The economy of the country is picking up pace and this has led to a swell in the number of private sector employees’ attrition rate. In such environment the cost of hiring and training new talent make a significant dent in any organization’s bottom line. It is a globally known fact that retaining employees far more cost effective than hiring a replacement. Therefore, it would be great to incorporate a solution into the recruitment system of every organization that could enable prediction as to who is likely to be a successful, long-term employee before the candidate is hired.
One such system is the incorporation of big data into the process of hiring as it has better potential to predict successful hires than traditional methods. In fact, data mining can help an organization open up a much larger pool of talent, devise much better assessments, predict the best hires, make the right estimate of the remuneration to be given to a talented employee and retain him or her much longer.
What is Big Data?
Before we get into the science of hiring , it is important for us to first understand what it is. It can be described as an evolving term that defines any voluminous amount of organized, semi-organized and unorganized data that has the potential to be dug for information. It is difficult to process them using traditional data processing applications as they are very large and complex. The challenges include analysis, capture, curation, search, sharing, storage, transfer, visualization and privacy violations.
With the advancement of technology slowly being used for various business activities including the recruitment process. While some are cynical as they argue how a person can be measured and analyzed by a computerized process of data most have realized the true potential it holds in transforming recruitment. They have to understand that big data is not meant to replace the existing method or remove human experiences, understanding and expertise. The science of Data hiring enhances the process of recruitment by making it more streamlined and effective.
For example modern day video interview platforms like Talview helps organizations use data from assessments and interviews to identify top talent during application filtering, structure most effective assessments for each role, identify best panel members for each interview and also make sense of various patterns in selection if candidate. It can also help reduce the ambiguous guesswork of finding the best talent with a data-driven recommendation engine that leverages the power of big data. Apart from the profile information, it can also be used to analyze actual candidate information and match them to current top performer. It can take into account almost over 100, 000 times more data than a resume or online profile. Moreover, it gets smarter over time to become a personalized data-driven recruitment model.
Big data is now being recognized as a key to success and every organization needs to consider utilizing this technology when searching for top talent and creating a solid foundation for their organization. Various researches depict that most of the high performing businesses are five times more likely to view analytics as core to the business as compared to their low-performing counterparts. The analyses and interpretation of big data has proven to create more efficient, informed and successful decision making in all areas of an organization. It is advisable to incorporate analytical with data into the recruiting strategies early on as the use as it is becoming the core for success of an organization. With the rising demand for ‘Big-Data’ in various industries, the recruitment industry is also catching up on this domain.