This week on Blogging4Jobs, we are focusing on the theme Big Data sponsored by Jibe. Jibe provides cloud-based recruiting technology solutions that enable talent acquisition teams to strategically identify, attract and engage candidates. Join us April 10th 2014 at 3pm to talk Big Data on Twitter using the hashtag #BigDataHR and join our webinar, “What’s the Big Deal with Big Data in HR & Recruiting” on April 17th at 11a EST. Follow the week by bookmarking us!
When it comes to human resources, many companies share the same concerns: employee turnover, productivity, level of employee disengagement, and how to effectively train management.
If you want to ensure you’re succeeding in talent acquisition and employee retention, you need to consider big data for HR.
Now, big data shouldn’t be a foreign concept to you. Although you may not completely understand its value in human resources, you’ve probably heard the word buzzing around. If you’ve been curious on how you can use big data to your advantage, here is everything you need to know about implementing big data into your human resources department:
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What is big data?
We hear a lot of talk about big data, but do we actually know what it is? Big data is a process that uses computers to collect information to perform a variety of tasks such as creating targeted ads, predicting stock prices, and now, determining what job candidates are the best fit for your company.
When it comes to using big data for human resources, it can revolutionize the entire industry. Big data for HR raises important questions that need to be asked during the hiring process. From finding answers on how people are recruited and hired to pinpointing exactly how much talent is being overlooked, big data is the solution for virtually any human resources department.
Why is it important?
One of the biggest concerns for most companies is their budget. Employers want to ensure they are making the most of their resources and finding ways to eliminate any extra costs. According to the Bureau of National Affairs, it’s estimated that U.S. businesses lose $11 billion annually because of employee turnover. If you want to eliminate this loss for your company, then big data is your answer to hiring the right employees who won’t leave.
Employers have used big data for hiring talent who would be the best fit for their company. By using big data, employers can analyze applicants to find out which people are likely to stay with the company once hired and who will enjoy their job.
This is huge when it comes to reducing employee turnover because employers can almost guarantee finding the right employees for their company. For example, an employer can research which universities have the highest success rates for college grads landing jobs, as well as the length of time they stay with their first job. This can help employers determine which universities are best for recruitment in order to find employees who won’t leave.
How does it guarantee success?
If you’re still not sold on big data, let’s take a look at some companies who are using it to their advantage.
Big data is very useful for making hiring decisions and determining how much to compensate new hires. One company that has nearly doubled the time their employees stay is Xerox. Xerox has been able to cut employee turnover in half after using big data to review job applications. Before big data, Xerox relied solely on candidate experience. However, this company soon discovered personality and soft skills are more important during the hiring process. Xerox also found that more creative hires were likely to stay longer than the analytical type of employee.
Another company that has used big data for their hiring process is Google. Google has an entire department dedicated to “People Operations” where they use big data to recruit and hire the best talent for their company. Google’s human resources department is dedicated to “people analytics,” which measures whether a candidate is a good or bad fit based on their soft skills, attitude, work ethic, and flexibility. This data-driven approach has proven as a great way for Google to maximize their hiring efforts and reinvent the human resources industry.
Ready to implement big data? Here’s how:
Create a dedicated analytics team.
As mentioned above, some of the best companies are using data to hire the best employees. In order to pull this off, you need to hire a data scientist who can find the answers to your biggest questions. Although these data professionals don’t always speak the HR jargon you’re accustomed to, they can help you find the information you need about hiring the best employees. A data scientist can identify high-performing talent, how much you should pay them, and where you can find the best candidates for your company.
Gamify your hiring process.
Another common way to implement big data into the hiring process is through gamification. Gamification is a great way to improve talent acquisition and management. Through creating a game or mobile app, you can reward candidates as they complete each step of your hiring process.
For example, video game startup Knack creates games used by employers to help weed out human potential. Job applicants are expected to play these games for 20 minutes, which helps the employer determine problem solving skills, creativity, and persistence of each candidate. Gamification allows employers to paint a picture of their candidates and determine whether the person has the potential to be a leader or innovator for their organization.
Motivate your current employees.
Not only is big data beneficial to your hiring process, but also it’s a great way to retain and train your current employees. Big data can be used to motivate your employees by requiring them to log their progress and rewarding them for completing tasks. It can also help you determine if your current employees are in the right department of your company or performing at their potential.
The bottom line: big data is the answer to many of your HR questions. From scoping out talent to hiring the best candidate, big data can help you accomplish your hiring goals and have a competitive advantage. Big data can help you save time and money when implemented, so it’s important for you to know how to use it and why it’s important for the overall success of your company.
Does your company use big data in your human resources department? How has it impacted your hiring process?