What is the Difference Between Workday HCM & Finance?

Workday HCM:

It focuses on human resource management, which includes employee lifecycle, payroll, talent development, and workforce planning. Workday MM is useful for managing the employee-centric processes such as recruitment, onboarding, payroll, and training. This solution is mostly used by professionals like HR managers, payroll administrators, recruiters, and talent specialists. Along with this, it tracks the overall workforce productivity and compliance. Therefore, there is a huge demand for professionals with Workday HCM Training.

Organizational Management (OM): Workday HCM defines the company structure (departments, roles).
Personnel Administration (PA): It manages the employee data (hiring, contracts).
Time Management: This is useful for tracking attendance, leaves, and shifts.
Payroll: It calculates the salaries, along with the taxes and benefits.
Talent Management: This solution helps in performing appraisals and succession planning.

Workday Finance:

On the other hand, Workday Finance focuses on financial transactions, accounting, budgeting, and financial reporting. It manages financial processes, which include invoice tax reporting, asset depreciation, and financial statements. Along with this, it helps track company-wide costs and revenues. This solution is used by accountants, financial controllers, CFOs, auditors, cost analysts, and similar professionals.

Financial Accounting (FI): This includes general ledger, accounts payable, accounts receivable, and asset accounting.
Controlling (CO): It manages the cost center accounting, internal orders, and profitability analysis.
Financial Planning (FP&A): This solution helps in budgeting, forecasting, and cash flow management.

Career Opportunities in Workday HCM:

Career opportunities in Workday HCM are vast and varied. Along with this, there are numerous job openings across different locations and industries. Here are some of the high-paying careers you can explore in Workday HCM.

Workday HCM Consultant: They are responsible for implementing and configuring Workday HCM solutions for clients. Their average salaries range from ₹15 lakhs to ₹25 lakhs per year.

Workday HCM Developer: As a developer, you'll design and develop software applications using Workday HCM. The average salaries of these professionals range from ₹12 lakhs to ₹20 lakhs per year.

HCM Functional Consultant: These professionals have to work with the clients to understand their business requirements and implement Workday HCM solutions. Their average salaries range from₹15 lakhs to₹30 lakhs per year.

Workday HCM Technical Architect: They have to work on designing and implementing the Workday HCM solutions. The average salaries of these professionals range from ₹25 lakhs to ₹40 lakhs per year.

Workday SuccessFactors Consultant: These professionals have to work with the clients to implement and configure Workday SuccessFactors solutions. Their average salaries range from ₹15 lakhs to₹30 lakhs per year.

Career Opportunities In & Workday Finance:

Workday Finance offers vast and varied career opportunities with numerous job openings across different locations and industries. It offers lucrative earning potential with opportunities for career growth and development. Enrolling in the Workday Finance Training can help you start a career in this domain. Here are some of the high-paying careers you can explore in Workday Finance.

Workday Finance Consultant: These professionals are responsible for implementing and configuring Workday Finance solutions for clients. Along with this, their average salaries range from₹15 lakhs to₹25 lakhs per year.

Workday FICO Consultant: These professionals have to work with the clients to implement and configure Workday FICO solutions. They can get salaries up to £80,000 per annum.

Finance Manager Workday: These professionals have to lead the WORKDAY FICO solutions in a dynamic team driving innovation. They provide employee benefits and career development opportunities.

Workday Financial Analyst: As a financial analyst, you'll be responsible for working with Workday Finance solutions to analyze and interpret financial data. Their average salaries range around $60,351 per year.

Workday Business Analyst: Their job role includes working with the stakeholders to implement Workday Finance solutions. Their average salaries range around $79,214 per year.

Conclusion:

Workday HCM and Workday Finance are two distinct modules within the Workday ERP ecosystem. These modules cater to human resource management and financial transactions, respectively. Both modules offer vast and varied career opportunities, with numerous job openings across different locations and industries. Professionals with expertise in Workday HCM and Workday Finance can explore high-paying careers. By acquiring relevant skills and Workday HR Certification, individuals can capitalize on the growing demand for Workday professionals.