What are the main components of Workday’s Human Capital Management (HCM)?

The main components of Workday’s Human Capital Management (HCM) encompass key functionalities that are essential for managing an organization's workforce effectively. Recruiting, talent management, payroll, and time tracking together form the core elements of HCM.

Recruiting involves the processes associated with attracting, evaluating, and hiring new employees. This is vital for ensuring that an organization secures top talent to meet its operational needs. Talent management refers to the strategies and processes used to attract, develop, and retain skilled employees, making it crucial for long-term organizational success and employee engagement.

Payroll is the component that handles employee compensation, ensuring that employees are paid accurately and on time, while also managing deductions, taxes, and compliance with relevant regulations. This is foundational to employee satisfaction and trust in the organization. Time tracking allows businesses to monitor the hours worked by employees, facilitating accurate payroll processing and ensuring compliance with labor laws.

The other options incorporate important aspects of workforce management but are not the central components of HCM. Time off management and resource planning are more specific subsets, while financial analysis and budgeting pertain to broader financial management rather than specifically to human capital. Employee satisfaction surveys and training programs, while valuable for organizational development, are secondary components or processes within the larger framework of