Workday Benefits gives your company the tools to define, manage and adjust benefits plans to meet your unique business requirements. Workday allows you to manage your organization’s benefit elections by setting up benefit plans, providers, and programs while defining robust eligibility rules that automatically determine the employees’ qualifications for benefit plans. You can also manage your workers’ elections using open enrollment and life event changes.

Full spectrum of benefits coverage

Workday Benefits enables your company to design and implement any number of benefits plans and control the plans that are eligible to be selected by employees during open enrollment or life events. You also gain the ability to link any eligibility rules that apply to the benefit plans as well as create or reuse any validations required for the benefit plan.

• Health - medical, dental, vision, etc.
• Insurance - short-term disability, long-term disability, life insurance, dependent life, etc.
• Spending Accounts - healthcare and dependent care.
  
• Defined Contribution Plans - 401k, 403b, etc.

Healthcare

Workday allows you to define benefit providers, healthcare coverage types (medical, dental, vision, major medical), healthcare classifications (HMO, POS, PPO, EPO), as well as employee and employer costs.

Insurance

By providing full support for rate tables (fixed, age or compensation-based) as well as the insurance coverage types and target populations, Workday offers a flexible insurance coverage setup process where different definitions of rates can easily be combined with different forms of coverage. For example, you can set up coverage definitions by increments of a dollar amount, percent of salary, or multiples of salary, and tie in the appropriate salary limits and salary calculation dates. You can also create rates by flat or dollar amounts, and define any demographic considerations such as age, gender and smoker or non-smoker.

Spending Accounts

Workday allows you to define Dependent Care and Healthcare spending accounts, and determine the cap amounts for the plan year.

Defined Contribution Plans

Using Workday, you can easily define plan types (401k, 403b, etc.) and maximum contribution, as well as required validations such as minimum age.

Designed to meet your unique requirements

Unlike traditional ERP solutions that provide a limited number of pre-delivered benefits eligibility criteria, Workday allows you to base eligibility on any field or combination of fields in the Workday system.

Workday Benefits provides full support for:

• Open Enrollment - Initiate Open Enrollment for a single organization, multiple organizations, or the whole organization, as well as for specific event types or plans. Once enrollment elections are submitted by the employee population, a Benefits Partner can mass approve and activate elections.
  
• Life Events - Create life events such as a marriage, birth, employment change, etc. You can determine which benefit plans are available for different life events. Employees, or a Benefits Partner, can initiate the life-event process, with the Benefits Partner having the ability to approve and activate elections.
  
• Payroll- Get out-of-the-box integration to Workday Payroll, as well as seamless service-based integration to third-party benefits providers.

Workday Benefits Network

The Workday Benefits Network (WBN) provides a generic framework for transforming a standard Workday Benefits extract to carrier specific formats. WBN utilizes HR-XML as the basis for transforming to carrier specific formats, including Guardian, Wellpoint, and VSP.

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