Talent analytics has crossed the threshold in the recruitment industry and is enhancing and diversifying HR Leaders ability to benchmark. Employers can now scrutinize through real-time data (HR analytics) to pinpoint where their company may be lagging behind and how they are succeeding in recruitment. This sort of information, across all sectors, is unparalleled in the benefit it offers to HR leaders when drafting compensatory packages aimed to attract top talent.
Before we dive into the recruiting phase of big data, we should comprehend what is it from a wider point of view.
How does Big Data Relate to Recruiting?
According to the industry experts, Big Data and Recruitment are summarized into 3 Vs – Variety, Volume and Velocity.
– VARIETY. Combining candidate’s social media channels and open source code information will give you a complete, meaningful look at the candidate.
– VOLUME. To get the clearer picture of the best candidates for an open position, it’s imperative to apply big data to recruiting (specifically for tech positions). This may involve looking at candidate’s publicly available information.
– VELOCITY. To create a comprehensive picture of the prospect, it is needed to switch between candidate’s work portfolio and social stream.
Big data recruiting is not just a smart tool for locating excellent candidate pool before your competitors do; it can also assist you to engage more fruitfully and more personally with top talent.
Top 3 Ways To Use Big Data (HR Analytics) To Recruit Top Talent
As Human Resource is becoming more data-driven, this depth of information with big data analytics casts light on all new avenue for organizations, empowering them to predict performance, conduct advanced workforce planning and make informed talent decisions.
1. Information overload
The volume of information that HR analytics offer can seem overwhelming, therefore optimizing functionality will be critical to your benchmarking process.
Take the advantage of following features to go beyond big picture of data analysis and build a talent pipeline:
– Web Scrapping
– Predictive Talent Analytics, and
– Behavior Analytics
These features grant you the knowledge and power to forecast how talent will eventually move within organization, where talent can be tapped and who will leave (and when).
2. New Technologies Generates More Concise Data
In Human Capital Management, the cloud-based platforms function as an intelligence engine. These new HR technologies both categorize and analyze a wide array of data streams. Management teams can leverage this information to answer quickly the questions like, who is most likely to leave based on compensation or commuting distance, all relative to benchmarking data.
The insights garnered can also lead to zones that need improvement, for instance, benefits and compensation packages are lacking and could be accustomed.
3. HR Analytics is asking you to Act Now
There is a staggering disconnect between the organizations that use any type of HR analytics and the organizations that are still waiting for the right time to use big data recruiting strategies.
Apparently, employers understand that analytics will drive benchmarking in their respective sectors, but these same enterprises feel unprepared and unsure to embrace this change. These problems and dilemmas stem not only from hesitations about new technology but also to analyse and assess this data to its full capacity.
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