Organizations are increasingly adopting Workday HCM to standardize HR processes, boost employee engagement, and improve system integration. This adoption is helping them overcome challenges such as workflow redundancy, data visibility issues, and process inefficiencies. To further enhance the effectiveness of Workday HCM, service providers are actively developing tools and accelerators to address data errors and streamline HR processes. Moreover, the integration of generative AI within the HCM framework marks a transformative leap toward efficiency, enabling companies to significantly reduce human effort through automated job descriptions, targeted candidate shortlisting, and personalized interview question suggestions.
Both demand-side and supply-side trends are covered in Avasant’s Workday HCM Services 2023–2024 Market Insights™ and Avasant’s Workday HCM Services 2023–2024 RadarView™, respectively. These reports present a comprehensive study of Workday HCM service providers and closely examine the market leaders, innovators, disruptors, and challengers.
We evaluated 34 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 36 providers, we recognized 12 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
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- Leaders: Accenture, Cognizant, Deloitte, and IBM
- Innovators: Alight and Kainos
- Disruptors: Hexaware, KPMG, Mercer, and PwC
- Challengers: Avaap and Invisors
Figure 1 below from the full report illustrates these categories:
“As organizations embrace the transformative power of generative AI in HCM, a new frontier of efficiency and personalization is coming to light,” said Frank Scavo, a senior partner at Avasant. “It not only automates routine tasks but also facilitates better decision-making in areas such as job matching, recruiting, and employee development.”
The reports provide a number of findings and recommendations, including the following:
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- Healthcare and financial services lead in HCM adoption with 92% and 88%, respectively.As these sectors face complex regulatory environments, HCM systems are becoming critical for managing compliance and ensuring employees meet necessary certifications and regulations, thereby reducing legal risks.
- Enterprises are leveraging generative AI to transform HR processes such as automating job descriptions, screening potential candidates, and helping companies to upskill employees and enhance employee engagement.
- Businesses maximize the value of their Workday HCM investments by ensuring scalability, minimizing customizations, and offering employee self-service options for streamlined administration and improved user adoption.
- Service providers are acquiring specialized firms to better assist enterprises in areas such as leave management, technology consultancy, automated testing, application management, and professional services.
“With the availability of so much employee data, generative AI will have a huge impact in delivering personalized insights,” said Gaurav Dewan, research director with Avasant. “But it often comes with privacy-related concerns that leaders need to take into consideration while embracing it.”
The Workday HCM Services 2023–2024 RadarView™ also features detailed RadarView profiles of 12 service providers, along with their solutions, offerings, and experience in assisting enterprises in their Workday HCM journeys.
This Research Byte is a brief overview of the Workday HCM Services 2023–2024 Market Insights™ and Workday HCM Services 2023–2024 RadarView™ (click for pricing).
