The size of the worldwide human resource (HR) technology market was estimated at USD 37.66 billion in 2023 and is expected to increase at a compound annual growth rate (CAGR) of 9.2% from USD 40.45 billion in 2024 to USD 81.84 billion by 2032.
Two of the top companies in the HR technology field are Lattice and Workday. Both provide tools to improve different functions of managing human resources. But how do you decide which one is better for your company?
This blog will guide you through the features, benefits, and costs of both Lattice vs Workday. We’ll also compare the two to help you pick the best option for your organization’s needs. Let’s dive in!
Lattice is mainly known for its tools that help with employee engagement and managing performance. It is a software platform that helps companies create a culture where real-time feedback and ongoing learning are important.
Lattice has earned a solid reputation for offering businesses an easy-to-use interface that prioritizes organizational alignment. It works especially well for companies that prioritize performance management.
The top features of Lattice include:
Lattice offers a subscription-based pricing model that is scaled according to the size of your company. Smaller businesses can control costs by paying only for what they use due to Lattice’s numerous pricing tiers based on your needs.
The pricing model of Lattice includes:
$11 seat/month. It helps businesses determine who their best performers are and maintain operational excellence. This plan offers features like performance reviews, goals and OKRs, 1:1s, talent reviews, and more.
Some of the available add-ons are:
$10 seat/month. It offers features like report builder and onboarding to simplify processes and improve the working environment for your staff.
Workday is a far more comprehensive, business-oriented HR system. It provides a whole range of tools covering analytics, finance, and human resources.
Workday provides businesses with the resources they need to manage payroll, hiring, talent management, employee data, and financial operations. Therefore, companies can increase their overall work efficiency by using Workday’s easy-to-use system.
Nevertheless, Workday’s scalability makes it suitable for organizations of various sizes across different industries.
Large companies prefer Workday mainly due to its vast capabilities and scalability. In addition, it is famous for its analytics skills, which enable the application of data in enterprise decision-making processes.
Here is a quick snapshot of the top features of Workday:
Workday is usually more costly than Lattice because it is an enterprise-level solution. You need to get in touch with Workday for an estimate because its cost is tailored to your company’s size and unique requirements.
Given the variety of functions and interfaces it provides, the price might be justified for big businesses with intricate HR and financial requirements.
Let’s look at a more detailed comparison of Lattice and Workday across several important features.
G2: 4.7/5 (3890+ reviews)
Capterra: 4.5/5 (180+ reviews)
G2: 4.1/5 (1500+ reviews)
Capterra: 4.5/5 (1500+ reviews)
Ultimately, choosing between Lattice vs. Workday depends on your organization’s specific needs.
If your company values performance evaluations, goal-setting (OKRs), and employee development, Lattice is a great option. Additionally, small to mid-sized businesses or organizations with other HR systems in place might find it to be a useful option.
Conversely, larger businesses that need a complete HR and financial management solution are better suited for Workday. For businesses with more complicated requirements, its extensive feature set—which includes payroll, benefits, analytics, and talent management—makes it an effective platform. Workday is the best option for a centralized system that combines analytics, finance, and human resources on one platform.
Selecting HR software is more complicated than just picking a tool. It involves considering several factors, including payroll for human resources, HR administration, and performance management.
Although Lattice and Workday serve different purposes, they both offer powerful HR tools. The “best” choice for your company will depend on its size, needs, and goals.
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1. Can Lattice integrate with Workday?
HR and people executives can concentrate on what matters most, which is implementing effective people initiatives, by using this interface to safely integrate Workday employee information into the Lattice system for easier and more error-free interactions.
2. Lattice vs Workday: Which platform is better for small to mid-sized businesses?
Small and medium-sized firms frequently choose Lattice because of its easy-to-use interface and emphasis on performance monitoring.
3. Lattice vs Workday: Which platform provides better analytics and reporting features?
Workday generally provides better analytics and reporting features due to its comprehensive HR and financial management capabilities. It offers detailed insights across various HR functions. However, Lattice provides valuable analytics related to employee performance and engagement but is more focused on those specific areas.
4. Can Lattice and Workday integrate with other software?
Yes, integration features with a range of third-party apps are available in both Lattice and Workday. While Workday connects to a greater variety of corporate systems, such as financial and operational software, Lattice works well with solutions centered on communication and project management.
5. Why is Workday so expensive?
Workday’s pricing is expensive due to software fees, setup expenses, continuous support, configuration, product design, and user interface.
