Although we are not always aware of it, communicating and transacting in our increasingly digital world results in the creation of large amounts of data. Also referred to as Big Data, numerous industry sectors are tapping into this literal goldmine of information in order to enhance and optimise their business operations.
And while leveraging from Big Data is still a relatively new phenomenon within the recruitment space, this will not be the case for much longer. Here some companies are already exploring and investing in data analytic solutions that streamline the data into subsets of meaningful, intelligent information.
In this month’s edition of K-Insights, I will share some of the many ground-breaking insights that intelligent data could potentially bring to human resources and recruitment practitioners.
WHAT DATA-DRIVEN INTELLIGENCE MEANS FOR THE FUTURE OF TALENT MANAGEMENT
In today’s data-rich business landscape, the old adage ‘knowledge is power’, has never rung truer. And this is especially the case when it comes to human capital management.
While organisations are quick to recognise the importance of hiring the right people, never before have they had the means to bolster recruitment and talent management processes - with accurate real-time information that empowers them to make evidence-based decisions that ultimately propel their businesses forward.
How intelligent data is reshaping the face of HR
Considering that over the years traditional HR departments have invested in software and systems to capture, report and securely store their human capital data, the dawn of data analytics means that for the first time this data can be leveraged to gain the competitive edge.
Recruiters are now able to access meaningful metrics when it comes to the overall talent process, efficacy and bottom line results, effectively allowing them to hone in on what’s working and what’s not when it comes to their recruitment and talent management processes.
These evolving analytical capabilities mean that in addition to turnaround time and cost per hires, recruiters will now be able to better benchmark and drill down deeper into the data that constitutes hiring success.
Quality is now the main driver of recruitment success
For recruiters, having access to this kind of intelligent insight will be a game changer in that for the first time companies will be able to not only accurately identify and match talent to the right job, but also access attrition, absenteeism and engagement metrics, all of which are important indicators of organisational health.
Here an important shift from transactional to strategic performance based metrics is already taking place, where Artificial Intelligence (AI) in recruitment, machine learning assessments coupled with a high touch people models are providing more scientific evidence into some of the key drivers present in high performing individuals.
For the first time quality will be the main driver of recruitment success as intelligent data empowers recruiters to align the job fit of the individual in a far better way that the traditional models, greatly enhancing the client proposition.
Through actively breaking down these large amounts of data into meaningful information, recruiters are now able to dramatically enhance their offering to their organisation, effectively growing the bottom line with people that are the best fit.
No matter what the future holds when it comes to innovation and change in the talent acquisition realm, there’s no doubt that all stakeholders – recruiters, candidates and the clients we serve – will be better off for it!