Workforce Management
PR Newswire | September 29, 2023
Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced at Workday Rising, the company's annual customer conference, a series of new AI and ML capabilities and partner ecosystem updates to help businesses drive productivity, streamline business processes, empower their people, and make better decisions.
"More than 10,000 organizations around the world rely on Workday to manage their most valuable assets – their people and their money," said Carl Eschenbach, co-CEO, Workday. "They trust Workday to provide powerful, responsible, transparent solutions that will propel their businesses forward. Today, we're reinforcing that trust by sharing cutting-edge solutions that will completely transform the way our customers do business. With the power of AI and ML and an ecosystem of industry-leading partners, we are writing the playbook for the way the future works."
Workday AI Capabilities to Drive Efficiency and Enhance Employee Experiences
Workday's leadership in AI is set apart by the company's platform strategy, unrivaled dataset, and commitment to delivering responsible and trustworthy solutions. AI is embedded in the core of the Workday platform, enabling the company to rapidly deliver cutting-edge solutions to customers across all applications. Workday AI models are fueled by more than 625 billion transactions processed by the system every year – resulting in the world's largest, cleanest set of financial and HR data. Workday's unrivaled dataset, together with the company's responsible AI safeguards, allow for consistently accurate, meaningful, trustworthy results. Leveraging the speed and reach of its platform approach, the company unveiled multiple new AI solutions, including:
Generative AI capabilities to address common business challenges such as generating job descriptions, knowledge base articles, employee growth plans, and statements of work, and contract analysis and corrections.
The Workday AI Marketplace to help customers easily find and deploy proven, trustworthy, and responsible AI and ML apps within the Workday ecosystem.
Workday AI Gateway within Workday Extend to enable developers to build intelligent and responsible apps using Workday AI.
"Workday is the technical backbone that brings our finance, HR, and operational data together in one place to help us manage our people and effectively run our business," said Art Kilmer, chief operating officer, P.F. Chang's China Bistro. "The AI embedded into the Workday platform helps augment our people so we can move faster, make more strategic decisions, and deliver operational efficiencies across our entire business, ultimately enabling us to better serve our customers."
New Tools to Help Businesses Better Manage Their Most Valuable Assets: Their People and Money
Finance and HR professionals need real-time access to data and information to make faster decisions and better manage their people and money. To help them deliver on these needs, Workday is unveiling new capabilities, including:
Generative AI capabilities in Workday Adaptive Planning for a streamlined user experience, and new features to help drive collaboration across finance and HR, streamline headcount planning, reconcile and report faster, and deliver increased transparency to business stakeholders.
Manager Insights Hub, a new solution within Workday Human Capital Management (HCM) that delivers a simplified and elevated manager experience powered by AI.
A new User Success Platform, which includes new tools that give employees real-time, contextual guidance on how to complete complex tasks right within their workflow.
Workday Rising is celebrating its 15th year and taking place in San Francisco through Friday, September 29. Workday Rising EMEA will take place in Barcelona from November 14-16.
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Workforce Management
UKG | November 07, 2023
UKG Labs welcomes a second cohort of startups from four countries, all focused on enhancing business cultures.
Startups Bites, Denim, Hop In Technologies, and Mo were selected for their innovative workforce technologies and commitment to workplace wellbeing.
Despite offering a collaborative platform, UKG Labs poses potential risks, including over-reliance on UKG, intellectual property disputes, and a possible compromise of the startups' original visions.
UKG, a leading HR, payroll, and workforce management solutions provider, has introduced its second cohort of early-stage companies to its global startup ecosystem, UKG Labs. The selected startups, from four different countries, are committed to creating high-performing, people-centric cultures in businesses.
The new entrants include Bites from Israel, Denim from the U.S., Hop In Technologies from Canada, and Mo from the U.K. These companies were chosen for their innovative technologies that add value to the frontline workforce and their commitment to helping people thrive at work.
UKG Labs provides more than just capital to these startups. It offers a platform for co-learning, co-creation, and co-experimentation, allowing startups to gain insights into specific market problems where UKG has expertise. The startups also work directly with UKG customers to explore new solutions and shape emerging HR and HCM technologies.
Hugo Sarrazin, Chief Product and Technology Officer at UKG, stated that the goal of UKG Labs is to help businesses become great workplaces by building an ecosystem of technology companies that share its vision. The startup founders have completed a three-month onboarding engagement and will showcase their innovations at the UKG Aspire 2023 conference.
While the UKG Labs initiative offers numerous benefits, it does come with potential drawbacks. The startups involved might become overly reliant on UKG for resources and expertise, which could potentially stifle its independence and creativity. There's also a risk of intellectual property disputes, and the startups' original visions might be compromised to align with UKG's goals. On the brighter side, UKG Labs provides a platform for startups to co-learn, co-create, and co-experiment, fostering innovation and helping businesses become better workplaces. It also allows startups to gain insights into specific market problems where UKG has expertise and work directly with UKG customers to explore new solutions and shape emerging HR and HCM technologies. This collaboration ultimately serves to enhance the workplace experience for all.
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Employee Experience
PR Newswire | October 30, 2023
NFPa leading benefits consultant released new benchmarking data via its 2024 Leave Management and HR Trend Report which includes survey data and HR trends. The report showed ways employers can adopt and leverage artificial intelligence (AI) powered solutions to enable HR data-driven strategy that enhances the employee experience, such as the utilization of AI for leave management. While 22% of respondents are likely to use AI to manage or monitor their employee leave in the future, nearly one-third (32%) are not even aware AI could be used to leverage leave management.
said Maria Trapenasso, head of Human Capital Solutions practice, NFP.
We have an unprecedented five generations in the workforce, each with their own unique needs, so a 'one size fits all' approach to total rewards just doesn't work anymore. Employers of choice are embracing the generational diversity by leveraging insights from AI-powered solutions to create total rewards that help workers improve their mental and physical well-being and stay engaged, while also sending the message 'You are important to this company and your needs matter.
[Source:PR Newswire]
Among a variety of insights and data from the report was the finding that, despite its limited adoption, employers that use AI-powered solutions can retrieve previously inaccessible paid time off (PTO) insights that facilitate better benefits design. These analytics can detect PTO usage patterns across the organization and enable HR to optimize policies, better understand trends of diverse work groups and inform programs customized for employees' evolving work-life priorities.
Recognizing the need to support employees in times of crisis, bereavement policies are evolving, just as states (CA, IL, MD, OR, WA) enact bereavement leave laws that include compliance demands on employers. "Recent state bereavement leave mandates are informing proactive HR policymakers, with 25% of survey respondents foreseeing a need to change their bereavement policies, including in states where it's not yet required by law," said Trapenasso.
Increasingly, employers have a heightened awareness of a worker's need for time off around a miscarriage or unsuccessful in vitro fertilization (IVF) attempt. According to survey results, 28% of employers have expanded their bereavement leave policy to include time off to grieve after miscarriages or failed IVF attempts, with 18% offering more than one week of PTO. Additionally, 15% of respondents are offering between one and three weeks of PTO for the death of a beloved pet.
The report revealed many employers think they are satisfying their employees' leave benefits needs, when actually they are not. There is a significant gap between employer and employee perception according to the report, as 56% of employers said their PTO/vacation policies were lacking while also conveying that 73% of their employees were not satisfied with their PTO/vacation benefit. "If you want to attract and retain top talent, employers need to better understand what is meaningful to their workforce when it comes to leave benefits. It's the only way to close this perception gap."
Many respondents said they recognize the impact menopause has on their workforce. While only 4% of respondents offer some type of accommodation for menopause, 32% said they hadn't considered it but would be open to offering this benefit within the next five years. "Contrasting the cost of replacing employees who are going through menopause versus supporting them, it becomes clear money spent on adopting initiatives for employees going through this life change is prudent," said Trapenasso.
Forward looking employers can offer unique benefits to retain different generations of workers. The sandwich generation, individuals simultaneously caring for both aging parents and young children, would benefit from expanded family caregiver leave — which is currently offered by only 29% of respondents. Additionally, some employers (8%) are also offering grandparental leave, while more than one-third (35%) said they had not considered it but are open to offering it within the next five years to retain older talent.
"We are encouraging HR leaders and decision-makers to take a candid look at whether their leave offerings are truly working to attract and retain the best talent," said Trapenasso. "If there's room for improvement, now is the time to enhance programs to meet the diverse needs of today's workforce, especially as they review their policies for 2024."
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