Steve Goldberg's Analyst Perspectives

Workday Excels in Total Compensation Management Value Index

Posted by Steve Goldberg on Apr 13, 2020 3:00:00 AM

Here are some insights on Workday drawn from our latest Value Index research, which provides an analytic assessment of how well total compensation management 1-9vendors’ offerings address buyers’ requirements. The Ventana Research Value Index on Total Compensation Management 2020 is the distillation of a year of market and product research efforts by Ventana Research. We evaluated Workday and six other vendors in seven categories, five product-related (adaptability, capability, manageability, reliability and usability) and two concerning the vendor (TCO/ROI and vendor validation). To arrive at the Value Index rating for a given vendor, we weighted each of the seven categories to reflect its relative importance in an RFP process, with the weightings based on data derived from our benchmark research on total compensation.

Workday provides total compensationVentana_Research_Value_Index_Total_Compensation_Management_2020_Workday_200127 management via its Human Capital Management platform; it ranks second in this Value Index. The vendor is a Value Index Leader overall and in all five Product categories, Usability, Manageability, Reliability, Capability and Adaptability. The product does an excellent job aligning compensation with business strategy and providing visibility throughout the entire compensation planning process.

Workday Compensation performs well in the Capability and Adaptability categories because customers can manage very complex compensation plans and packages with minimal IT support. The product enables a range of analyses, such as determining the cost of adjusting salaries, managing different grade structures and job levels across geographies and configuring eligibility rules based on job profiles and other talent profile data. The product also can automatically trigger plan applicability or individual package changes based on a change in worker status and employees can see their total compensation on an array of devices at any time.

The vendor would have performed better in the TCO/ROI category with stronger business case and ROI support tools to help potential customers understand the value of an investment. Performance in the Capability category was strong but would improve further if users could immediately bring compensation history into the decision process. Support for seeing compensation progression over time is a critical guidepost to determining salaries and bonuses and ensuring top employees stay with the organization.

This research-based index is the most comprehensive assessment of the value of total compensation management software in the industry. You can learn more about our Value Index as an effective vendor selection and RFI/RFP tool here. Participating vendors can learn more about how to use the Value Index here.

Regards,
Steve Goldberg

Topics: Human Capital Management, Total Compensation Management

Steve Goldberg

Written by Steve Goldberg

Steve is responsible for the Human Capital Management (HCM) research and advisory services practice. He guides HR and business leaders in leveraging their workforce for competitive advantage. He guides HCM technology vendors on the market of buyers and where their applications and technology can have maximum impact. Steve's uniquely diverse HCM experience spans over 30 years, including HR process and HCM systems practitioner leadership roles, heading up product strategy for one of the most respected HCM application vendors, and operating his own global advisory practice. His expertise areas of coverage include HRMS, Talent Management and Workforce Management, with specialized focus on recruiting, learning, performance, compensation and payroll. Prior to joining Ventana Research, Steve worked as a corporate VP in HR at UBS/Swiss Bank Corporation and Huizenga Holdings, product strategy leader at PeopleSoft and Unicru, and was also VP and Research Director at Bersin & Associates. Over 35,000 HR professionals and business executives have been informed by one of Steve's presentations on HCM, or have read his published work. Steve holds an MBA in Human Resource Management from University of Buffalo School of Management and a BBA in Industrial Psychology from The City University of New York.