No one could argue that being proactive and smarter about what you do is a bad strategy. Big Data enables proactive, evidence-based decision-making throughout the enterprise—and yet, HR continues to struggle with adopting this approach. HR should be lining up to take advantage of the insights Big Data analysis offers, but that hasn’t happened - just yet.
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Putting Big Data to work now! - From eQuest's Floating Point Blog
1. Putting Big Data to Work;
Three Ways HR Can UseBig Data – Now!
No one could argue that being proactive and smarter about what you do is a bad
strategy. Big Data enables proactive, evidence-based decision-making throughout
the enterprise—and yet,HRcontinues to struggle with adopting this approach. HR
should be lining up to take advantage of the insights Big Data analysis offers, but
that hasn’t happened - just yet.
Still, the pressure is on for HR to step up to the plate and not only make decisions
that align with business goals but to actually become part of the business’s advisory
and planning process. In fact, PwC’s most recent CEO study revealed that 79% of
CEO’s have a CHRO or equivalent as one of their direct reports. The intention
behind this is to integrate HR with business planning at the highest levels within the
company.This is what HR has wanted for decades. It is clear that HR has earned a
position in the C-Suite.The skills and successes that enabled HR to achieve this
milestone, though, are quite different from what it will take to maintain this status
and continue the advancement of the profession. Participating in running a
business will require HR to become proficient and comfortable in taking a “data-
centric” approach in making decisions and giving recommendations.
While Big Data is an additional layer of complexity, its power to reveal insights that
drive efficiencies and forecast business outcomes is exactly the type of analytics that
HR must adopt. Big Data gives HR the ability to draw a direct connection between
its activities and key business outcomes.
Innovation and business results are fueled by the talent within a business. Talent
constraints are the leading cause of businesses not meeting their strategic
objectives. In fact, the Boston Consulting Group recently concluded that the Talent
Acquisition function has the highest business impact of any of the HR functions on
the success of running a business. A data-driven Talent Acquisition team can drive
lasting competitive advantage for their businesses by ensuring that its talent
2. acquisition activities are strategically aligned to support two critical business
success measures – revenue growth and profitability.
There are always questions, fears and objections when a new capability arrives. Will
it deliver on its promise? What exactly is it promising? Will I be held accountable if it
fails? Should I just ignore it and hope it goes away? Now that the technologies exist
to gather information and glean insights, Big Data isn’t going away. It’s not a fad that
can be ignored until the hype blows over; it’s a capability that can radically impact
your business’s ability to capitalize on real-time market intelligence and achieve its
goals. Dr. Jac Fitz-enz, the “father of HR metrics and analysis,” was recently quoted
as saying, “Without talent analytics, talent management won’t be part of any
significant business discussions.”
Embracing Big Data does not have to be an “all or nothing proposition, though. In
fact, the opposite approach is what I would advise. The best approach is to start
working with Big Data in a low-risk, cost-effective manner that also enables you to
quickly realize the value of these efforts.
Talent Acquisition is the prime function within HR to begin this Big Data work. By
learning how to apply these Big Data insights, HR can ensure its role in “business
discussions” and fulfill its critical role building competitive advantage through
people. Building robust talent pipelinesare essential to the recruiting process and
online recruiting plays a significant role in building those pipelines. Effective online
recruiting is much more than just tracking views and clicks. This is why data
analysis applied to developing online recruitment sourcing strategies and
measuring their effectiveness is an ideal place to start.
With this in mind, here are three practical ways to start puttingBig Data to work
now:
1. Proactively build a sourcing strategy:
Big Data analysis can tell you in advance which job boards will provide the best
results for your particular recruitment marketing efforts. This same analysis can
provide the insight into what kind of volume you can anticipate in your talent
pipeline and how long it could take to build that candidate pipeline—all with a
high degree of accuracy. The days of posting to every possible job board, waiting
and praying for the desired result,and then measuring the results afterward are
gone. Big Data derived insight gives Talent Acquisition professionals the ability
to be proactive, anticipate the duration of their efforts, and to spend “smarter”
based on narrow-casting their marketing efforts.
2. Understand your recruitment marketing effectiveness:
As noted above, the forecast provides the baseline for performance expectations.
Knowing in advance what to expect from your recruitment marketing efforts
provides a benchmark to determine how effective those efforts are. Measuring
in real-time how close actual performance either validates everything is on track
3. or enables the team to rectify the issues to keep the recruiting cycle on track. It
is critical that Talent Acquisition ensures the investment in marketing open
positions is producing the right results.
3. Compare your recruitment marketing effectiveness against your talent
competition:
Hyperbole aside, it is clear that recruiting is a competitive activity. In the end,
candidates are only able to take one job. Employers seeking the same talent are
at “war” with each other – both to win at recruiting, but more importantly in the
marketplace. Winning requires being in front of the best candidates faster than
the competition. If your talent pipeline takes longer to build, and has fewer
candidates than the competition, then your selecting for a less desirable pool.
Big Data can provide this type of critical insight. Realizing this in real-time is a
powerful combination that allows a team to rapidly work mitigating any issues.
Talent is the fuel that drives an organization and enables innovation. Talent
acquisition, then, is a great place for HR to begin using Big Data insights. These
insights enable employers to spend smarter and more quickly find candidates and
fill positions. HR is empowered to become proactive and strategic as it supplies the
organization with the workforce needed to achieve business goals. It’s yet another
step away from the historically transactional nature of HR and a step into a truly
strategic partnership role. That’s what Big Data can do, and that’s why you should be
using it now.