A short brief of Workday HCM payroll:
Workday HCM Payroll is a cloud-based payroll solution integrated with human resources. It differs from traditional systems in its real-time data sharing, user-friendly interface, and the ability to unify HR and payroll processes.
The payroll process in Workday typically involves configuring earnings, deductions, and taxes, running payroll calculations, generating payslips, and making payments to employees. It also ensures compliance with tax and labor laws.
Workday uses EIBs (Enterprise Interface Builder) to import, export and update data. In payroll, EIBs can be used to import external payroll data, such as time and attendance records.
You can make payroll adjustments or corrections in Workday through the payroll retro process, which allows you to recalculate and adjust previous pay periods.
Additionally, the Payroll Control Framework is vital for ensuring accuracy and compliance in payroll processing. It involves various controls and rules to validate payroll results and identify discrepancies.
How does Workday handle multi-country payroll for the international organization? Workday provides the capability to configure and manage payroll processes for multiple countries within a single instance. It supports various localizations and compliance requirements. Workday also uses a robust tax engine to calculate and withhold taxes accurately. It also keeps up with changing tax laws and regulations to ensure compliance.
Moreover, Workday calculated fields allow you to create custom formulas and calculations within the payroll process, providing flexibility to meet unique payroll requirements. However, Workday is popular in the top selection in the market. I am continuing to explore the Workday knowledge and skills in my HCM career path.