Can Big Data Impact the HRM?
Big Data, as the name suggests refers to enormous and rapidly growing amounts of the employee, customer, and transactional data available in organizations. When it comes to HRM, these organizations have massive amounts of talent or people-related data like age, tenure, skills, performance rating, tenure, performance, educational background, etc. These data can be helpful in understanding the organization better including their structure, performance, and the development of employees. Big Data in HR can evaluate and improve practices like talent acquisition, development, retention, and overall organizational performance. This process involves integrating and analyzing internal metrics, external benchmarks, government data, and social media data to deliver an improved solution to the business problem that an organization is facing.
HR organizations can use the tools offered by solution providers to perform analytics and forecasting. This lets them take smarter and accurate decisions, measure efficiencies and identify management. It also allows them to answer important questions related to workforce productivity, impacts training programs on enterprise performance, and helps to identify potential leaders. The ability to use and analyze big data has enabled many companies to increase the revenues by better understanding more accurately.
Lack of information and data to put on the table during business discussions is the biggest problem faced by HR people while managing talent. Companies through analytics can gain insights and devise plans needed to remove the barriers within.