Big data is gigantic amount of structured, semi-structured and unstructured data available from various sources across the internet and even internal systems. The problem though is, how to utilize this vast resource of vital information. The answer is Big data analytics. Big data analytics is now seen as the future of human resources and recruitment, like any other organizational function.
In the present scenario, almost every job seeker exists on social media, online job portals, etc. This provides HR professionals a great opportunity to identify top talent with the help of right analytical tools to dig into this data.
Previous means to recruit were past experiences, opinions and guts. But making uninformed decisions while hiring often resulted into selection of poor candidates, and subsequently into considerable revenue losses for businesses.
However, with the advent of big data, it’s now possible to gauge a candidate's potential performance, skills, productivity, etc. in order to ensure accomplishment of desired objectives. All you need are right tools to accumulate, mine, analyze the data for managing tasks related to human resources.
LinkedIn, a social network of millions of professionals, acquired Bright in 2014 to use its algorithm in order to extract useful information from massive data that exists in its database. We all now perhaps know that LinkedIn provides the most relevant job search results for both employers and job seekers. This is the power and potential of big data. Many CEOs are now looking forward to invest in software development that can provide them significant data related to talent acquisition, employee performance and human capital management.
Benefits of Big Data for Human Resource Professionals are as followed:
Better insight into Job Seekers
Helps screen new hires
Allows you gauge employee performance
Paves the way to discover high-performing employees
Enables to predict employee turnover
Provides understanding of hiring trends
Being able to extract chiseled information from big data helps not only to empower a company with top talent, but reduce attrition rates too. For example, Xerox recorded 20% decline in attrition after using big data analytics. Big data analytics helps HR professionals learn why employees leave, what factors contribute the most in employee satisfaction and what makes them stay in the company.
Evon Technologies, a custom web design and development company, develops analytical tools for companies to help them use big data in order to take right human capital decisions. Such tools open new avenues for HR professionals to understand hiring needs and trends. Moreover, use of big data helps test theories, find solutions to problems before they start hurting, and devise effective sourcing and hiring strategies.