The holiday season is a busy time for Workday® professionals who are preparing for a new year. Adjustments to many Workday® functional areas are necessary and must be planned for. One such adjustment that many companies address at this time of year is updating grade and grade profile ranges and making tweaks to their compensation structure. For many companies, this could be a simple EIB updating all existing grade profile ranges. However, a good percentage of companies will have significant changes to make driven by new compensation survey data that can cause changes to the job profile catalog and the corresponding compensation ranges.
For these companies that proactively manage their compensation practices strategica...
2019 is quickly coming to a close. By now, you have survived Open Enrollment and you’re breathing a sigh of relief. But not so fast! While most end-of-year activities for benefits are typically addressed during preparations for Open Enrollment there are a few items to check/double-check.
Send final elections for the current plan year. Work with your provider to send a final file as of the last day of the current plan year. This is typically an ad hoc launch rather than a scheduled event. The final file notifies the provider of any changes to employee coverage due to change in provider, as well as life events, terminations and other changes for the current plan year only.
It’s December. A good time to double check your plans before next year. Here are some Workday® Financials Year End Close Process tasks and items to take into account as you are wrapping up 2019.
Roll Forward Year-End Balances
Roll forward balances from previous year to beginning balances of new year for balance sheet. For Income statement, roll forward process will move current year retained earnings to next year in appropriate ledger account.
To Do Items prior to roll forward year end balances task
Security group Process: Close Year End
Ledger year needs to exist
Close the periods prior to running final roll forward
Yes. You read that right. Year end planning for recruiting. You might not think about it that way, because for many of us, the weather is getting a bit colder and Holiday season is nearing its full swing. In HR, this means the trials and tribulations of Year End processing. Our benefits partners are working though Open Enrollment issues, our Payroll team preparing for W2 season and all the new benefit deduction codes in the new year, and Recruiting is…Well, we’re still trying to find talent! But, is there something we should be doing to help ourselves in 2020 and beyond?
Personally, I believe there’s a few things as a group we can look at to help leverage ourselves for a successful Year End and New Year....
Running a Successful Workday® Project- Part 1: Pre -Planning, Project Team & Client
Our company name is teamUpHR, but when I first started consulting at a different firm the environment was the opposite of a team mindset – it was a “dog eats dog world” so to speak. There seemed to be no loyalty, people were fighting over which projects they were assigned to; bottom line for me, it certainly was not a positive work environment. I strived to change that.
In the past 4 years I’ve managed over 40 Workday® projects, working with more than 30 customers, and in this time I have been able to apply a new model to projects that has made them successful and fun.
I’ve been asked what makes a successful project? At first I had to r...
Workday 33 will arrive just in time for most open enrollments. Workday will introduce a new user experience for OE, as well as changes to how dependent and tobacco usage data is collected. Are you up to date on these key features? <link to What’s New WD 33 Benefits blog post>
ICYMI: Open enrollment is mobile! Workday intro...