Workday

• Broader Scope: Workday is a comprehensive cloud-based enterprise resource planning (ERP) software suite. It encompasses various business functions, with two key modules:
• Workday Financial Management: Handles financial processes like accounting, planning, procurement, and reporting.
• Workday Human Capital Management (HCM): Focuses on human resources-related tasks and processes.

Workday HCM

• Specific Focus: Workday HCM is a specific module within the larger Workday suite, dedicated entirely to human capital management. Its core features include:
• Talent Management: Recruiting, onboarding, performance management, goal setting, etc.
• Compensation: Payroll management, benefits, salary planning.
• Workforce Planning: Analytics, workforce modeling, headcount management, succession planning.
• Time and Absence Tracking: Recording and managing time off, attendance, and scheduling.

Key Points

• HCM is a component of Workday: Think of Workday as the umbrella, with Workday HCM being a major part of it.
• Choosing the right fit: Organizations needing only human resources solutions would primarily use Workday HCM. Those requiring full-scale ERP functionality (including Finance) would implement the entire Workday suite.