How to best utilize Big Data in sourcing efforts
- When I first heard the term big data, my first reaction was, oh great, another expensive tool that the big companies are using that we're going to have to learn. I was also concerned that this was just something else that was going to complicate and delay the hiring process. But, the better I started to understand big data, the more I realized how helpful having access to this data can be. One of the first things I learned is that big data is not a replacement for other tools that we utilize.
It's a new resource we can use to become better at our profession. Big data addresses new questions that can be asked, and new ways to provide insights, based on the answers. I quickly realized that big data can transform what we do, from reactively filling openings, to proactively anticipating needs, and pipelining talent in advance. Big data is currently being applied to the talent acquisition process in numerous ways, including cost per hire by source, because this allows the organization to monitor an actual return on investment for their sourcing and recruiting activities.
Next, time to fill by position title. This allows the organization to know how long it takes for them to fill various positions, therefore, they can see and understand the talent supply and demand. Next is requisitions per recruiter per month. This allows hiring authorities to see which recruiter is capable of handling hefty workloads. There are other benefits, including reduced turnover. If turnover is above average, there are reasons that can be identified.
Questions can be asked, and information can be gathered from internal systems, the applicant tracking system, the HRIS performance reviews, compensation, demographics, recruiting systems, and external data. Big data analysis will reveal information that can then reduce turnover. The next benefit is targeted recruitment. Big data predictive analytics can be derived from the huge volumes of data that job boards collect.
This information can predict how difficult it will be for you to fill a specific position, in a specific city, or the best day of the week to post a specific job on a particular job board. Big data also uncovers valuable trends and patterns on why a candidate takes steps to apply for a specific posted job, and this is going to help you quickly adjust your course of action to attract more candidates. The final benefit is proactive talent acquisition.
For companies with high levels of internal data, and a large workforce, big data analysis can determine how many employees are needed now, but can also forecast how many will be needed in the future. Big data can also forecast shortfalls in critical talent areas which can drive sourcing and recruiting to fill projective gaps. Individuals in the sourcing and recruiting profession have always been behind the proverbial eightball, pressured to fill positions often, with an immediate timeframe.
What big data is going to do for you is it's going to provide you with predictive analytic insights, so sourcers and recruiters can anticipate future needs, and can identify talents prior to the needs. Just imagine for a moment how much more effective you will be in your career when you can pipeline needed talent in advance.
- Talent sourcing vs. recruiting
- Sourcing objectives and strategies
- Searching and crowdsourcing
- Using LinkedIn Recruiter
- Using social media
- Evaluating paid sourcing
- Best practices for talent sourcing