The term big data has become more common for the past couple of years in the modern business world and now it has started to take over the HR industry by a storm. Many experts claim that using big data HR has become inevitable.
So what is big data?
Big data is extremely huge volumes of data that is available in both organised and unorganised form. The most important thing is not how much of data an organisation would possess but how they make use of it.
Currently many firms around the globe are embracing big data analytics to predict the future of the industry they operate in, changes of employee behavior, workforce changes and new trends.
Where do you find big data?
Even though the concept big data has picked up recently the collecting and storing a large amount of data for analysing runs back to decades of business operations. However with the concept gaining traction in many industries has enabled HR departments and HR professionals to use it for HR in many ways.
- It gives better insights
Analysing data collected from various sources overtime will help HR departments to gain better insights on employee expectations, behavior, performance and motivation. This helps in increasing employee loyalty and productivity. Indication of possible changes in the future may help organisations make better decisions regarding human resources.
- Make better hiring decisions
Recruiting a candidate who would not fit or stay for long could be a huge cost for the business. Being more analytical on searching for the perfect candidate to fulfill a job role can reduce this unwanted cost burden that has to be borne by the organisation.
- Predictive analytics
Predictive analytics can help in succession planning and better talent management. This can be used to strengthen the recruitment process whilst building a strong talent pool within the organisation. Better decisions on employee’s potentials and direction will derive better result in terms of overall performance of the business.
Organisations needs to be mindful about the holistic picture of the industry and workplace when analysing and making decisions based on big data. Better business decision takes operations to a whole new direction and it would be the right direction they have to take. Embrace the new technology and big data and make the best out of it to be the best employer for your workforce.