The hiring process can be a long and time-consuming process when done wrong. It takes companies lesser time to hire now, thanks to job search platforms like Lensa, but it can still prove to be consequential if you don’t utilize data in your favor to make fast and accurate decisions.
The data in question is big data and its analyses which is a process where a large amount of data is collected, then examined and analyzed to find outcomes for statistical questions.
You can discover market trends that have gone under the radar previously, notice patterns, or discover insights on certain groups of markets.
The information that is garnered through big data analytics aids companies in making better business decisions and maintaining that competitive advantage every business badly needs. Competitive advantage maintains companies as market leaders and increases the value of the company and its shareholders.
The reason hiring can make or break a company isn’t simply due to manpower but because the human capital is what upholds the company’s success.
The two primary human resource investments for companies are currently artificial intelligence software to streamline processes and big data analytics. Today we will be looking into the world of big data and its analysis.
Table of Contents
What Big Data Is and Its Function
There are five factors to data being classified as ‘big”, which are velocity, value, volume, variety, and variability. This data tends to go back until a certain to showcase various changes in trends and statistics that can be used to make business decisions.
The reason big data analytics is so important for recruitment is that it can influence the decisions companies to make when hiring candidates. It is a foolproof method of hiring that can land companies the best players in the field. It is also convenient since hiring managers have always relied on data to hire, and this is simply a more complicated version of the past.
With the extra information found in big data, hiring managers can now also answer complicated questions such as how likely a candidate is to stay at the company, how eager they will be during work hours, and who will be the best fit for the role when analyzing factors such as education, experience, and past workplaces.
HR managers also have to look at skills and personal factors such as the happiness levels of candidates, which adds extra layers to this process that is easily facilitated by big data analyzing software.
Predictive analytics is the new craze since software has become smart enough to predict outcomes based on past data, but we will talk more in-depth about this later.
Let’s take a look at what big data analytics does for companies to make it so popular.
Predictive Hiring
Predictive hiring uses one of the four subsets found in big data: predictive analytics. This is used to foretell the success of a candidate based on the workforce currently working at the company. Predictive hiring wasn’t a thing previously since traditional recruitment was mostly intuition- and screening-based by HR professionals.
Big data analytics combines algorithms and data to give recruiters recommendations for candidates they would be willing to hire, given the information about the position.
This process massively saves time for hiring for companies and decreases overall costs in turn. With how competitive the job market is, a second waste could easily be a perfect candidate gone.
Recruitment-based predictive software tends to look at candidate behavior, skills, and experience levels.
The accuracy and speed of the software help in maintaining maximal productivity and client/employee satisfaction since the hires tend to be a good fit. This positive outcome also improves employee retention.
Feedback
Everyone in the recruitment world has heard of ATS or applicant tracking systems. These systems have the limitation of only being useful until the applicant is hired, yet they are a popular and greatly beneficial tool during the process of hiring.
The way big data analytics helps with feedback during the recruitment process is by linking recruiters and hiring managers together even after a new hire has been taken on. This helps determine whether the new hire was a good decision and what outcomes they see statistically.
Staff Retention
As mentioned earlier, it isn’t just the hiring process that is aided but the whole recruitment cycle, which includes the efficiency and productivity of a hired employee.
Since workplaces are a team effort, HR staff can look at what additions and opportunities a new member can give to the team and how likely they are to succeed in different areas of work.
There are also ways to analyze the data to find answers to serious questions, such as why star employees leave for other companies and such.
This pinpoints what the company should be focusing on to better retain their employees. This focus can range from specialized jobs being targeted and how to retain these employees better to why the turnover rates have gotten higher.
Concluding Big Data Analytics
The main things big data offers the hiring process are feedback, solid numbers, and predictions. All of these sets of information can determine the next steps a company has to take to retain their employees, maintain employee wellbeing, maintain high numbers for profits and efficiency, and predict the likelihood of success when hiring someone new.
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