Steve Goldberg's Analyst Perspectives

Workday is Reliable and Adaptable to Payroll Needs

Posted by Steve Goldberg on Apr 6, 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 payroll software vendor offerings VentanaResearch_PayrollSoftware_ValueIndex-Reliabilityaddress buyers’ requirements. The Ventana Research Value Index on Payroll Software 2020 is the distillation of a year of market and product research efforts by Ventana Research. We evaluated Workday and seven 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 payroll software.

Workday provides payroll Ventana_Research_Value_Index_Payroll_Software_2019_Workday_191119management via its Human Capital Management platform and ranks seventh in this Value Index. The vendor is a Value Index Leader in both Reliability and Adaptability.

Using a one-platform strategy, Workday offers capabilities that extend into financial management, which helps minimize errors and integration overhead related to human resources and payroll while enabling richer data analyses. The vendor provides robust and actionable analytics and its command center makes it easy to move quickly from a payroll issue to root-cause analysis and action. The command center also makes it easy to oversee pay cycle progress and compliance updates. Workday takes advantage of AI and machine learning to better streamline processing and provide insights, including guidance on the best time to run an audit based on transaction volumes and machine resources.

Workday leads the market in terms of providing business insights and mitigating operational risks but lags behind some competitors in pay-on-demand and pay cards. The vendor says it soon will provide the ability to schedule multiple pay calculations on a single run, but other products have featured this for some time. In addition, while the product is comprehensive it is also complex and deployments could be easier to manage. Workday’s TCO/ROI rating would also improve with more case studies and better business case support specific to its payroll software offering.

Since our Value Index analysis, Workday has added new features to its Payroll product to enhance the paycheck experience for all workers — including contingent, gig and freelance workers — by enabling them to access information and view paychecks not produced by Workday.

This research-based index is the most comprehensive assessment of the value of payroll 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, Learning Management, Workforce Management, candidate engagement, Continuous Payroll, total rewards 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.