The buzz around Big Data has grown exponentially in the last few years. With the ability to capture and analyze large amounts of information and use that as insight for better decision making, it is no wonder why Venture Capitalists (VC) invested $1.4 billion in 2012. Knowing what Big Data can do and the potentially big impact it can make, there really is no area that will be untouched but how about we start with the people.
Whether you’re searching for the ideal position or sifting through candidates for the best and brightest talent, Big Data can be a game changer. Knowing the amount of data being collected, analyzed and interpreted, candidates on either side of the process will be better able to streamline their respective searches and vet out opportunities in real time. Based off those applied insights, recruiters and job hunters can essentially do more with less.
In addition to hiring and recruiting efforts, significant results could be seen in overall HR performance. With a better understanding of competitor activity, marketplace trends, onboarding productivity, employee retention and risk management to name a few, HR departments can benchmark themselves against their peers, better strategize to be more efficient and ultimately deliver at a higher level.
Like with any other implementation, Big Data has its challenges. Companies must prepare their data, their people and their technology in order to truly see the benefits. When it comes to data, the million dollar question is where and how it is stored? With varying access levels, storage locations and formats, creating consistency becomes a daunting task. As the focus shifts more towards utilizing information purposefully, employees with the same mindset must also be involved. The ability to not only analyze findings but relay that into action is critical. Addressing these challenges takes time but if a company intends to fully embrace all that comes with Big Data, it’s necessary.
As actionable information becomes vital to continuously improving the efficiency of various business elements, the advantages to employment areas like recruiting and human resources are clear. Big Data will help to solve issues revolved around candidates finding jobs, recruiters finding candidates and benchmarking HR performance with peers but only if companies do their due diligence and prepare.