What is Workday HCM Reporting?

Workday HCM reporting is a set of functionalities within the Workday Human Capital Management system that allow you to extract, analyze, and transform your HR data into actionable insights for better decision-making. Some key benefits:

• Visibility: Delivers information into your workforce composition, compensation, talent flow, diversity and inclusion, and more.
• Data-Driven Decisions: Provides evidence to support HR initiatives, strategy, and resource allocation.
• Compliance: Helps with reporting requirements related to labor laws, diversity standards, and payroll accuracy.

Key Types of Workday Reports

1. Standard Reports: Workday has thousands of pre-built reports on various HR aspects. Examples include headcount reports, compensation analysis, termination trends, and more.
2. Custom Reports: You have the power to create your own reports, tailored to your specific needs and KPIs.
3. Dashboards: Aggregate and visually present multiple reports into a single dashboard for easy monitoring and at-a-glance insights.
4. Discovery Boards: Highly interactive tools that allow for in-depth data exploration, ad-hoc analysis, and visualizations.
5. Worksheets: Similar to spreadsheets, offering calculations and data manipulation within Workday.

Important Workday Reporting Concepts

• Business Objects: These are the basic units of data in Workday, such as ‘Worker‘, ‘Position‘, ‘Cost Center‘. Understanding the relationships between them is crucial for building reports.
• Report Writer: This is Workday’s built-in tool to create custom reports.
• Calculated Fields: Allow you to derive new data points or metrics (e.g., average tenure, turnover rate)
• Security: Control who can view or create specific reports, ensuring data privacy.

Best Practices

• Define Your Needs: Before building a report, clearly identify the questions you want to answer.
• Start Simple: Begin with standard reports and gradually explore more complex options.
• Iterate: Continuously improve and refine reports based on feedback.
• Visualize Insights: Use charts, graphs and dashboards for better communication.
• Prioritize Data Quality: Ensure data integrity in your Workday system for accurate reporting.

Examples of Common Workday HCM Reports

• Headcount Trends: Track changes in workforce size over time, segmented by department, location, etc.
• Compensation Analysis: Compare salaries by job titles, experience levels, and other factors to inform pay structures.
• Diversity and Inclusion: Measure representation across gender, ethnicity, and other demographics.
• Turnover Reports: Identify high turnover areas, analyze reasons for leaving, and inform retention strategies.
• Recruitment Metrics: Monitor the time-to-fill positions, hiring source effectiveness, and bottlenecks in the recruiting process.