Benefits management software is a tool that helps HR teams to manage and automate employee benefits programs. This includes designing, implementing, communicating, and administering benefits plans, such as health insurance, retirement plans, and other employee benefits. Benefits management software also helps employers manage their compliance with government regulations, such as the ACA, ERISA, and HIPAA. Additionally, its analytics and reporting feature helps employers analyze their benefits costs and make informed decisions about their benefits programs, while integration with other systems ensures that employee data is up-to-date and consistent across all systems.
Workday has two primary product offerings: Financial Management (FM) and Human Capital Management. At this point, Workday has risen to become a leading vendor in this particular sector of the software market. Workday initially released its Financial Management offering in 2008, and often sells it together with HCM. However, market adoption of Workday FM has been much slower than HCM, largely due to the slower takeup of SaaS in the finance domain. Also, to date, the majority of customers have been based in North America, although Workday FM is starting to gain ground in other geographies. This manifests a service provider market that is still in its early stages, compared with HCM services. Workday services are life cycle services provided by third-party service providers, focused on the adoption and support of Workday applications.
Workday has two primary product offerings: Human Capital Management (HCM) and Financial Management (FM). It started with HCM (back in 2005) and disrupted the HCM software market. At this point, the HCM offering has risen to become a leading software contender for this particular sector of the software market. We should note that Workday Payroll is available only in the U.S., Canada, the U.K. and France. Therefore, the service provider market is also in its early stages, and, as the data provided in this report shows, the quantity and depth of the head count is still nascent. Workday services are life cycle services provided by third-party service providers, focused on the adoption and support of Workday applications.