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How Big-data is changing the recruitment scenario?
Yes, finding the right job with the desirable perks is not an easy feat, but have you ever thought how strenuous it is for the recruiting team to find a candidate who is ideal for the vacant position?
With the significant inflation of the number of graduates passing out from colleges every year around the world, hiring committee’s search to find the candidate that is perfect for a position like a missing piece in a puzzle is becoming immensely back-breaking. The reasons being: suitable degree but lack of skill development, recruitment channels growing like mushrooms, unsatisfying job intricacies. All this has led the recruitment industry to find new and advanced ways of narrowing down their search for the right fit.
From advertising a job via newspaper, flyers, signs, and posters to the inception of the internet that outstandingly transformed the recruitment scenario and approach. The mid 90’s saw job boards helping both recruiters, and the candidates find common ground to their quest. Now, the recruitment industry is tapping talent through technology via mobile and social media platform that has helped to outsource talented human capital to a great extent.
The latest helping tool for the recruitment team is in the form of an element that has been apparent but overlooked: data and analytics. In this machine-led era where almost everything is being automated, why not utilize automation and big data to learn better about the potential candidate? Big data has proven advantageous in several industrial sectors like banking,education, media, communication etc .
If you are perplexed by the thought of ‘how can data analytics help hiring committees find the right candidate?’, Then fret not! We have got you covered.
No matter the industrial sector, data and big data analytics are an essential source for attracting the target audience. In the recruitment industry, data is a crucial source that helps to hire managers to come to actionable insight. Big data analytics in broad term is processing large chunks of data to bring out into the open useful information and trends, identify patterns and establish correlation.
Though the realization is coming off a bit late, it sure is being accepted and implemented by almost every organization and recruitment agencies.
Why, you ask?
Let’s finally talk about how big data analysis is helping the recruitment industry find the right candidate?
Is this candidate the right fit?
Big data analytics help companies narrow down the perfect candidate by performing semantic analysis that extracts various metrics such as industries, job titles, skills, experience, certifications. This is then compared to the job description for profound screening. It also raises red flags by displaying what an ideal candidate should be accounting the past hiring decisions. The automation of multiple processes helps narrow down the list containing thousands of names to best 20-30, freeing HR time to concentrate on other employee-related activities.
Will this candidate stay for long?
It is one wearying task to find the suitable candidate but how does an employer know whether or not the candidate will leave and jump onto the next significant opportunity they will get? Or they don’t feel motivated any longer to stay in the firm? Well, big data analytics can help identify when a team member is on the brink of leaving the organisation due to monotonous responsibilities. This can help managers deploy effective and engaging retention strategies.
How is my recruitment channel performing in the market?
If like most of the companies, in your search for the fitting candidate, you also make use of various channels like headhunters, social media platforms, online job sites, etc., utilising big data analytics can help you invest only on the channels that are generating maximum return on investment and determine the success rate. There you can actively encourage constant engagement by deploying strategies on a particular channel.
Big data analytics is tremendously advantageous to the hiring committees especially at this point of time where there are a growing dearth and demand of competent candidates.