One important thing to do before you develop your negotiation strategy is to make sure you understand what features and functionality are important to your organization. Workday has many SKUs (modules) such as Human Capital Management, Payroll, Recruiting, Benefits, Time Tracking, Absence Management, and Finance that can be purchased, and each impacts your total cost. Working with IT, Finance, and Human Resources is a must to fully identify the modules your organization needs.
There are five key levers customers can effectively negotiate to mitigate costs in their Workday agreements.
- Full-Service Equivalent (FSE)
- Subscription Rights Bundling
- Annual Renewal Subscription Fees
- Growth Event Discounts
- Implementation Ramp Up