Leveraging Big Data in HR
The world is becoming more data-driven as companies recognize the value big data holds in finding key trends and patterns that allow for impactful decision making. Human Resource is one area starting to realize the massive competitive advantage that big data analytics can provide in order to identify top performers, improve retention rates and keep employees engaged. Leveraging big data is one solution in finding the needle in a haystack amongst a pool of applicants. Utilizing big data can provide a new method for talent discovery. Taking market insights, competitive benchmarking, and user experience to identify top candidates.
What leveraging big data can do for human resource management:
Increase retention rates:
When you hire someone, resources are put into that employee. Time, energy and money. Employees resigning is the loss of those resources. With the use of big data, algorithms can flag employees at risk of leaving, utilizing data on their online activity, history, job performance, and profile. Knowing that an employee may be at risk of leaving can prompt employers to offer a raise, a more challenging role or further training.
Improve Employee Benefits
A generic benefits package isn’t always the answer. Being able to identify what perks your employees want can be key in maintaining employee satisfaction. Insurance companies do something similar, gathering health-related data on their staff in order to identify their needs.
Decreased Bad Hires:
Hiring individuals that do not meet expectations on performance costs the company both time and resources. Big data can help in ascertaining whether an individual will be the right fit.
Leveraging big data analytics in HR is one trend we expect to see increase in the coming years.