What’s New in Workday 2024 R1 Update

Since its introduction in 2005, Workday has been a prominent name in cloud-based ERP solutions, empowering organizations. Their financial and HRM systems have established them as a top option for businesses looking to enhance essential business procedures. 

The most recent Workday 2024R1 updates have been released for these two modules. This upgrade promises to completely transform how you manage your financial and human resources. It is jam-packed with improvements and features.

Understanding Workday Updates 

It’s important to comprehend how Workday distributes updates before delving into the specifics of Workday 2024R1 updates. Workday systematically releases updates in two main areas:

Weekly Service Updates: During planned weekend maintenance windows, these updates are released to fix bugs and make small improvements. They guarantee a flawless user experience by having little effect on daily operations.

Feature Releases: Taking place every two years, these releases bring a greater variety of enhancements and functionality. Even though these updates provide a lot of improvements, they might need to be adopted by users and possibly involve changes to current procedures. 

Workday Feature Release 2024R1 Overview

Updates in the HCM Module

  • Enhanced Benefit Management: Workday 2024R1 updates allow you to proactively identify employees who might lack sufficient funds to cover their benefit costs. Additionally, you can generate communication cards directly within Workday, keeping your employees informed about their benefits programs and job-specific details.
  • Improved Compensation Management: Ensure accurate and efficient compensation management with the “Compensation Element selection prompt.” This nifty feature streamlines the process by displaying only the relevant compensation elements based on the chosen category. Furthermore, you can now configure leave and time-off types to influence step progressions within workflows and assign grace periods for steps, providing greater flexibility in managing employee leave.
  • Streamlined Hiring: Workday 2024R1 updates offer an optional redesigned user interface for the “Hire Employee” function, making it more intuitive and user-friendly. You can also configure workflows and approvals for creating or modifying job profiles, ensuring a well-defined hiring process. To guarantee new hires receive all the essential information upon joining your company, Workday 2024R1 allows you to mandate pre-hire contact information fields for all users or security groups. Additionally, you can promote data privacy by gathering consent preferences for processing employees’ data.
  • Talent Management Gets a Boost: Workday 2024R1 updates have introduced innovative features Paradox to attract top talent and cultivate a thriving workforce. It is an AI-powered chatbot specifically designed for external career sites. Paradox can engage with potential candidates, offering job recommendations, application assistance, and valuable information about your company.
  • Now, you can also create and manage virtual, in-person, and hybrid recruiting events, catering to a wider range of candidate preferences and fostering stronger engagement.
  • Workforce Management: Workday 2024R1 allows you to configure working types for time offs, enabling you to effectively allocate these hours and ensure proper tracking. Additionally, managing compensation changes becomes simpler with the introduction of the “Request Compensation Change Process” step when assigning or ending collective agreements.

Updates in the Financials Module

  • Enhanced Accounting: You can refine your accounting practices with the ability to configure review steps within the Accounting Center Summarization Event Business Process. This enables you to approve or reject accounting center summary journals before posting them to the general ledger, ensuring data accuracy and control.
  • Machine Learning Integrations: Harness the power of artificial intelligence to streamline financial processes and gain deeper insights. Workday 2024R1 updates integrate intelligent Machine Learning prompt recommendations, offering suggestions for:
  1. Sales items and revenue categories on customer invoices
  2. Expense items and defaults for corporate credit card transactions
  3. Tax attributes on supplier invoice lines
  • Extended Remittance Framework: Workday 2024R1 offers the Extended Remittance Framework, which enables you to create remittance advice in an easy-to-use PDF format for supplier invoice payments and third-party payroll. With its precise breakdown of payment information, this remittance advice makes record-keeping and reconciliation simpler.
  • Improved Payee Bank Account Validation:  Workday 2024R1 allows you to tailor account displays to specific country-based requirements for both payment election and settlement bank accounts. This minimizes the risk of errors and ensures payments are directed to the correct accounts.
  • Streamlined Cost Reimbursement: You can simplify cost reimbursement processes and eliminate unnecessary workarounds with Workday 2024R1 updates. This update allows you to change the status of cost-reimbursable spend lines falling outside award line dates from “Pending Award Line Date Review” to “Ready to Bill.” This expedites the billing process for pre-award and post-award expenditures, ensuring timely reimbursements.

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