Ready or not, here comes talent analytics: introducing big data to talent sourcing
As hirers, are you fully prepared for the wave of data analysis coming your way? Big data has been around for some time now, but it's about to be a real factor in your hiring decisions. This year, predictive analytics will become more important than ever in recruitment and HR.
In January, Infor, one of the world’s largest providers of business application software, acquired PeopleAnswers, a developer of predictive analytics software. Infor, it seems, is determined to acquire the technology underpinning the big data craze.
And why? The answer is simple: if you need to analyse candidate data to determine who will be offered a position, build promotion lists and teams, or ascertain why one salesperson outperforms another, big data is your solution.
Make room for the scientists
While traditional HR skills still apply, it’s clear that the playing field has changed. In today’s landscape, recruitment data, and predictive and data analytics skills now sit at the top of the priority list; they’re imperative to the success and relevance of your upskilling and training programs.
An Economist Intelligence Unit report, commissioned by KPMG International, found 85% of 418 global executives surveyed believed their HR teams were currently inadequate in providing insightful and predictive analytics.
To address the issue, over 30% of the organisations surveyed said they planned to invest in data analytics during the next three years. Management’s top priority, it seems, is to inject their HR teams with deep quantitative analysis skills.
Gain valuable recruitment data insight
If you are a hirer on the business-side, rather than a tech-based consultant, your ability to use recruiting data to drive change will find you in demand. By upskilling to marry an understanding of the needs of your business with the ability to mine data, you will become far more employable as an HR professional in years to come.
As the new landscape takes shape and data analytics know-how becomes a requirement, every HR team will need people with analytical skills, such as data visualisation, data management and statistics.
Winning a place among the select
As hirers, it is worth taking the time to invest in recruitment data. For those who do, the returns will be high, with stock market returns for your company 30% higher than the S&P 500 and leadership pipelines 2.5 times healthier than those who don’t make the investment, according to Forbes.
What’s more, your HR team will be four times more likely to be respected by business counterparts, as a result of your impact to the bottom line.
Embracing big data will allow you to better partnerships with management to positively impact your company’s bottom line, and take your place at the table to determine how your company should move ahead.