Workday is a leading cloud-based HR and finance platform used by many large enterprises worldwide. Every six months, Workday releases new features and enhancements through feature releases. The latest feature release isWorkday 2023R2 which was released in August 2023. In this article, we will explore some of the top reasons why organizations should consider upgrading to Workday 2023R2.
One of the key areas that Workday 2023R2 focuses on is compensation management. The release brings some useful enhancements to streamline compensation processes. Organizations can now generate documents directly from within compensation workflows. This allows attaching offer letters, bonus letters, and other important documents automatically.
Additionally, a new field has been added to capture all skills of an employee during compensation reviews involving bonuses and stocks. Having a consolidated view of employee skills can help make more informed compensation decisions. Overall, the compensation management capabilities have been strengthened in this release.
Managing benefits for employees and their dependents is another important HR task. Workday 2023R2 delivers a new task to mass update dependent verification statuses in one go. This helps save huge time and effort for benefits administrators. Verifying eligibility of large number of dependents was a tedious manual process earlier.
The new capability allows batch processing verification statuses to streamline benefits administration. It ensures dependents data is always up to date as required. This is a productivity booster for the benefits team.
Talent management is core to attracting and retaining the best talent. Workday 2023R2 introduces a feature that allows pre-populating an employee’s talent profile using information from job applications. When employees apply for new roles internally, they provide rich details about skills, qualifications, experience etc.
This information can now automatically update their talent profile centrally. This saves time for employees as they don’t have to manually update profiles again. It also ensures talent profiles are always current based on latest data from job applications. This supports internal mobility and talent optimization.
Another notable enhancement is the ability to configure time off selling in Workday. Many organizations allow employees to sell back their unused paid time off in exchange for monetary compensation. With this update, companies can set up rules to facilitate time off selling within Workday.
Employees can then manage selling of their paid leaves and get paid for the sold amounts directly through Workday. This is beneficial for both employees and employers. Employees get additional source of income and employers can ensure optimal time off balances are maintained. It brings more flexibility to time off policies.
The financials module of Workday 2023R2 also comes with useful updates. Organizations can now net off invoice amounts between companies for intercompany transactions instead of settling invoices individually. This streamlines intercompany billing.
Additionally, transaction taxes can be auto-populated on invoices and cash sales using web services integration. Managing tax compliance is simplified. Larger volumes of journal entry data can also be imported into Adaptive Planning for advanced financial planning and analysis.
Testing any new software release is a critical part of a successful upgrade. Workday 2023R2 comes with pre-built test cases and impact analysis reports to help speed up testing efforts. This minimizes disruption to business processes during the upgrade.
Detailed documentation and support are also provided by Workday and various partners to guide through a seamless transition. Organizations can take advantage of these testing aids to reduce risks while adopting the new release. Thorough testing ensures business continuity and ROI of the upgrade investment.
Testing Workday updates are not simple. Businesses need a robust testing plan. This is where Opkey comes into picture. Opkey is a leading testing automation platform that specializes in Workday upgrade testing and has helped multiple multinational construction enterprises to cut-down test cycle times by 80% and cost by 60%. Opkey has a suite of 2000+ pre-built test cases, plus impact analysis reports so that businesses know exactly what’s changing. And their self-healing scripts fix an 80% of broken tests so they don’t have to. Most importantly, Opkey ensures end-to-end business processes stay smooth even after upgrades, so they can focus on more important things than manual testing.