There’s no doubt about it. In 2016, if you want to ensure that your organization remains competitive and that top talent is not only acquired but also retained, your human resources department must begin thinking of how to leverage big data.
Data analytics, sometimes referred to as Big Data, is the process of examining large data sets containing numerous data types in an attempt to uncover hidden patterns. The goal is to make human resources and talent management decisions based on data, not intuition or “gut instincts”, and is being driven by all of the new sources of data available coupled with the technological ability to crunch all of it..
The business function most commonly using data analytics is, not surprisingly, Sales and Customer Management. However, according to Deloitte’s 2014 research, 18.6% of the US companies engaged in big data practices use the data for human resources decisions.
According to Forbes, one of the critical needs areas businesses can use data to focus on is healthcare. With healthcare costs growing year after year, and our current data sources providing us with only descriptive information regarding how the benefits are being used, it is time to allow data analytics to move us from descriptive statistics on health care dollars already spent and to predictive analytics that can help us to manage costs.
Keep in mind that data analytics is not focused on analyzing the data you have in house, although it can certainly do that. Big data pulls available data from a variety of sources to look for hidden patterns or connections.
According to Entrepreneur.com, big data provides HR professionals the opportunity to become more analytical and strategic in acquiring candidates. Adding big data solutions to the recruitment strategy can reduce the costs associated with bad hires. Instead of a repetitious review of resumes, big data offers a quick way to learn more about candidates through their numerous social media profiles, online resume databases, online employment records, and the like.
The bottom line? Big data can help HR professionals make more strategic decisions that can impact competitive advantage and the bottom line. Your next hire may just be a HR data analyst.