Workday has rapidly become one of the most trusted Human Capital Management (HCM) platforms for organizations worldwide, particularly for its robust reporting and analytics capabilities. Its reporting tools are designed not only to simplify data extraction but to provide deep, actionable insights that help senior management make informed decisions.
In this blog, we’ll explore Workday’s key analytics features, how they enhance insight capabilities, and why they’re essential for senior management.
Overview of Workday Reporting in the Core HCM Module
Workday’s reporting capabilities within its core HCM module are both powerful and flexible. Reports are fully integrated into the system, allowing users to access up-to-date data on demand, while ensuring compliance with security protocols.
Workday offers a variety of report types and dashboards, including:
Standard Reports: Pre-built reports that come out of the box, ready to use.
Custom Reports: Tailored reports that can be created to meet the specific needs of the organization.
Composite Reports: Advanced reports that aggregate data from multiple sources, providing a multi-dimensional view.
Matrix Reports: Cross-tabulated data that enable managers to view key metrics across multiple dimensions.
Dashboards: Interactive data visualizations that allow for quick insight into key metrics and KPIs.
All of these report types are highly configurable, making Workday adaptable to the specific analytics needs of any organization.
Below we'll break down 10 of the top Workday reporting features.
1. Custom Reporting and Workday Report Writer
One of Workday’s standout features is its Report Writer tool, which allows users to create custom reports. This functionality enables businesses to extract exactly the data they need, at a high level of detail, without relying on a separate data team.
With Report Writer, managers can:
Drag and drop fields, create complex calculations, and add filters or prompts to isolate specific information.
Set up real-time reporting so that data is always up-to-date.
Include specific security settings to ensure that reports are only accessible to the right personnel, protecting sensitive information.
This customizability is invaluable for senior management as it ensures they can access tailored insights to support decision-making without unnecessary noise.
2. Operational Reporting: Real-Time Data Access
Workday's reporting is real-time, which means that as soon as transactions occur—whether hiring, promotions, terminations, or payroll adjustments—the data is immediately available in the system. Senior managers can access this real-time data to:
Quickly adjust staffing levels or budgets based on up-to-the-minute reports.
Monitor workforce trends, including turnover, retention rates, and employee engagement metrics.
Track workforce productivity or absenteeism to quickly respond to changes in workforce efficiency.
By having access to live data, senior managers can make faster, more informed decisions, keeping their organizations agile and competitive.
3. Workday Prism Analytics: Advanced Data Aggregation
For organizations looking to go beyond Workday’s built-in reporting capabilities, Workday Prism Analytics is a key feature. It extends the power of Workday reporting by enabling organizations to bring external data into Workday and combine it with existing HCM data for deeper insights.
For example, senior managers can:
Integrate financial data from other systems and combine it with workforce data to get a complete picture of workforce cost and productivity.
Analyze workforce costs in relation to performance, identifying departments or roles that offer the greatest return on investment.
Merge external market data with Workday data to benchmark compensation strategies or retention rates against industry norms.
This advanced data integration helps senior management get a 360-degree view of their workforce and its performance, enabling more holistic decision-making.
4. Dashboards and Scorecards for Executive Decision-Making
Workday provides Executive Dashboards that offer a snapshot of key performance indicators (KPIs) at a glance. These dashboards are highly customizable and can include charts, graphs, and visualizations that display real-time data in an easily digestible format.
For senior management, these dashboards are instrumental in:
Monitoring high-level organizational performance metrics, such as headcount, turnover rates, compensation, diversity statistics, and more.
Setting goals and tracking progress over time with real-time updates.
Accessing a consolidated view of talent performance, productivity, and costs, all within a single dashboard.
Dashboards can be configured to deliver key insights at various levels, including individual departments, regions, or business units. This functionality allows senior leaders to get a granular understanding of performance at all levels of the organization.
5. Embedded Analytics and Drill-Down Capabilities
One of the unique features of Workday is the integration of embedded analytics within workflows. Rather than pulling static reports, senior managers can access key data directly within the context of a business process or task.
For instance:
While reviewing employee performance, managers can access embedded analytics to see historical performance data, salary trends, and career progression, all within the same screen.
During workforce planning, senior leaders can use real-time analytics to forecast workforce needs, taking into account both historical and predictive data.
Drill-down capabilities allow senior managers to click into a particular data point (such as employee turnover) and see deeper insights, such as reasons for departures, related compensation trends, or geographic discrepancies.
This ability to dive deep into data from any level of the report ensures that senior management can make more nuanced decisions without having to manually pull additional reports.
6. Predictive Analytics and Machine Learning
Workday also utilizes machine learning to power predictive analytics. For senior leaders, this means they can go beyond historical data and start predicting future workforce trends. Predictive analytics in Workday can:
Forecast turnover and identify the employees most likely to leave, allowing HR to intervene and retain top talent.
Predict workforce demand based on historical hiring patterns and external factors, improving workforce planning.
Analyze employee engagement data to predict potential dips in morale or productivity, enabling proactive leadership intervention.
By leveraging predictive insights, senior management can take a proactive approach to workforce management, allowing for more effective long-term planning.
7. Workday Benchmarking: Comparing Performance
Workday’s Benchmarking feature allows organizations to compare their workforce metrics against those of other companies in the same industry or geographic area. This is particularly useful for senior management as it:
Provides context to organizational data, helping leaders understand whether they are underperforming, at par, or excelling in specific areas like turnover, compensation, or diversity.
Offers insights into areas where the organization may need to adjust strategies, such as benefits packages, hiring practices, or talent development programs.
Helps inform strategic initiatives by providing relevant data for competitive benchmarking.
This type of data is invaluable for senior leadership when making decisions about compensation strategies, retention initiatives, or workforce restructuring.
8. Compliance and Audit Reporting
For organizations operating across multiple locations or with complex compliance requirements, Workday’s reporting tools are designed to simplify compliance tracking and audits. Senior leaders can access reports that monitor compliance with labor laws, compensation standards, diversity initiatives, and other regulatory requirements.
These reports provide:
Automated compliance tracking for key metrics like overtime, employee classifications, or diversity hiring goals.
Real-time alerts for any deviations from regulatory requirements.
Simplified audit trails, making it easy to provide documentation for internal or external audits.
By using Workday’s compliance reports, senior managers can ensure that the organization is staying compliant while minimizing the risk of fines or penalties.
Conclusion: Workday’s Reporting Enhances Strategic Decision-Making
Workday’s comprehensive reporting and analytics capabilities provide senior management with the tools they need to make data-driven decisions. From real-time reporting and predictive analytics to customizable dashboards and compliance tracking, Workday ensures that leaders have the insights they need to drive organizational success.
By leveraging the full range of Workday’s reporting features, senior leaders can transform data into actionable intelligence, allowing them to stay ahead of workforce trends, optimize performance, and make informed, strategic decisions. Whether you're managing a global enterprise or a growing organization, Workday’s reporting capabilities are designed to support data-driven decision-making at every level.
If you're looking to fully leverage Workday's reporting features or need expert assistance in optimizing your HRIS strategy, contact us today and let our experienced consultants help you transform data into actionable intelligence.