What is Workday HCM Benefits?

Workday HCM Benefits is a key part of the Workday Human Capital Management (HCM) suite. It’s a cloud-based solution that helps businesses manage the complete lifecycle of employee benefits, streamlining processes and improving the overall user experience for both HR professionals and employees.

Key Features

1. Wide Range of Benefits Plans:  Manage all kinds of plans within a single system, including:
1. Medical, dental, and vision insurance
2. Life insurance and disability coverage
3. Flexible spending accounts (FSAs)
4. Retirement plans (401(k), etc.)
5. Commuter benefits
6. Wellness programs
2. Eligibility Rules: Create and automate complex eligibility rules based on various factors like job title, employment status, location, or length of service.
3. Open Enrollment: Offer efficient online self-service open enrollment where employees can choose, compare, and enroll in plans that suit them.
4. Mobile Access: Employees can access benefits information, view selections and costs, and make changes on the go with Workday’s mobile app.
5. Integration with HR: Workday Benefits seamlessly integrates with core Workday HCM functions like payroll, eliminating data redundancy and errors.
6. ACA Compliance: Tools and automation to support compliance with the complexities of the Affordable Care Act (ACA), simplifying reporting and tracking.

Benefits of using Workday HCM Benefits

1. Cost Savings: Reduces administrative overhead by automating tasks and reducing manual errors.
2. Enhanced User Experience: Intuitive interfaces and self-service tools provide a better experience for both HR and employees.
3. Improved Decision Making: Workday’s analytics and reporting insights help HR teams analyze benefits usage, trends, and costs to make informed decisions.
4. Increased Compliance: Simplifies the complexities of ACA and other regulatory compliance.
5. Scalability: Easily adapt and scale benefits plans as your organization grows and needs change.