Can Big Data bring BIG changes in the recruitment sector? Let's find out in this article!
There's no doubt that the success of any company is directly linked to its people. Over 71% of CEOs think so, according to a report from Harvard Business Review. More precisely, the report has found that CEOs view human capital as the top factor for the sustainable economic value of their business.
What's more, 43% of them agreed that investing in their employees is a top priority. So, it's no wonder, then, that employers and tech recruiters are continuously working on improving their strategies of finding, hiring, and retaining top talent. This is where Big Data shines!
Big Data can do more than just tell you about your current workforce's performance. It can also use predictive analytics to help your HR specialist build and manage a pipeline of top-talented candidates. If you think about it, hiring managers have always relied on data to make hiring decisions, but, fast-forward to 2022, they can use Big Data to make better decisions.
1. Predictive analytics leads to better decisions
You can guess that a candidate is "the one." But what if you can predict that you're interviewing the right? This would be a lot more certain, right? Well, that's the main difference between guesses and predictions. Sure, instincts are necessary and helpful most of the time. Yet, they don't compare to predictions of how a decision will play out.
This is where Big Data brings this difference. Predictive analytics make the data you have actionable, allowing you to make smarter decisions about anything related to attracting top talent to your company, including sourcing and hiring. Besides that, it can also help you predict when or whether an employee might leave you for another job.
Latest technological advancements allow companies to extract meaningful and valuable data that offers insights into the job at hand, no matter the industry or the nature of the job. For example, if you're planning to spend some money on job ads, predictive data will use market data and data from your own previous experiences to give you a clear idea of how your ad will perform. This significantly improves your ability to get the most out of your recruiting budget by making better and more informed decisions, resulting in fewer mistakes.
2. The hiring process is streamlined
Besides allowing companies to make smarter recruitment decisions and avoid mistakes that can cost them, Big Data also helps streamline the entire hiring process. Not only that hiring managers can identify and screen candidates more easily, but they can also make use of all that data in the future.
With the emergence of Big data in the HR sector, gathering and examining all the data collected before, during, and after the process of hiring has become a lot easier. In addition to this, recruiting managers can also monitor and track the efficiency of recruitment efforts in a more accurate manner. This also allows HR teams to identify new and highly efficient recruitment websites and different strategies that attract top-tier candidates.
3. Big Data improves the quality of new hires
Think about all costs associated with getting a new employee on board. There are costs for job ads, hiring services, training, and so on. Now, imagine that your company pays all that money only to realize that you've made a bad hire that won't work out the way you've hoped it would. You don't want to make this hiring mistake, right?
Thankfully, big data can help you avoid it. One way in which big data helps you hire quality candidates is by allowing you to find the ideal person much easier. With data from online databases and publicly available information, your hiring managers can identify the right people more accurately and efficiently. Big data can be sorted using certain key performance metrics, allowing your company to identify those candidates who best suit your top requirements.