Companies such as Xerox have found that the strategic use of data technology
leads to quantifiably better hiring practices. After the IT firm cut its call-center attrition rate by 20% following a six-month trial of big data tools, it now uses the technology
to recruit and hire all of its call-center employees.
Global job delivery firm eQuest outlines the steps HR should take to ensure that big data undertakings align closely with business objectives. These include:
- Creating a plan that determines which metrics should be prioritized based on company need. Common areas of focus include time to fill, cost per hire, performance scores, etc
- Examining the data obtained from job boards to identify which sites yield quality candidates, and whether they do so in a timely fashion
- Subscribing to and following such services as Google AdWords, government data, web traffic analytics, etc to have a firm grasp on what will be the talent needs of tomorrow
- Monitoring social media activity and analyzing whether there is a strong link between employer brand and recruiting efforts
- Working with the company’s IT staff or an outside vendor to measure behavioral patterns within talent acquisition, and develop a thorough understanding of how and why candidates apply to jobs
“Being able to fulfill business goals and take advantage of market opportunities has a long-term effect on any organization’s bottom line,” said VP of Big Data David Bernstein. “That’s the kind of strategic partnership that can boost the C-Suite’s confidence in HR.”
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The recruiting industry is becoming increasingly driven by big data tools, as evidenced by Gartner Research’s prediction that HR analytics will be a $232 billion industry in the next two years.