The updated human resources software as a service includes features for helping managers track the total cost of employees.
Workday, a provider of ERP software as a service, released an upgrade to its human resources application Monday. With the release of Workday Update 6, the company has extended the definition of human resources management to include analysis tools that help managers evaluate the total cost of each employee to a company.
A new feature called Workday Spend Management lets managers view information that's typically contained only within financials and/or accounts payable systems, such as an employee's business expenses and the cost to equip employees with such things as office supplies, credit cards, and parking passes. The function is intended to give managers more guidance for workforce budgeting or to identify where they can cut costs.
Another feature, called Pay For Performance, is designed to help managers tie employee performance reviews, team performance, and company performance to compensation and provide managers with recommended targets based on specific variables and business results. It includes analytics for comparing reported results to targets.
With these upgrades, Workday hopes to help businesses that are struggling with understanding and assessing a widely dispersed workforce. The new features also can help a company better incorporate employee costs and the value it gets from employees to its profit and loss statements, according to Workday.
The SaaS ERP startup also said Monday that Life Time Fitness is the first large, publicly traded company to purchase its new Workday Financial Management software service. Workday said its Payroll SaaS is now generally available to all customers; early customers of the Payroll SaaS included McKee Foods and Commerce Bank.
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