Unleashing the Potential of Big Data in Human Resources
Big data is no mere fad in the technology landscape and its potential is reverberating across all industries. The human resources industry too has embraced big data and is leveraging the same to empower employers and human resource personnel with the capability of making informed business decisions. Big data provides employers with wide-range visibility into employees’ professional lives and preferences. Employers can now track, share, and analyze data pertaining to an employee’s performance and competency to encourage individual motivation and drive his overall engagement and productivity at work. Today, companies even utilize wearable technologies that are designed to evaluate employee performance data—how they deal with their work, communicate and collaborate with coworkers, and where they invest most of their time and effort. Implementing big data analytics has made it exceedingly convenient for HR professionals to identify and acknowledge the best performers and also assist the ones who are facing challenges in handling their work.
Big data serves as a major component in employee retention. It enables employers with the ability to learn why employees like or leave an organization. Employee satisfaction surveys, social media, team evaluation, exit and stay interviews are a few sources of employee data that provide organizations with the potential to predict and curb employee attrition. With big data, HR teams now have the scope to be more strategic and analytical in hiring candidates. It goes without saying that employing an analytical approach to hiring can avert bad hires to a great extent. Instead of completely relying on repetitive resumes, employers can take advantage of big data analytics to choose the perfect candidate with instantaneous access to social media profiles, applications, resume databases, and records of employment of aspiring candidates.