According to PRNewswire, the Big Data and Analytics market is predicted to reach $684.12 billion by the year 2030. Even, a prediction from the raconteur says that 463 exabytes of data will be generated every day by the year 2025.
This number will keep increasing with the surge in devices, technology, and databases that manage the information overload. Therefore, creating a proper data analytics department structure is vital.
Amidst this data load, information can help businesses improve their performance and sales. However, to perform complex tasks in large-scale projects, you require to have an understanding of the roles and responsibilities of the data analytics team.
Most organizations seek data-backed insights that can help enhance shop floor processes, gain more visibility and support the key decision-makers. To achieve this defining the clear roles and
Big Data, which contains a load of structured and unstructured data, can help detail insights. Businesses have started investing in Big Data to improve their infrastructure, streamline their processes and enhance customer experience.
Big Data analytics is set to enhance recruitments and efficiently manage your talent. With this at the core of your talent management processes, you can improve retention and augment productivity. With the best data-backed insights, your decisions will work towards improving the overall performance of your business while reducing costs and helping you stay competitive.
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4 Ways Big Data Transforms Talent Management
You can enhance decision-making as you get data related to your recruitment and team member engagement processes. Big Data can impact many areas of talent management to strengthen outcomes and boost business profitability.
1. Augments the Recruitment Process
Your recruitment process can add to your hiring costs. If it is not defined or doesn’t include ways to scan and manage potential bad recruits, you may add to the attrition rate.
With Big Data, you will get the prospects’ current salaries, the industry’s salary benchmark, benefits, and packages. This data will help you scan through the number of resumes you have received and make an intelligent decision.
Organizations have started investing in talent management software that scans the resume and removes the prospects that don’t fit the bill. You can also enhance the benefits and packages for the particular position to match the candidate’s requirements.
The entire recruitment process is more functional, accessible and cost-effective with the data-backed analytics and metrics that you receive.
2. Resource-work Allocation
In most cases, lack of job satisfaction or being overwhelmed with a lot of work could be the two cases why people leave your organization. If you see a high attrition rate, you might want to examine the data to analyze your resource-work allocation.
Analytics help you understand the amount and type of work your organization gets and the total resources working on it. You will even know if your resource-work allocation is optimal or not.
With adequate software solutions and schedule management, you can ensure that work is equally distributed. It will not only enhance the efficiency but also minimize the costs. Eventually, with proper allocation, you can increase business profits.
3. Prevent a Bad Recruit
What is the one thing that you fear as an employer? No job-employee fit could be one of the most feared and commonly occurring things in an organization. While the employee has all the desired understanding of the job profile, they may not get a clear understanding of what needs to be done. They may or may not be the ideal fit for your business.
Good data-backed analytics will help you prevent this scenario. You can use data and the software for recruitment to match your ideal candidate with the prospect. If it is a match, you can go ahead with the interview stage and finally make the right decision.
A wrong recruit can prove expensive for your business and lower your revenue. With the right system and software solutions, you can optimize recruitment solutions.
4. Boosts Employee Retention
When you work towards making your employees feel comfortable and help them attain the right skills, you motivate them. Eventually, they will be happy and encouraged to work more. You will notice an increase in their overall productivity, impacting their stay in your organization.
An employee given the right job, assessed and valued for their performance, and given the optimal hikes stays happy. This is possible when you have the correct data backed with good insights. Decision-making becomes more accessible, and team members go home more comfortably.
As an HR, you are constantly worried about the employees and the retention rate. You don’t like employees leaving, which means more training and a lowered profit. As a critical decision-maker in recruitment and HR management, you want employees to upskill, perform and stay longer.
With the right insights, you will know which employee is likely to walk away, plan to stay longer, and need an upskill. That’s when applying Big Data will surely help you achieve that. Motivating and encouraging them for better opportunities are rewarded with better retention and advocacy. It will eventually lower your acquisition costs too.