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.
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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