HR and financial terminology

Glossary of HCM (Human Capital Management) terms in Workday

• Benefit Event

  An event that gives you the opportunity to change your benefit elections. These include staffing changes (such as getting hired or promoted) and life events (such as getting married or having a child).

• Business Process

  A business process in Workday includes tasks that you can initiate, act on, and complete in order to accomplish a desired business objective. Business processes are created using a combination of actions, approvals, approval chains, To Dos, or checklists. An action can be a single task or subprocess, which is also a combination of actions, to dos, or checklists. Within the process, conditions can be defined to identify whether a step will be initiated. Notifications can also be created to let a Workday user know that a step has begun or been completed, or that a particular review response was selected.

  Examples of business processes include Hire, Change Job, Request Compensation Change, Terminate Employee, etc.

• Contingent Worker

  A worker who is not an employee. You can use contingent worker types, such as contractor or consultant, to categorize and track contingent workers in your organization.

• Full Time Equivalent (FTE) %

  The ratio of a worker's scheduled weekly hours to the weekly hours for the business site. If a worker works 20 hours a week, and the business site weekly hours are 40, then the worker's FTE is 50 percent.

• Functional Area

  A collection of domain or business process security policies that are related to the same set of product features, for example, benefits or compensation.

• Headcount

  The number of workers in an organization.

• I-9

  An employment eligibility verification. A document all workers must complete to verify the identity and employment authorization of each employee.

• Life Event

  A benefit event that occurs in your personal life, such as getting married or having a child.

• Open Enrollment Event

  A type of enrollment event. This event controls the benefits open enrollment process. Unlike benefit event enrollment, which is triggered by a life event or job change, an open enrollment event applies to an entire employee population.

• Performance Review Process

  A process where you receive formal feedback on your performance during a given period of time. This process includes a performance evaluation.

• Pre-Hire

  In staffing, an individual you are tracking before employment. In recruiting, a candidate who is in the offer or background check stage.

• Staffing Event

  Any event that changes your position or job, such as a hire, transfer, or promotion. Staffing events usually trigger an opportunity to edit or modify benefit elections.

• Supervisory Organization

  Supervisory organizations group workers into a management hierarchy and are the primary organization type in Workday HCM. All workers are hired into supervisory organizations. Organization assignments such as company, cost center, and region can be configured for supervisory organizations, and unique business processes can be configured for them as well.

• Talent Reviews

  A process in Workday that enables you to gather, evaluate, and report on a range of employee talent information such as skills and experience, performance and potential, career interests, and mobility preferences. The configuration of the talent review template, the Talent Review business process, and your security determine which actions employees and managers take during a talent review.

• W-4

  Your withholding allowance certificate. This will inform an employer how much income tax to withhold from your paycheck.

• Worker

  An employee or a contingent worker.

Glossary of financial terms in Workday

• Company

  Usually represents a legal entity, and is the primary entity for recorded business transactions and financial reports. A Workday company equates to a single tax ID within an enterprise. A company is a type of Workday organization.
  

• Expense Reports

  The output of money from an individual or group to pay for an item or services. You can create your own expense reports. You can also create them on behalf of other workers when delegated, or if you have security access to the Create Expense Report for Worker task.
  

• Fiscal Year

  A year period, without regard to the calendar year, where a company or government determines their fiscal condition. Fiscal years within Workday are created only within fiscal schedules. Each year within that schedule must share the same posting intervals – what differs is the end date from one year to the next.

• Goods

  Tracks spend for physical objects, which can be expensed, capitalized, or issued to a worker.

  Example: Include office supplies, IT hardware and software, etc. Purchase orders for goods will display information related to a purchase item, including item description, unit of measurement, and unit price.
  

• Miscellaneous Payment Request

  When you need to give a one-time payment to a non RISD employee, or create a reimbursement or nonservice payment to a RISD student. This task is used for non-taxable payments.

• Non-Catalog Requisition

  Request a non-standard good not found in the catalog. If you do not know all of the details, the buyer can fill them in later when processing the requisition.
  

• Procurement

  The act of gaining goods or services from an external source. Procure-to-pay functionality within Workday includes: spend for goods, services, contingent workers, and project-based services; managing supplier contracts, requisitions, purchase and change orders, receipts, goods and services sourcing, and requests for quotes; maintaining purchase items, catalogs, supplier links, and a supplier portal; configuring requisition access to spend categories, catalogs, and supplier links; tracking and analyzing time, activity, and spend; and creating receipt accruals for approved, un-invoiced receipts.

• Purchase Items

  Goods and services that are not associated with a supplier or supplier contract. Create or edit each purchase item. They differ from supplier catalog items.
  

• Purchase Order

  Commercial document and official offer from the buyer to seller. In Workday, you create or edit purchase orders before issuing them to suppliers. Purchase orders based on requisitions can be automatically created.
  

• Requisition

  Request to purchase goods, services, and contingent labor. To request contingent worker services, use job requisitions.
  

• Services

  Services procurement tracks spending for services that are cost-based and not based on quantity.

  Example: Include, Maintenance and Warranty services.
  

• Spend Authorization

  A budget of expenditures you plan to make for a future purpose. Your organization may require you to obtain pre-approval for anticipated expenditures before entering actual expenses in Workday. Spend authorizations act as a cost control or expense policy compliance tool. The process of creating a spend authorization is initiated by the worker, not the manager. Managers take actions on spend authorizations after they are submitted for approval.
  

• Spend Categories

  A way to organize, track, and report on business assets. All trackable items must have a spend category. It is likely that the business asset you want to track is already associated with a spend category. Spend categories are a prerequisite for capitalizing business assets and tracking custodianship. For capitalized business assets, make sure that the spend category has a depreciation profile associated with it.

  A spend category is also used as a way to derive the correct ledger account to be used for the accounting journal. You can specify this in the posting rules for business assets.
  

• Supplier

  A business entity from whom you purchase goods or services.
  

• Supplier Request

  A proposal made out to the source of goods or services that are requested. There is a supplier request business process available to those who have authorization. Once given, as the initiator, you are required to fill minimal information about the suppliers you wish to add, such as name and contact information.