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EMPLOYEE BENEFITS

Home : Solutions : Human Capital Management : Employee Benefits

Designed to Meet Your Unique Business Requirements

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

Define, manage, and adjust your benefits plan

Unlike traditional ERP solutions that provide a limited number of pre-delivered benefits eligibility criteria, Workday Employee Benefits Software allows eligibility to be based 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. 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.
• Passive Events - Recognize passive events based on: employee's age, dependent's age, dependent's student status, or employee's service. System can initiate notifications or processes automatically.
• Payroll - Get out-of-the-box integration to Workday Payroll Software, as well as seamless service-based integration to third-party benefits providers.
• Imputed Income - Track employer-related costs that are taxable benefits to the employee.

Full spectrum of benefits coverage

Workday Employee Benefits Software enables your company to design and implement any number of benefits plans as well as 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.
  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 – short-term & long-term disability, life insurance, dependent life, etc.
  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.
• Spending Accounts – healthcare and dependent care.
  Workday benefits management system allows you to define Dependent Care and Healthcare spending accounts and determine the cap amounts for the plan year.

• Health Savings Accounts - HSA's
  Workday allows you to enforce the enrollment in a High Deductible Health Plan and allows you to control contribution amounts for Employee and Family coverage targets.

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

Automated processing

Workday allows you to automate benefits events, including new hire enrollment, termination, and passive events. You can also set up default enrollment logic for employees that miss the benefits enrollment window. In addition, benefit events can be configured to define which benefits changes are allowed for different types of events (i.e., who may be covered and which plan changes are allowed).

Workday Benefits Network

The Workday Benefits Network (WBN) complements Workday Benefits with an integrated network of more than 120 benefits providers across all major categories. When changes are made in Workday Benefits, the WBN automatically informs the appropriate providers of these changes, helping to reduce the total cost of managing your benefits providers.