Business owners have to deal with lots of jargon in their everyday lives. One piece of terminology which has grown in popularity in the past five years is “big data.” This is a reference to the information companies can collect, the kind which gives them an insight into their customers’ minds. With the right data, a firm can tweak a product or service and provide their shoppers with everything they need.
But, what about the other areas of the industry? Is big data making changes elsewhere?
The answer is yes – in recruitment. Here are the reasons data mining has a pivotal role to play in finding the perfect candidate.
It’s no secret that the game is rigged. Big companies have the most resources and can hire the best applicants as a result. In the past, SMEs have had to feed off the scraps, like bottom feeders in the ocean. Big data is changing the dynamic because it reveals things about people which may make them an ideal fit. Thankfully, the data helps you find them quicker and beat the bigger boys to the punch. It’s called proactive searching and hiring. Before a competitor knows about a potential candidate, they may have signed a contract.
There is no longer any need to sit and wait for recruits to come to your door. Instead, you can search them out and be proactive (see above). The problem is the competition – everyone is doing the same thing and you can’t stand out from the crowd. The good news is you can use the right data to promote the brand. Advertising things such as the average wage and vacation time is a clever move because people want a healthy pay packet and time off. Plus, backing it up with evidence makes the data undisputable, and that reflects kindly on the company as a quality employer.
As in, it helps bosses limit the amount of time they waste during the average job search. What with sifting through resumes and interview applicants, it can take weeks to find a list of suitable candidates. Even when you do, there is no way to tell if they are the right fit. By using big data, you can tailor their qualifications to the search. Some employers will want to see Microsoft Excel training courses on a document, while others will prefer proof of job experience. Regardless, the right parameters help save the business time and money.
One of the biggest wastes of money is employee turnover. Unfortunately, people will use the company as a stepping stone to another position. You don’t want to hire anyone with this mindset, and you can use data to weed out the men from the boys. For how long have they stayed in previous roles? What are their levels of ambition? Do they secure promotions on a regular basis? All of these things are indicators of stepping stones.
Recruitment has evolved quite dramatically. Are you adapting too?