To help you comprehend the vastness of this sea of information, we will examine an actual example of how much of data is really produced every single minute. For instance, every minute we exchange more than 200 million emails. During that time, users from all across the globe have uploaded more than 200,000 images on their Facebook profiles.
More than 100 hours of video material gets uploaded on YouTube every single minute, and if a user would try to watch all that video material uploaded during one single day – it would take him a total of 15 years. Throughout that minute, and during every second of it, more than 40,000 Google searches happen, resulting in an average of 3.5 billion searches daily on this engine alone.
As you can see, we are constantly producing enormous amounts of data. The irony of this phenomenon becomes even more astonishing when we know for a fact that only 0.5% of this data is actually analyzed. While this means that we are processing and analyzing terabytes of files in order to discover trends, patterns and associations so that we could put them into good use, this number is still puny in comparison.
Our governments, various institutions, research centers, large enterprises, marketing companies, etc. – they are all using big data analysis in order to reach more users, prove certain sociological theories and maximize profits, of course. Believe it or not, big data analysis is so popular that the experts presume that it will generate more than 6 million jobs in the near future.
But can it also be beneficial for the department of human resources? Now that data driven decisions have become a standard throughout so many industries on a global level, it is time to ask ourselves how we can employ this practice when selecting prime candidates for work. So let’s observe how this rising trend can be applied in this sector particularly.
Big Data in HR
According to Gallup’s State of the American Manager Research report, picking the very best candidates can improve your business significantly. In fact, a prime candidate will increase the overall productivity in your place of work for 10% total; a prime candidate can boost sales for 20%, and the overall profitability of the company for a smashing 30%. But recognizing that utterly-right fit among many is often prove to be a complex and an overpowering mission.
This is why big data analysis is an extremely efficient method of selection. A successful recruiting process is still just a game of numbers; and if we assume that every characteristic of your candidate can be measured and presented on a scale of one to hundred, picking the right employee for the job certainly becomes easier.
So when we compare all information that our candidates deliver to us through their CVs and LinkedIn profiles, the question of which one of the candidates is the right fit for a particular role becomes an easy one.
With the help of big data, a recruiter can perform a selection of candidates in a record amount of time. By examining required qualifications and the latest trends in that particular industry and for that particular role – a recruiting manager can clearly establish and outline a full profile of a star candidate. After that, the recruiter will check if there are similar job openings available on the market and find out what is the competition offering to that same talent that their company is hunting for.
Subsequently, they will determine the best combination of preferences for the position – once again, with the use of big data. They will narrow down their search to a particular profile which they will base in accordance to their skills, their location, level of expertise, recommendations, education and by salary expectations.
However, the use of big data in efficient recruiting doesn’t end here. By having access to vast amount of information, and through analysis of their competition, the HR department can easily determine which roles and positions will be particularly hard to find. To ensure that the business won’t suffer due to this problem, HR managers are able to act on time, start their hiring process sooner and develop a strategy that will deliver the best results.
After an employee gets hired, big data analytics tools can also be used to track the progress of your worker and manage their information. For example, a platform like Allay, can monitor your workers permits, training, time offs, salaries and everything else within one single cloud based service. With a simple click on the worker’s profile you can examine their status and overall performance, which makes managing hundreds of workers that much easier.
At the very end, employing big data in HR can help you in finding top candidates, it can aid you preparing for various difficulties typical within this profession, as well as monitor their progress, training and effectiveness. Certainly, all of these things are basic duties of a HR manager, but the trick is in the precision that big data provides. It is sort of like optimizing your own workforce for a maximum level of performance. Sounds fun, doesn’t it?