Workday Review - Features, Pricing & Deals

Workday is a cloud-based software platform that helps organizations manage their workforce, finances, and business processes. The system combines Human Capital Management (HCM), Enterprise Resource Planning (ERP), and Financial Management into one unified solution.

Organizations use Workday to handle essential tasks like employee onboarding, payroll processing, and financial planning. The platform's real-time analytics enable quick decision-making, while its automated features streamline routine HR and financial operations.

The software works well for both mid-size companies and large enterprises, thanks to its flexible design. Users can access their data anywhere through the cloud-based interface, which updates instantly across all devices. The system adapts to match each organization's specific needs, from basic HR management to complex financial operations.

While pricing varies based on company size and needed features, Workday typically charges per employee per month. Small businesses can expect to pay around $100,000 annually, while larger organizations may pay more depending on their chosen modules and implementation needs.

Founded in 2005, the platform has grown to serve thousands of organizations worldwide. Its focus on integrating artificial intelligence helps companies automate routine tasks and analyze data more effectively. The system also offers strong security features to protect sensitive business information.

• Human Capital Management (HCM): Streamlines workforce management with automated onboarding, comprehensive talent tracking, performance evaluations, and benefits administration for seamless employee lifecycle management.
• Financial Management: Provides robust accounting tools, revenue tracking, procurement management, and advanced budgeting capabilities to help organizations make data-driven financial decisions.
• Enterprise Resource Planning: Integrates supply chain, project management, and professional services automation to optimize business operations and resource allocation.
• Real-time Analytics: Delivers instant insights through customizable reports, benchmark comparisons, and dynamic dashboards that support strategic decision-making.
• Global Payroll Processing: Automates payroll calculations, tax management, and compliance reporting across multiple countries and organizational structures.
• Secure System Integration: Offers flexible APIs and a unified security model that connects seamlessly with existing enterprise systems while protecting sensitive organizational data.
• Organizational Management: Enables dynamic org charting, modeling organizational changes, and supporting complex workforce structures with remarkable flexibility.

• Subscription fees are typically calculated at around $99 per person per month for organizations in 2024.
• Pricing depends on specific modules used, including HCM and Finance, with costs varying by number of users and selected features.
• Implementation fees can be as high as 100% of annual software fees, potentially matching the total annual subscription cost.
• Annual cost for small businesses starts around $100,000, with no minimum annual contract value requirement.
• Pricing is higher compared to competitors like UKG Pro ($26-$37 per employee per month) and ADP Workforce Now ($19-$28 per employee per month).

Implementation complexity varies based on your company size and needs. For small businesses, setup typically takes 4-6 months, while larger enterprises might need 6-12 months. You'll need a dedicated team to handle data migration, customize workflows, and train employees. Many companies hire a certified Workday implementation partner to guide the process. The good news is that as a cloud-based system, Workday doesn't require hardware installation or complex IT infrastructure on your end.

Yes, Workday works well with most systems through its standard integration tools. It connects to popular payroll providers, benefits systems, time tracking software, and recruitment platforms. The system uses web services, APIs, and pre-built connectors to make this happen. You can also create custom integrations if needed. Keep in mind that complex integrations might add time and cost to your implementation. It's worth checking if your current systems are among Workday's common integration partners before starting.

Workday has become more accessible for smaller companies in recent years. They've removed their previous $250,000 minimum contract value, making the platform available to mid-sized businesses. Small companies can expect to pay around $100,000 annually. That said, Workday still works best for organizations with at least 200 employees due to its comprehensive features and cost structure. Smaller businesses might find more value in platforms specifically designed for their size, which often cost less and require simpler setup.

Most employees find Workday fairly easy to use after a short learning period. The interface is clean and works well on both computers and mobile devices. Common tasks like updating personal information, requesting time off, and viewing pay stubs are straightforward. The mobile app lets employees handle these tasks on the go. However, some users report that advanced features and reporting tools can be tricky to master without proper training. Your company should plan for initial training sessions to help everyone get comfortable with the system.

Workday provides several support options based on your subscription level. All customers get access to their support portal with documentation, how-to guides, and community forums. They also offer phone and email support for technical issues. Workday releases two major updates yearly, and they'll notify you about these changes in advance. For the best experience, many companies assign internal "Workday champions" who receive extra training and can help other employees. Support response times are generally good but can vary during peak periods.