What is Workday HCM?

1. Unified Platform: Workday Human Capital Management (HCM) is a cloud-based solution offering a single platform for managing HR, benefits, payroll, time tracking, recruiting, talent management, and more.
2. Specifically Tailored for Healthcare: Workday HCM understands the unique complexities and needs of the healthcare industry. This means the software is designed with healthcare-specific workflows, regulations, and requirements in mind.

Key Features of Workday HCM for Healthcare

1. Workforce Management:
   1. Configurable position management to match complex healthcare organizational structures.
   2. Tracking of certifications, licensure, and other skill requirements for compliance.
   3. Ability to manage a diverse workforce (contingent workers, volunteers, physicians, etc.)
   4. Real-time visibility into labor costs, headcount, and workforce planning.
2. Talent Acquisition and Development:
   1. Streamlined recruiting and onboarding, especially designed to expedite the hiring of vital clinical staff.
   2. Tools for career pathing, succession planning, and internal development of healthcare talent.
   3. Robust learning management system to ensure compliance with training requirements.
3. Financial Management Integration:
   1. Links financial data with workforce data, allowing accurate cost analysis and budgeting around labor
   2. Provides real-time financial insights to support better decision making
4. Compliance:
   1. Helps track licensure and certifications to ensure staff remain compliant.
   2. Maintains HIPAA compliance through security and data management protocols.
5. Analytics and Reporting:
   1. Advanced data analytics to understand workforce trends, predict staffing needs, and identify talent gaps.
   2. Built-in dashboards and reports for critical metrics such as turnover rates, overtime usage, and more.

Benefits for Healthcare Organizations

1. Optimized Workforce Management: Helps healthcare providers manage the complexity of diverse workforce types, ensuring adequate staffing levels while controlling labor costs.
2. Improved Talent Attraction and Retention: Workday simplifies hiring processes and provides tools for development, helping healthcare organizations compete for and retain top talent in a strained market.
3. Enhanced Compliance: Reduces risk by automating compliance monitoring for certifications, licenses, and other critical requirements vital in the healthcare sector.
4. Better Financial Efficiency: Connects financial and workforce data to support data-driven budgeting, cost analysis, and resource allocation.
5. Adaptability: Workday’s configurable system allows healthcare organizations to quickly adjust to changing regulations, new care models, and evolving needs.
6. Enhanced Employee Experience: Centralized tools for self-service and personalized learning improve employee experience and engagement.