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.
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.
Think about all costs associated with getting a new employee on board. There are costs for job ads, hiring services, training, and so on.
