What is Workday HCM Core?

1. Foundation of HR Operations: Workday Human Capital Management (HCM) Core acts as the central hub for all your human resources data and processes. It provides a single, unified system to manage your entire workforce.
2. Object-Oriented Design: At its heart, Workday uses an object-oriented data model. This means that instead of information being locked in tables like traditional HR systems, information (like employee data) exists as an “object.” These objects are flexible, adaptable, and easily connected to other areas of the system.
3. Configurability: Workday HCM is designed to be incredibly configurable. You can adjust the system to align with your company’s unique processes and terminology without costly customizations.

Key Components of Workday HCM Core

1. Global Workforce Management:
   1. Organizational Structures: Easily build and maintain your company’s hierarchy, departments, and locations, as well as track supervisory relationships.
   2. Staffing Models: Define positions, job profiles, compensation structures, and manage headcount.
   3. Talent & Performance: Track employee goals, manage performance reviews, handle compensation adjustments, and facilitate succession planning.
   4. Time & Absence: Set up policies for time-off tracking, accruals, and absence requests.
2. Payroll:
   1. Calculations: Handles payroll calculations, deductions, tax filings, and supports multiple countries and regions.
   2. Integration: Can integrate with external payroll providers if your organization chooses not to use Workday’s built-in option.
3. Recruiting:
   1. Job Requisitions and Postings: Create, manage, and post open positions.
   2. Candidate Tracking: Follow the progress of candidates through recruitment stages.
   3. Offers and Onboarding: Facilitate offer letters and manage onboarding activities for new hires.
4. Benefits:
   1. Flexible Enrollment Plans: Set up benefit plans, manage open enrollment, and track dependent information.
5. Reporting and Analytics:
   1. Built-in Reporting: Generate insightful reports with pre-built analytics tools
   2. Custom Reports: Build your own detailed reports and dashboards.

Why is Workday HCM Core Valuable?

1. Cloud-Based System: Offers a scalable, accessible, and secure solution with regular updates and new functionality.
2. Single Source of Truth: Eliminates the need for multiple, disparate HR systems, creating consistency and simplifying HR processes.
3. User-Friendly Experience: Provides a modern, intuitive interface that enhances HR team efficiency and drives employee self-service.
4. Data Agility: The object-oriented model facilitates rapid changes and better reporting on workforce information.
5. Skills-Based Approach: Workday Skills Cloud (an AI-powered layer) helps identify skills across your organization, making it easier to match employees to projects and opportunities, facilitating internal mobility.