution primarily offers its services to clients in the U.S., Canada, the UK, and France. However, with Workday’s Global Payroll Cloud Partner Program, the company easily provides other payroll solution vendors operating in different countries to integrate with Workday’s payroll and HCM capabilities seamlessly. Workday’s secure, certified third-party payroll partner integrations unify global payroll reporting, ensure centralized global reporting, lead to better decision-making, and deliver a consistent, end-to-end experience—making work easier for both employees and payroll administrators.
Hence, it comes as no surprise that Workday has gradually differentiated itself in the market today through its rapid innovations, time-saving intelligent automation, intuitive insights, and the flexibility to adapt to evolving industry requirements. Today, with 12,500 employees and a client base spanning more than 100 countries, Workday has indeed come a long way. And with new developments on the finance and HCM horizon, Workday is set to continue its robust streak in being a leading provider of innovative.