The global job market is struggling to find talented candidates as the trends shift to a candidate-driven recruitment industry. It is becoming difficult with each day passing by to fill in the vacant positions across industries and business verticals. Added to that, the capital spent on candidate-recruitment is shooting high.
As per the 2016 Glassdoor eBook, namely 50 HR and Recruiting Stats That Make You Think , the median amount US firms are spending on filling one vacant position at their company is $4,000. Moreover, it takes 52 days on average to fill a vacant job role.
Why Infuse Big Data into
Recruiting?
The rapidly changing markets more inclined towards the candidates have forced HR leaders and recruiters to re-evaluate conventional recruiting practices. To keep up with the competition, they felt the need to incorporate big data as a form of advanced hiring practice.
What Do the Studies Say on Big
Data in HR?
Dynistics, a renowned UK-based business reporting, and analysis firm, in its 2013 report on the use of big data as an HR technology concluded “ 30% of hiring professionals do not optimally use big data in recruitment. Hiring managers that apply big data in recruiting are twice as probable to elevate their hiring processes, and thrice as probable to decrease the spending on time and money to fill a vacant position .
Benefits with Big Data Applied
to Recruitment
Lack of reliable candidate data had made hr community feel disappointed for years. But now, with big data at their disposal, things have become simpler. Major benefits with big data use as an hr tech include real-time prediction of hiring needs, betterment in quality and retention of new hires, and ease in the measurement of recruitment performance with business success.
Data-Driven Recruitment: The Acquired
Gains
The Standard of Quality of New
Hires Goes Up Significantly
If you have trustworthy data available to you before you invite candidates for an interview, you will shortlist the best-suited applicants for the role. And eventually, I will choose the most talented professional. On the contrary, a bad hire can negatively affect the fate of a company in the long run.
A 2013 survey by CareerBuilder that took 6,000 HR professionals into the account stated “ 27% of respondents confirmed the cost of a bad hire to be $50,000 . With the advent of big data into HR recruitment, such mistakes can easily be avoided.
Robust Assistance for Hiring an
Ideal Candidate
Strategic hiring becomes easy with big data incorporated in hiring. It provides direct access and insights to employment records of personnel, their social media profiles, and educational background. Given all of that, finding a perfect candidate does not seem difficult.
Big Data Assistance to Employee
Engagement and Retention
Hiring is not the only part that makes a firm invest huge capital. Training a new hire can be as expensive as hiring one. If employee retention is low, the cost incurred in training nullifies for the company in question. A 2014 report by the Association for Talent Development stated that worker training amounts to an average of $1,208 per employee to businesses in the US.
Data Availability Can Help Put
a Value Tag to Each Employee
Support gained out of data analytics can help make companies assign true financial value to people that work there. Further, the degree of the financial impact an employee creates can be measured.
Concluding Thoughts
A majority of successful organizations in the current times are already exploiting big data in hiring top talent. It’s time for you to consider using the disruptive tech to fuel business growth. If you are a 100+ employee company, big data analytics in hiring will certainly benefit you. The time is now for hr recruiters to embrace big data applications at executive search.
