Big Data can slash companies’ recruiting budgets and cut staff turnover rates in half. Start saving money now with these proven strategies for HR analytics.
Companies such as Xerox have found that the strategic use of data technology leads to quantifiably better hiring practices. After the IT firm cut its call-centre attrition rate by 20% following a six-month trial of big data tools, it now uses the technology to recruit and hire all of its call-centre employees.
Global job delivery firm eQuest outlines the steps HR should take to ensure that big data undertakings align closely with business objectives. These include:
- Creating a plan that determines which metrics should be prioritised based on company need. Common areas of focus include time to fill, cost per hire, performance scores, etc
- Examining the data obtained from job boards to identify which sites yield quality candidates, and whether they do so in a timely fashion
- Subscribing to and following such services as Google AdWords, government data, web traffic analytics, etc to have a firm grasp on what will be the talent needs of tomorrow
- Monitoring social media activity and analysing whether there is a strong link between employer brand and recruiting efforts
- Working with the company’s IT staff or an outside vendor to measure behavioural patterns within talent acquisition, and develop a thorough understanding of how and why candidates apply to jobs
“Being able to fulfill business goals and take advantage of market opportunities has a long-term effect on any organization’s bottom line,” said VP of Big Data David Bernstein. “That’s the kind of strategic partnership that can boost the C-Suite’s confidence in HR.”
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