Workday Announces Global Payroll Connect - One Solution to Manage All of an Organization's Payroll Needs

Rhea-AI Summary

Workday (NASDAQ: WDAY) has announced Global Payroll Connect, a unified solution to manage global payroll needs. This system integrates with Workday's partner ecosystem to provide an end-to-end global payroll experience within the Workday platform. Key features include:

- Pre-built API integrations that can reduce implementation costs by up to 50%
- Single point of access for payroll processing status across global workforce
- Streamlined experience for managing workforce data, absence, time tracking, benefits, and compensation
- Ability to consolidate multiple payroll systems into one platform

Global Payroll Connect aims to address challenges faced by organizations managing multiple payroll systems, offering improved efficiency, cost reduction, and enhanced employee experiences. The solution will be available to Workday customers and partners in October 2024.

Positive

• Potential to reduce implementation costs by up to 50% through pre-built API integrations
• Consolidation of multiple payroll systems into a single platform, improving efficiency
• Enhanced visibility and control over global payroll operations
• Improved employee experience through self-service access to payroll data

Negative

• None.

Insights

Financial Analyst

Workday's Global Payroll Connect could be a game-changer for the company's market position. By streamlining global payroll operations, it addresses a critical pain point for multinational corporations. The potential 50% reduction in implementation costs is particularly noteworthy, as it could drive adoption and boost Workday's revenue.

However, the October 2024 availability means any financial impact won't be immediate. Investors should monitor the adoption rate among Workday's existing customers and its ability to attract new clients with this offering. The partnership with major players like ADP and PwC adds credibility, potentially accelerating market penetration.

While this move strengthens Workday's competitive position, it's important to note that the payroll market is highly competitive. The success of Global Payroll Connect will depend on its execution and ability to deliver on promised efficiencies.

Tech Expert

Global Payroll Connect represents a significant technological advancement in HR and payroll systems integration. The use of pre-built API integrations is crucial, as it allows for seamless data flow between different systems without the need for custom development. This approach not only reduces implementation time and costs but also minimizes the risk of data inconsistencies.

The solution's ability to provide a single source of truth for HR, workforce and pay insights is particularly valuable in today's data-driven business environment. It addresses the common challenge of data silos in global organizations, enabling more accurate and timely decision-making.

However, the success of this system will heavily depend on the robustness of these APIs and their ability to handle complex, country-specific payroll regulations. Workday will need to ensure continuous updates and support to maintain the system's effectiveness across different regions.

Company Unleashes the Power of the Workday Partner Ecosystem to Streamline and Simplify the Payroll Experience

PLEASANTON, Calif., Aug. 20, 2024 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, today announced Global Payroll Connect, a unified global payroll solution that can seamlessly connect with payroll providers to deliver an end-to-end global payroll experience. With integrations across Workday's global partner ecosystem, Global Payroll Connect will empower customers to manage all of their payroll, HR, and workforce needs right within Workday.

According to a new report from Workday, half of global organizations do not have a single view of all global payroll, real-time visibility into workforce costs, or real-time data integration – making it difficult to understand spend across the global workforce and know whether payroll data is accurate and compliant.

With pre-built API integrations, Global Payroll Connect can reduce implementation costs up to 50% and provide a single point of access and visibility into payroll processing status across an organization's global workforce. This streamlined experience enables customers to process and access critical components as they run payroll – including workforce data, absence, time tracking, benefits, compensation data, and more – without needing to create custom integrations.

"On average, organizations manage five or more payroll systems, which is time-consuming, costly, and can lead to data reconciliation issues," said Cristina Goldt, general manager of workforce and pay, Workday. "Together with our partners, we're making it easier for customers to consolidate all their global payroll operations right within Workday to provide their employees with a better, more efficient way of accessing and controlling their payroll data."

With Global Payroll Connect, customers will be able to:

• Accelerate deployment times, reduce costs, and maximize time-to-value by eliminating the need to create and maintain numerous integration systems across local payrolls.
  
  
• Increase efficiency by bringing together global payroll operations – whether it's a Workday payroll solution or partner provided – all within Workday, giving them a single source of truth that includes HR, workforce, and pay insights regardless of where workers are paid.
  
  
• Deliver better employee experiences by giving employees self-service access to their payroll data all in one place (e.g. pay slips, benefits, bonuses, paid leave time, etc.), so they don't have to spend their time logging into multiple solutions to view this information.

Workday Payroll partners including ADP, CloudPay, PwC, Payslip, Safeguard, SHAPEiN, and Strada (formerly the Payroll and Professional Services business of Alight Solutions) are currently working with Workday to adopt Global Payroll Connect.

For more information on how to join Global Payroll Connect, Workday partners can reach out to their partner manager at Workday.

Availability
Global Payroll Connect will be available to Workday customers and partners in October 2024.

For More Information

• Read Workday's new research report: The Strategic Ascent of Global Payroll.
• Learn about Workday Payroll provided by Strada here.
• Hear from Workday executives, customers, and partners about how Global Payroll Connect will transform the global payroll experience at Workday Rising.

About Workday
Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.

© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's full-year and second quarter fiscal 2025 subscription revenue and non-GAAP operating margin, growth, demand, strategy, and investments. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures or those of our third-party providers, unauthorized access to our customers' or other users' personal data, or disruptions in our data center or computing infrastructure operations; (ii) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (iii) privacy concerns and evolving domestic or foreign laws and regulations; (iv) the impact of continuing global economic and geopolitical volatility on our business, as well as on our customers, prospects, partners, and service providers; (v) any loss of key employees or the inability to attract, train, and retain highly skilled employees; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) our reliance on our network of partners to drive additional growth of our revenues; (viii) the regulatory, economic, and political risks associated with our domestic and international operations; (ix) adoption of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as our customers' and users' satisfaction with the deployment, training, and support services they receive; (x) the regulatory risks related to new and evolving technologies such as AI and our ability to realize a return on our development efforts; (xi) our ability to realize the expected business or financial benefits of any acquisitions of or investments in companies, (xii) delays or reductions in information technology spending; and (xiii) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday's results is included in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

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SOURCE Workday Inc.

FAQ

What is Workday's Global Payroll Connect and when will it be available?

Workday's Global Payroll Connect is a unified global payroll solution that integrates with payroll providers to deliver an end-to-end global payroll experience within the Workday platform. It will be available to Workday customers and partners in October 2024.

How much can Global Payroll Connect reduce implementation costs for WDAY customers?

According to Workday, Global Payroll Connect can reduce implementation costs by up to 50% through its pre-built API integrations.

Which payroll partners are currently working with Workday on Global Payroll Connect?

Workday Payroll partners currently working on adopting Global Payroll Connect include ADP, CloudPay, PwC, Payslip, Safeguard, SHAPEiN, and Strada (formerly the Payroll and Professional Services business of Alight Solutions).

What are the main benefits of Workday's Global Payroll Connect for organizations?

The main benefits include accelerated deployment times, reduced costs, increased efficiency through consolidation of global payroll operations, and improved employee experiences by providing self-service access to payroll data in one place.