Workday delivers first wave of Insight Applications; Professional Services Suite
Workday Talent Insights is the first application available as part of Workday Insight Applications, a product suite that applies data science and machine learning methods to help customers make smarter financial and people management decisions. With Workday Talent Insights, customers can confidently tackle talent-related challenges such as identifying a top performer at risk of leaving the company or pinpointing issues with hiring initiatives that could impact business performance.
Workday PSA blends Workday Financial Management and Workday Human Capital Management (HCM) functionality to set a new standard in professional services automation for organisations that manage client-facing billable projects. With Workday PSA, customers can optimise project performance with one system that delivers insights and analytics regarding people, revenue, spend, and profitability.
Insights for smarter people management decisions
Last fall, Workday unveiled its vision for the next phase of enterprise applications built on an intelligent technology foundation that equips customers with insights, predictions, and recommendations to solve complex business problems. The focal point of this vision is Workday Insight Applications, a suite of applications that Workday is designing with input from a diverse group of customers including 3M, Broward College, Dell, and Ryan.
The first Workday Insight Application – Workday Talent Insights – complements and extends the people management capabilities in Workday HCM, equipping customers with:
Predictive insights to prevent retention problems
As competition for talent rises across industries, organisations are seeking better ways to identify and retain top performers in the near-term as well as make broader changes to reduce voluntary terminations over time. With this in mind, Workday has delivered Retention Risk Analysis, which uncovers trends in historical data about turnover in order to yield predictive insights that help decision-makers analyse, answer, and act on questions.
With an interactive dashboard, customers can quickly identify and understand retention risk for the entire organisation or a specific department, including the number of top performers at a high risk of leaving in the next year and the projected cost to replace them. Additionally, they can identify the top risk factors unique to their organisation or department – such as time in current job function, number of locations, number of job functions held, or time between promotions. They can also pinpoint which departments, job types, or teams are at the highest risk across the organisation.
Scorecards to track, collaborate, and take action on metrics that matter
Scorecards arm decision-makers with interactive snapshots of the metrics they depend on to understand how workforce and organisational performance are impacting business goals. With Workday’s configurable framework, customers can personalise scorecards to any key performance indicator or business initiative for anyone in the organisation. For example, to measure company growth initiatives, an executive may want daily alerts on progress of headcount plans. At-a-glance and on any device, he or she can view what’s on track, at risk, or underperforming, and then take action right within Workday.
Scorecards are also collaborative, shortening time from insight to action. For example, if a company is not making its headcount plan, an HR manager can drill down to understand the context. Then, when sharing the scorecard with an executive, he or she can add comments or suggest the executive take action, such as closing out requisitions to meet headcount plan, all within Workday.
An intelligent foundation that learns over time
Customers are also able totake advantage of intelligent features and functionality across Workday Talent Insights, including tools to easily tap and combine multiple structured and unstructured data sources with Workday data. Additionally, Workday Talent Insights have adaptive capabilities that learn from new actions taken and new data introduced, improving the relevancy and accuracy of insights, predictions, and recommendations over time. This functionality is powered by SYMAN, Workday’s intelligent information engine that automatically maps, classifies, and normalises similar definitions across multiple sources and structures of data.
A professional services suite that puts people first
Professional services organisations face intense pressure as attrition continues to rise in industries where people are the main revenue engine of the business. Recruiting and retaining the best talent is just the first step, as firms also must ensure clients are satisfied and margins are healthy. Unfortunately, many have relied on a patchwork of solutions that operate in silos, which can lead to poor operational visibility, subpar resource allocation, revenue leakage, and loss of their most valuable resource – people.
Workday PSA unifies people management, project and resource management, time and expense tracking, revenue and cost management, and reporting and analytics in one global system that enables professional services organisations to:
Optimise people management
With Workday HCM, the entire organisation can collaborate to recruit, staff, develop, and retain talent. For example, to staff a new client team, resource and project managers can easily search through internal talent pools, including full-time and contingent workers, to find people with the availability, skills, and competencies for the role. If external candidates are needed, they can use Workday Recruiting to open a job requisition and begin the hiring process. Additionally, to increase employee engagement and retention, service directors can develop clear career paths for top performers that align employee goals with those of their clients and company.
Accurately forecast resources and plan projects
Embedded analytics and reporting across Workday PSA enables organisations to improve resource utilisation and project profitability. For example, project or portfolio managers can drill down into resource utilisation reports to make sure they are maximising the time billable employees spend on revenue-generating projects. Additionally, a resource manager can view a resource demand report to better understand incoming work and then easily find and staff workers accordingly right within a project plan. They can also optimise project work by running scenario models to predict the effects of adding an employee to a project or dividing a work plan into phases, tasks, and milestones.
Streamline financial aspects of the business
With Workday Financial Management, finance teams can support the unique billing, revenue recognition, and financial reporting needs for each client or project. For example, finance specialists can automate project billing to support complex rates and rules as client needs and business demands evolve. Additionally, with Workday’s flexible project billing, they can invoice customers based on a variety of factors such as project type, customer size, region, or local currency. With live data on project status and costs, they can speed up project accounting and accurately bill customers as time and costs are incurred.
Run projects on the road and in the moment
Workday PSA empowers a mobile workforce to access insights and take action when and where the business requires. For example, an employee can snap a photo and submit an expense receipt on a mobile phone or turn in a timesheet on a tablet. Additionally, a project manager can run the business from the road with mobile capabilities to quickly view a project’s progress, take action on tasks awaiting their completion, or communicate with the team on next steps in the project plan.
Comments on the news
“Today’s most successful businesses are built around people. They are a company’s most valuable asset and competitive edge, which is why Workday is committed to delivering a smarter system that equips our customers to hire, engage, and retain the best,” said Leighanne Levensaler, senior vice president, products, Workday. “With Workday Talent Insights and Workday Professional Services Automation, we are delivering on that commitment – helping our customers replace instinct with insights to improve how they manage people, run client teams, and collectively, drive the business forward.”
Workday Talent Insights and Workday PSA are available now as part of the company’s latest release, Workday 24.
Please visit the Workday blog for additional perspective about Workday Talent Insights and Workday Professional Services Automation (PSA):
· 4 Questions on Tackling Retention Problems with Workday Talent Insights from Leighanne Levensaler, senior vice president of products, Workday, and Dan Beck, senior vice president of tools products, Workday
· 5 Questions on Workday Professional Services Automation from Betsy Bland, vice president of financial management products, Workday