Everything You Need to Know About Workday Payroll Management
Many companies are turning to Workday Payroll because payroll is one of the most complex and manually-intensive processes for organizations. Workday Payroll is one of the most popular applications in the Workday HCM suite. And for good reason!
The only way to become more efficient with payroll is to streamline the process and bring it into the digital age.
Workday Payroll is a Cloud-based payroll management system. It creates a unified system with HR, employees, payroll, and payroll partners.
If you’re ready to transform your business on many fronts, keep reading.
In this article, we’ll discuss:
- What Workday Payroll does;
- Its many benefits for your company;
- How an expert third-party partner can make the transition to Workday Payroll as smooth as possible;
- And more.
Workday says its customers reduce payroll cycle times by an average of 69%. That’s huge!
Learn more about how you can see those kinds of efficiency improvements below.
How to Master Workday and Streamline Payroll Processes
Workday Payroll has many benefits. Before we dive into them, let’s talk about what this solution does for your organization.
Payroll is constantly evolving, from workforce expectations to compliance and legal obligations.
Some of the processes Workday Payroll handles include:
- HR transactions;
- Audits;
- Payroll processing;
- A mobile-first workforce experience;
- Visibility and collaboration throughout the organization;
- Segmentation to meet organizational needs;
- Automatic tax updates;
- And more.
And that’s just a high-level, tip-of-the-iceberg look at what this robust and comprehensive solution can do.
So, what does Workday Payroll do for your organization specifically?
Workday Payroll Management Will Transform Your Business
If you’re using Workday already, you’re ahead of the game.
If you implement Workday Payroll management, one of Workday’s most powerful offerings, you’ll move from the paper trail to the modern age.
What does this solution do?
At its core, the software improves payroll efficiency by an average of 69%.
Imagine what your company could do with so much extra time.
Some of its core capabilities include:
- Flexibility, control, and automation to ensure people are paid on time, every time.
- Eliminating the need for mandatory ERP vendor updates that are pricey and time-consuming.
- Complete data control for all employees and all periods.
- Predefined reports to establish a baseline for future endeavors.
- The ability to develop specific criteria based on earnings and deductions.
Essentially, Workday provides end-to-end payroll processing. It seamlessly integrates with other Workday modules. This allows organizations to automate tedious, error-prone tasks and ensure accuracy.
Why does speed and accuracy matter? Efficiency:
- Improves employee satisfaction;
- Ensures compliance with relevant laws and regulations;
- Increases your organization’s ROI with Workday;
- Drives productivity and growth;
- And more.
Between overtime, Flex Time, travel expenses, paid leave, special circumstances (etc.), Workday Payroll makes your company’s payroll processes accurate, flexible, and efficient.
The Top 6 Benefits of Workday Payroll Management
Payroll efficiency is a huge focus for many companies. As organizations adopt streamlined, digital processes, they give themselves a competitive advantage.
Workday Payroll is a one-stop payroll shop.
Companies can maximize their investment in Human Capital Management with this Cloud-based solution. Reducing payroll processing time and improving payroll accuracy has never been easier.
Two major benefits of Workday Payroll include:
- Employees can access their payroll records from anywhere via any Internet-capable device.
- Organizations can perform comprehensive audits over any length of time for insights into a leaner future.
Keep reading to discover other ways this payroll management system could support your organization’s growth.
1. Fewer Manual Errors and More Time Saved
With a powerful payroll calculation engine, Workday Payroll can handle many complex tax rules, payroll processes, deductions, and more.
2. Increased Employee Satisfaction
Today’s workforce has higher expectations than decades past for how things like payroll are handled. Employee self-serve functionalities and visibility can improve employee happiness and job satisfaction.
3. An Easier Time Meeting Reporting and Organizational Needs
Customization and increasing configuration capabilities help organizations meet their reporting and organization needs.
4. Customization Options to Meet Your Business’s Specific Needs
Every organization is different, so it makes sense that every organization’s needs will be different. Workday’s payroll system provides real-time customization options to make Workday work for you.
5. Greater Security Over Personal Information
This is an important one for many organizations. Storing important personal financial information requires stringent security and compliance measures. Workday prides itself on this.
6. Increased Visibility and Collaboration Across the Organization
An efficient payroll process is a transparent and collaborative one. With real-time data and reporting, plus increased visibility across other Workday modules, organizations can streamline the payroll process.
If you’re curious about Workday Payroll Management, now is the time to go for it. With a trusted partner, you can start optimizing payroll efficiency.
Continue reading to learn how ERPA’s Workday team can help you with Workday implementation. You’ll be able to meet payroll needs as they come up and solve problems before they become problems.
Partner With ERPA’s Workday Implementation and Management Experts
Find out if Workday Payroll Management is the right next step for your company. As organizations grow and change, legacy systems no longer meet their needs.
The logical next step for your business is to upgrade and integrate those systems with modern technology like Workday.
A trusted partner like ERPA can help you with many aspects of implementing and managing Workday Payroll, including:
- Finding and fixing issues quickly;
- Collaborating with and understanding what users need to manage and access payroll smoothly;
- A robust set of technical Workday skills;
- And more.
Implementing a new payroll system is a big deal, and with the help of the ERPA Workday team, your company will be able to:
- Create a customized plan to meet your payroll needs.
- Test, test, and test some more to ensure everything runs optimally.
- Learn to navigate the aspects of Workday Payroll that support your business objectives.
- Discover insights into making your payroll processes more efficient.
Now, you can upgrade your payroll processing and adjust it to the level of support you need.
Workday Payroll is a no-brainer for companies ready to move into the 21st century. Modern technology adoption provides a real competitive advantage. If your organization is ready to improve payroll speed and accuracy by a huge percentage, contact the ERPA Workday team today!
