You may not realize it but the whole world is running on big data. No, it is not a science fiction jargon but an actual reality. The term is being used almost everywhere and human resources in one of them. To understand what big data is, let me present you one scenario.
Imagine yourself walking down a road in a pleasant weather. Things are not so beautiful in reality so let me decline the weather condition a bit. It is drizzling, so you take out your umbrella to prevent yourself from water droplets. A few minutes later you see that drizzling has taken a shape of full-fledged rain and you take out your raincoat as well. The situation gets horrible because of voluminous rainfall and you witness that roads are heavily flooded. You surely need a shelter in a building now. But even that won’t help because the city has been hit with the humongous tsunami. Now you must come up with a new strategy and tools so that you can save yourself.
Welcome to Big Data!
The world has seen a huge influx of data, so much so that we all together need a different approach and tools to control and make insights out of the humongous data. There is a high time to leverage big data for human resources. HR must enter the race of big data to retain and acquire top talent and be in a competitive advantage.
Let’s look at how big data is involved in HR
Pre-involvement of HR
By analyzing employee engagement and performance data, HRs can get involved in the process of decision making and would be able to predict the resignation and other unfortunate events. This way they would come up with a concrete strategy to avoid all the unfortunate events. Their intervention even before the event give the company an advantage over the problems that may arise due to internal factors.
Making insights from performance data
If you see the performance data set of a company with hundreds of employees then you would get the fair idea as to how large and deep this data can go. This much quantity of data holds so much valuable information and insights on the driving factor of star performers. You can then try to replicate these factors to make sure that your whole team is on the right track to be high performers.
Also, it would help HR managers to link employee cost to performance in order to maintain a healthy relationship between these two. It would be a great achievement if companies could improve the function and lower down the employee cost. Interestingly, their own data can help them to achieve that.
Talent strategy at its best
The ultimate goal of HRs is to acquire the best talents and retaining them with the development of their skills set. Analytics and talent management strategies are what they need to uncover the potential of big data in helping companies to achieve their positive result faster without hurting their budget.
You have seen how much importance the big data holds when it comes to hiring and recruiting, but it also has a significant presence in the whole employee lifecycle. Finding performance related patterns and see the insights based on your own data can help HRs and their company in every process of recruiting and in all functions of human resources