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Using Big Data to Win the HR War for Talent Posted on Jun 18 - 2017

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Big Data, which has been used in marketing and e-commerce for almost a decade now, can lend its power to organizations for recruitment purposes. It can offer answers to problems including candidate pipeline quality, best talent sources and employee retention. Relying only on experience and gut feeling is not only slow but can be wasteful. Listening to the story data tells is a more scientific and reliable way. No company would invest 40% of its revenue without sound financial analysis. Why take the risk with HR?

The traditional approach to hiring was a belated, reactive one. As soon as additional workforce was necessary, the heavy recruitment machine was set in motion. Newspaper advertisements, hard-copy resumes, interviews, and orientation, all time and resource consuming steps with an unclear success rate. This is no longer an effective way to get the best talent unless you want a setting straight out of the 1950s. Now, competitive organizations use internal data to anticipate the need for talent long before it arrives and external data to source the best candidates. The role of HR is no longer administrative, but strategic.  

The Candidate Funnel

Getting the best talent is like fishing in an ocean. You need to cast your line in the right spot and put the right type of bait on your hook. Stocking the candidate funnel resembles stocking the sales funnel. Therefore, big data consultants can just adapt existing algorithms.

Predictive Approach

Big Data can highlight market trends and identify areas where talent will be needed in the next 12-18 months to trigger growth. This forecasting method removes the urgency from recruiting, protecting the organization from rushed decisions. Anticipation gives the hiring manager time to prepare a healthy pipeline of candidates and a clear profile for the expected employee.

 

Mathematical methods can also provide an accurate estimation of the number of candidates that need to be reached initially to ensure filling all the positions with qualified personnel. These computations take into consideration the large percentage of applicants that don’t meet the criteria. View More

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