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How Does Pequity Compare to Workday? A Comprehensive Guide
When choosing a compensation planning solution, many organizations face the decision between specialized platforms like Pequity and larger enterprise platforms like Workday. Both tools offer robust compensation management capabilities, but they cater to different needs. This guide compares Pequity and Workday on key compensation features to help you make the right decision for your organization.
| Feature | Pequity | Workday |
|---|---|---|
| Budget Management | Supports both top-down and bottom-up budget allocation for flexibility. | Allows both approaches but often requires consultant configuration. |
| Cash Holdbacks | Offers holdback functionality for cash budgets. | No native support for cash holdbacks. |
| Equity Holdbacks | Provides holdback options for equity budgets. | No native support for equity holdbacks. |
| Country-Specific Budgets | Allows budgets to differ by country in the same planning cycle. | Supports multi-currency but managing different country budgets in one cycle is more complex. |
| Drill-Down Insights | Detailed filters enable deep dives into budget and spend at all levels. | Supports drill-downs but requires additional configuration. |
| Historical Data | Tracks all changes with a full audit log. | Tracks data but requires manual setup for audit trails. |
| HRIS Integrations | Seamlessly integrates with 50+ tools, including BambooHR and Greenhouse. | Offers robust integrations but typically needs consultant setup. |
| Custom Fields | Allows admins to easily add custom fields and columns. | Supports custom fields but configurations require specialized expertise. |
| Compa-Ratio Calculations | Built-in automatic compa-ratio and position-in-range calculations. | Offers similar functionality but requires additional configuration. |
| Equity Guidelines | Customizable equity guidelines by role, location, or job level. | Supports equity ranges but becomes complex with additional factors. |
| Implementation Time | Streamlined implementation in 6–8 weeks. | Lengthy implementation, often taking 6–12 months. |
| Post-Implementation Support | 24/7 global support with dedicated Customer Success Managers. | 48-hour SLA support with access to consultants. |
| Compensation Statements | Generates fully customizable statements including cash, equity, and benefits. | Provides comp statements but with limited customization. |
| Approval Workflows | Customizable approval workflows based on organizational hierarchy. | Supports workflows but adjustments require complex configurations. |
| SSO Integration | Fully supports SSO solutions like Okta for secure access. | Integrates with SSO but requires additional setup. |
| Multi-Currency Planning | Built for seamless multi-country, multi-currency compensation planning. | Supports multi-currency but demands significant configuration for country-specific budgets. |
Why Choose Pequity Over Workday?
- Faster Implementation: Pequity’s implementation timeline averages 6-8 weeks, while Workday’s advanced compensation features typically take 6-12 months to set up and configure. Pequity’s faster setup allows companies to get up and running quickly, saving valuable time and resources.
- Flexibility in Budgeting and Planning: Pequity offers more flexible budget management, including holdback functionality for both cash and equity budgets. Workday lacks this feature, making it less adaptable to complex budgeting needs.
- Customization Without Consultants: While Workday offers a robust feature set, many of its functionalities require external consultants to configure. Pequity allows internal admins to make real-time changes, whether it’s adjusting logic or managing approvals—no consultants required.
- Comprehensive Global Support: Pequity excels in global compensation management, supporting multi-currency planning and budget differentiation by country within the same cycle. Workday can handle multi-currency planning but struggles to offer the same flexibility in managing global compensation within a single cycle.
- Calibration and Custom Workflows: Pequity offers compensation calibration sessions, which are key for performance alignment, and fully customizable approval workflows. Workday does not support compensation calibration natively and has more rigid workflow setup processes.
- Enhanced Support and Training: Pequity provides dedicated customer success teams and 24/7 support, ensuring that your team gets the most out of the platform. Workday’s support is strong but can often require additional consulting resources for complex setups.
Conclusion
While Workday is a comprehensive HR platform, Pequity is the better choice for companies seeking flexibility, faster implementation, and powerful global compensation management. Pequity’s ability to make real-time adjustments, offer customizable features, and support complex global operations make it an ideal solution for companies looking to modernize their compensation planning process.
Want to see how Pequity can transform your compensation strategy? Schedule a demo today and take the first step towards more efficient and flexible compensation planning.