Betting Big on Big Data: Need of the hour for Talent Management
The Big Data market is expected to grow up to USD 103 Bn by 2027, with the market bound to receive an annual revenue of USD 274 Bn in the next year, 2022.
Big data is increasingly gaining prominence in the modern business ecosystem. However, despite being critical in supporting major business functions, Big Data in HR has not been given the required importance for its abilities.
Big Data is beneficial for HR managers if they are trying to study workforce patterns in an organization and find a solution. Ultimately, HR professionals can utilize a variety data from multiple sources and analyze it to find answers enabling easier talent management, improved employee retention, more thoughtful workforce planning, and data-driven decision making.
Let us dive deeper to understand how Big Data in HR is the possible future of talent management.
Recruitment Powered by Data
Big Data can have a tremendous impact in recruiting top talent from a global talent pool. Big Data provides HR managers with the tools and information needed to visualize the pattern leading to selecting the top talent available in the market. HR managers can filter through thousands of resumes and narrow their search to the most promising prospects through big data.
Big Data helps map the skills set aligning with an organization’s talent strategy, thus ensuring that the candidates coming in are best-suited to the advertised roles.
Combine this with an AI-backed talent management tool, and the HR department is prepared to filter through hundreds of applications to find the best-suited candidates.
Dive Deep into Performance Metrics
Performance Metrics is one of the most common uses of Big Data in HR and has helped HR managers augment the productivity of employees. With the help of Big Data, HR professionals can measure employee performance and improve the work conditions for their employees.
Performance Metrics can measure high-performing employees and separate the lower-performing ones, so actions can be taken to help increase their productivity.
Map Short-term and Long-term Career Progressions
In a constantly evolving job market, employers have a social responsibility to prepare their employees for the future. Hence, planning career progressions is imperative for long-term success.
Data Analysis helps match employees scientifically with all potential future career path requirements based on their competencies, characteristics, capabilities, faculties, experience, learnings, and skills. These assessments determine the gap between the individual’s current role and the future role for the ideal career path.
Boost Employee Engagement
Employee engagement is always a trending topic in HR. Perhaps even more so due to the current age of remote working. Yet, the interesting use of Big Data in improving the engagement of employees is more than simply tracking survey data. It is also possible to highlight, reward, and recognize top performers too.
Furthermore, Big Data can identify those who may be losing motivation or facing performance issues. Data analysis around key performance indicators, achievement of targets, and sickness absence can all be highlighted to HR and point areas of improvement.
In turn, this data can be used to advise and support managers on where their team members and employees can be developed, supported, and engaged.
Augment Workforce Planning
Workforce planning can be a frustrating exercise when performed without adequate data. It requires bringing together different types of information from specific departments, markets, and talent trends that suit the situation.
Information such as historical performance data, the current state of the talent ecosystem, and the company’s workforce together make up the foundation of workforce planning.
Big Data supports HR by leveraging data for better resource planning and improved workforce management decisions.
By leveraging data from over 8000 data sources, Draup has extracted and analyzed data of over 4500+ job roles, 2500+ locations, and 100,000+ courses spread over 33 industries. It has also analyzed over 4Mn+ career paths and 30,000 skills and has it all in its extensive database. Talent Management tools such as Draup enable talent management teams to utilize and integrate Big Data into talent management.