Workday is a cloud-based human resources (HR) software designed to help execute core tasks, like candidate management, employee training, and payroll. Its features include performance and benefits management, onboarding, and employee database. Estimate pricing based on third-party sites ranges from $100-$200 per employee for a minimum three-year contract. It is best for medium and large enterprises.
Workday Pros and Cons
Consolidated system for HR management
More expensive compared to its competitors
Robust functionalities streamlining HR workflows
Has a steep learning curve
Suitable for global large-scale businesses across various industries
Limited customer support
Who Workday Is Best For
- Businesses in the financial industry: A single system for finance, HR, planning, and analytics can gain real-time strategic insights, minimize risk, stay on top of regulatory standards, and adapt to market demands quickly.
- Retail businesses: Workday lets managers access worker and financial performance information at any location—on any device—to make decisions faster. Businesses gain operational efficiencies to free up time for enhanced customer service.
The Workday pricing scheme isn’t published on its website. According to a third-party site, its prices start at $100 to $200 per employee for a minimum three-year contract. Workday charges based on the number of modules and users on the platform.
Businesses (with less than 100 employees) that want integrated and simple-to-use HR, benefits, and payroll tools
Small to midsize businesses looking for a single platform to manage HR, employee attendance, benefits, and payroll
Businesses that need user-friendly employee scheduling and time tracking solutions
Companies that want a dedicated HR manager to help craft HR policy and maintain compliance
Businesses that require customizable payroll tools and reports
Workday features are designed to help businesses execute human resources and workforce management tasks. Here is a deeper explanation of Workday’s most important features.
Human Capital Management
Workday’s Human Capital Management (HCM) provides solutions for human resource management, global compliance, workforce planning, recruiting, talent management, audit, and learning. It also integrates compensation and benefits, payroll management, time and absence, and expenses into a single platform.
Its Adaptive Insights Business Planning Cloud equips businesses for planning, execution, and analysis across the enterprise. Its in-memory engine, Elastic Hypercube Technology, enables businesses to model as many scenarios without sacrificing performance.
Financial Planning and Management
Business accounting, consolidation, procurement, projects, reporting, and analytics are combined into one financial management system.
People Analytics identifies key metrics and their causative factors to help quickly understand and act on critical trends in the workforce.
Most Helpful Workday Reviews
Most Workday reviews available online are positive, with a majority of users saying that it is a secure and solid system to streamline their company’s HR and workforce management systems.
Suitable for global businesses of all sizes
“Workday is a cloud-based enterprise resource management (ERP) suite suitable for global businesses of all sizes in a variety of industry verticals. Workday delivers user and administrative tools across financials, HR, planning, talent, payroll, analytics, student and more from a single system.”
— Kanvi Patel
Workday is not easily customizable
“Software is not easily customizable. There are several things that have to be in place, including steps of the hiring process. Depending on what types of positions that you are hiring for, not every step in the hiring process will be used.”
— Leah Waud, SHRM-CP
Workday Frequently Asked Questions (FAQs)
What types of customer support does Workday provide?
Workday offers customer support through the following: email, phone, and live chat. For companies that need help logging into their accounts, updating information, or accessing documents, communications should be done with its HR or information technology (IT) department. Due to its security policy, Workday is unable to provide direct assistance with account requests.
How does Workday provide education and training to its users?
Workday provides users with education and training in several ways, such as virtual and in-classroom sessions, downloadable kits, and more.
What industries are known to benefit from Workday services?
The following industries are known to benefit from Workday services: communications, energy and resources, financial services, government, healthcare, higher education, hospitality, insurance, K-12, life sciences, manufacturing, media and entertainment, nonprofit, professional and business services, retail, and technology.
Top HR Software Picks From Fit Small Business
If you aren’t sure if Workday is right for you, this article on the 7 Best HR Software for Small Business is a review of our top choices. Our team compared our top HR software recommendations based on affordability, ease of use, and available features, such as onboarding, Patient Protection and Affordable Care Act (ACA)-compliant benefits, payroll processing, and time off/leave management.