Market Perspectives

Workday is Exemplary in the Workforce Management Value Index

Posted by Ventana Research on Feb 18, 2022 5:00:00 AM

Ventana Research is sharing insights about Workday, drawn from our latest Value Index research, which assesses how well vendors’ offerings meet buyers’ requirements. The 2022 Ventana Research Value Index: Workforce Management is a distillation of a year of market and product research efforts.

Workday Payroll and Workforce Management provides scheduling and labor management, time and attendance, absence and payroll capabilities.

In all of our Value Indexes, we utilize a structured research methodology that includes evaluation categories designed to reflect real-world criteria incorporated in a request for proposal and vendor selection process for workforce management. We evaluated Workday and 12 other vendors in seven categories, five relevant to the product (Adaptability, Capability, Manageability, Reliability and Usability) and two related to the vendor (Total Cost of Ownership/Return on Investment and Vendor Validation). To arrive at the Value Index rating for a given vendor, we weighted each category to reflect its relative importance in an RFP process, with the weightings based on our experience and on data derived from our Benchmark Research on Workforce Management.

Workday was categorized as an Exemplary Vendor, ranking sixth overall in this Value Index evaluation. It was ranked seventh in Product Experience, where it performed best in Manageability, and third in Reliability. It ranked sixth in Customer Experience, and performed best in Validation. Its overall performance was impacted by its lower rankings in Capability and TCO/ROI, which represent 30% of the weighting in the overall Value Index.

Our assessment finds that Workday could perform better in Capability, where it ranked fourth, in the area of activity and task management for what is assigned to a worker to work on during a shift. In TCO/ROI, where it ranked seventh, it could provide more depth in the information on the business case and tools it provides to organizations to support TCO/ROI analysis. Workday did not actively participate in the complete Value Index process. This assessment was based on Workday’s Payroll and Workforce Management products available in September of 2021.

Unlike many IT analyst firms that rank vendors from an IT-only perspective or consider futures or vision over what is available in the products today, Ventana Research has designed the Value Index to provide a balanced perspective of vendors and products that is rooted in an understanding of business drivers and needs. This approach not only reduces cost and time but also minimizes the risk of making a decision that is bad for the business. Using the Value Index will enable your organization to achieve the levels of efficiency and effectiveness expected and hoped for when investing in workforce management technology.

This research-based index is the most comprehensive assessment of the value of workforce management software in the industry. Technology buyers can learn more about how to use our Value Index by clicking here, and included vendors that wish to learn more can click here. Read the report here.

Topics: Human Capital Management, WFM, HR, Workforce Management, HR Tech, employee experience

Ventana Research

Written by Ventana Research

Ventana Research is the most authoritative and respected market research and advisory services firm focused on improving business outcomes through optimal use of people, processes, information and technology. Since our beginning, our goal has been to provide insight and expert guidance on mainstream and disruptive technologies. In short, we want to help you become smarter and find the most relevant technology to accelerate your organization's goals.