There is a human-resources future out there — one in which online resume databases, social media profiles, records of employment, and even scanned business cards and job applications come together to identify the best prospect in a crowd.
It is a future driven by big data — a powerful analytical approach that is simultaneously changing the way recruitment happens and re-emphasizing that it is the recruiter, not the talent, who is at the core of the process.
The future of recruiting
“Big data is the future of recruiting, but you can’t just data mine your way to the right candidate,” says Ali Behnam, cofounder and managing partner of Riviera Partners. “You need the right tools, the right combination of external and internal variables and — most importantly — the right people who know how to analyze all of it.”
This approach to recruiting — also referred to as people analytics — is not only fueling businesses’ search for the best candidates, but also delivering a healthy dose of entrepreneurial energy to HR. Firms such as Riviera Partners, Gild, TalentBin and others are providing companies with products designed to draw closely aligned candidates from the big-data well. All of this is part of what Gartner Research predicts will be a $232 billion big-data industry by 2016.
A recent whitepaper published by eQuest points out that for human resources in particular, big data marks an “historic opportunity” to make the “most rigorously evidence-based human-capital decisions ever.”
It’s not only experts who align on big data’s role in recruiting; there’s plenty of evidence from recent use cases.
For example, Xerox recently cut the attrition rate at its call centers by 20% by using big-data tools to staff its 48,700-person department. And, in a single six-month trial period, Xerox was so impressed by the outcome that it decided to keep using big data to hire new employees for the center going forward.
Those are quantifiable results. And companies, along with the recruitment firms that advise them, are taking notice. But how does all of this work? The answers lie, in large part, within the very information that HR already encounters daily.
Source: Mashable | JAMES O’BRIEN