By Fiona Villamor on October, 18 2016
Big Data Analytics for talent acquisition and management
It is quite common to expect hiring professionals to fill vacant positions on demand, although there is a possible risk of recruiting a wrong candidate. And then there are times when a prospective candidate is lost due to the indecisiveness on assessing the candidate on time.
Undeniably, human capital remains to be one of the biggest assets for any organization. Therefore, it has become an absolute priority to reshape talent acquisition and management processes, while staying focused on nurturing existing employees.
As a result, many savvy organizations have turned to advanced analytics for making meaningful decisions based on data relevant to their business—data that can help them assess the quality of their applicants.
Advanced Analytics: The smarter way to acquire talent
Unlike the traditional hiring process of juggling between emails and spreadsheets, many employers and hiring managers use Advanced Analytics to source the right candidates on time.
HR departments draw insights from real-time data and track the source of the most qualified candidates to help allocate budget more tactfully and also hire the right skill set within the time constraints given.
In fact, due to the constant change in business demands, it has become imperative for organizations to rely on predictive analytics to be able to effectively forecast resource requirements and stay competitive in attracting the best workforce.
It doesn’t end after hiring the talent
The challenge does not end with getting the best talent on board. Talent retention and their growth is also a very critical function of the organization. Large organizations have shifted their focus and have started investing in Analytics to focus on areas which were otherwise seemingly out of scope earlier—like employees’ emotions.
Some organizations even utilize their existing internal data like employee reviews, compensations and benefit details, and promotions to draw insights on the possible reasons for employee attrition or loyalty. This type of analytical approach backed by data enables organizations to make more strategic decisions aimed towards employee retention and loyalty.
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Going beyond reporting: Forecasting a better workforce
At an operational level, data analytic tools like capacity modelling and KPIs are being used to ensure optimum utilization of the resources. It has become essential to break down every single activity into measurable standards, which in turn can act as a basis for performance evaluations.
Identifying and addressing challenges faced by employees is of top priority to ensure optimum utilization of the human capital. Advanced Analytic tools can help identify and track type of errors which may occur at different levels of operations. Then a detailed analysis of these findings can enable the teams to come up with a clear solution plan—like filling knowledge gaps through sufficient training or looking at possibilities of automation or having a more balanced and effective work spread among the team members.
Constant analysis and re-validation of processes and procedures with the help of data analytics allow businesses to identify non-value added procedures and processes. The outcomes could be around cost reduction or investment opportunities in other beneficial projects where employees can get constant exposure, upgrade their skills and move into newer areas, and ultimately stay motivated.
These business achievements can easily have a rippling positive impact and create a sense of security and prosperity on the human resources—the most valuable impulse for an organization.
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