Navigating Your 2024 Workday Tenant
Important Dates and Strategic Considerations
Stormloop is excited to present a comprehensive guide to the key dates and events that will shape your Workday experience in 2024. Our preliminary Workday calendar outlines critical milestones, with a focus on both HCM and Financial products. We encourage you to review the calendar below and reach out with any additional items or questions specific to your team's needs.
Workday Maintenance Windows
Weekly, monthly, and quarterly extended maintenance should be considered throughout the year as you plan projects. Extended maintenance can sometimes impact project plans due to limited tenant accessibility.
Full details on how long the extended maintenance will be can be found here:
Workday Releases
Workday releases two major updates annually. It's crucial to grasp the contents of these releases, as certain features may affect your tenant. Ensure that planning, testing, and deployment of these features are integrated into your yearly Workday calendar to leverage upcoming release items effectively.
Full details on Workday Releases can be found here:
*Event date ranges vary based on location.
Workday Events
Each year, Workday organizes a diverse range of global events. These gatherings promote collaboration among potential customers, existing customers, and partners. Over time, these events have proven to enhance our comprehension of Workday and the diverse ways in which customers utilize the software.
Full details on Workday Releases can be found;
Workday Regional User Groups (RUGS)
Functional Area Timeline Considerations
Human Capital Management (HCM)
Open Enrollment - Suggested Key Dates for Open Enrollment are as follows:
Start Preparation in July/August. Preparation consists of reaching out to vendors, reviewing plans, and making updates. To learn more about considerations check out our open enrollment podcast.
Compensation - Key Dates for Compensation will vary based on your company. Common review stages are:
Around merit time.
Bi Annually or quarterly based on your fiscal year.
Financials (FIN)
Month End and Quarter End - Close processes are different for every company. If you feel your close process is taking longer than you would like to, you may benefit from a Stormloop Health Check. Check out our blog on a preliminary close checklist.
Year-End Planning - Depending on your fiscal schedule, year-end planning will happen 3 months before your year-end. Example: October if your year-end is 12/31, and April if your year-end is 6/30. To learn more about considerations check out our year-end for Workday Financials podcast.
Reporting
Annual Report Cleanup- should be completed along with the R2 release of each year.
Audits - Every firm has different internal & external audit requirements. Preparing Workday reports is an excellent way to provide this data.
Cross-Functional Considerations
Acquisitions - These could impact all functional areas & require significant testing. For more information on planning for acquisitions check out our blog on Mergers, Acquisitions & International Expansion.
New Vendors & Vendor Changes - Consider vendors across areas like Benefits, Banking, and AP. Each vendor change could be a new Workday project.
Workday Support Team Changes - Internal & External teams change due to bandwidth, attrition, new strategic partnerships, etc. With each change comes onboarding time for new resources to learn your system & processes
New Workday SKUs - Stay informed about the Workday Roadmap and plan the adoption of new features/SKUs with your stakeholders.
Budget Considerations for the year:
Align internally for budget associated with events and external Workday support, like Stormloop Services.
Discuss vendor contracts and relationships with business owners. Remind internal teams to provide notice to the Workday team if vendor or system changes are on the horizon.
Plan resource bandwidth around 2024 Workday Releases for new feature/regression testing in Workday Preview. Will you need support from a Workday Support team like Stormloop services?
Plan travel and event budget if Rising or Workday RUGS are an option for your team.
Assess internal assignments and resource allocation - Discuss partnership opportunities with external teams for augmentation or external assistance.
Where Stormloop Can Help Optimize your Workday ROI:
Review vendor specifications and create a project plan for implementation.
Provide insight into additional Workday SKUs, such as PRISM or Extend, to create a value proposition for increasing your Workday footprint.
Review your 2024 Workday initiatives and provide staffing guidance for maintaining stability while achieving goals. Does your team have the right players?
Outline a regression testing plan for Workday releases based on how your team uses Workday today.
Document your Workday System and train your Workday Resources so that you can own your system.
Engage in a project-based partnership to keep your resources focused on maintaining production.
Strategic Considerations:
The initial plan might appear overwhelming, but it's crucial to recognize that a significant portion can be retained annually. Workday effectively fosters consistency over time to promote efficient processes for stability. Implement your initial strategy internally or with external assistance, collect feedback from stakeholders & key players, and refine the plan for future use, considering resources, processes, and the overall schedule.
Recall the acronym PLAY that we initially introduced during our Coffee Chat with Ascend last year. The PLAY concept deconstructs the strategic planning cycle into distinct phases of consideration. Utilize PLAY to craft your playbook for the year, incorporating the provided dates and considerations as your framework.
As you prepare for the year ahead, Stormloop is here to support your team's success in navigating the complexities of the Workday landscape. Our team looks forward to collaborating with you on strategic planning, implementation, and ongoing support to ensure a seamless and productive 2024.
Feel free to reach out with any additional considerations or questions specific to your organization.
Contact us at info@stormlooptech.com to learn more.
Follow Stormloop here: https://www.linkedin.com/company/stormloop-technologies-llc
Written by: Scott Rushton & Danika Dodd