The words Big Data, AI, Machine Automation and Chatbots, are all terms you cannot avoid anymore. And for good reason. Big data, represents the volumes of data from traditional and digital sources. It's collected and analyzed, and holds the keys to the future haves and have nots of the business world.
Just look at historically famous wars or battles, what was often a deciding factor? Intelligence and information. Knowing where the enemy is, what they are doing and with what, their strategy, etc. All of these pieces of information add up to create the kind of picture that helps define a winning party’s advancement and maneuvers to outsmart the enemy. When it comes to winning the current war for talent, no different. Information matters in sourcing and hiring the right talent for your business. Big Data is that information.
Two Types of Data
So where does Big Data come from exactly? All day long, data is being gathered by digital devices. Each website, mobile device, social media exchange, RFID sensor, and digital system presents bytes of data that reveal trends about the people using those digital devices and the environment in which they live and work. This Big Data falls into two types, Unstructured and Multi/Structured Data and, according to Gartner, the amount created will grow by 800% in the next five years. 80% of that data will represent Unstructured (emails, social media posts, video feeds and resumes).
How to use Big Data for Talent Acquisition
Big Data can assist in all three stages of the Talent Acquisition (TA) process. This is where companies can truly set themselves apart from other organizations, by effectively gathering and acting on the data captured. First, Big Data can provide the information to help zero in on which social media networks and media outlets a company’s top candidates use. And enable the companies to reach out, contact and nurture them. Secondly, machine learning and AI expedite and enhance the application filtering process. This assists HR with quickly sifting through submitted applications for the best candidates. Finally, for candidate analysis, big data provides insight into searching through the database to verify skills, references and the potential of matching candidates. These tools help cut through the vast volumes of applicants who don’t match your needs and guide you in building the company’s dream team.
Avoiding Big Data’s Potholes
With any technology or process, there are potential challenges or ruts to overcome. Facing leadership skepticism on adopting the new trend, not understanding how to analyze the big data or being unsure of how to implement its use are all common potholes that companies face. Being armed with the facts of its success to overcome cynical reactions, adopting a recruiting model that embraces the use of big data and partnering with a third party to assist with implementation can all ensure a more seamless and positive outcome.
Remember, Big Data is here to stay whether you want to admit it or not. It’s time to embrace it or raise the white flag. Rest assured, the war for talent will be won by companies using Big Data.