How Big Data can enhance your recruitment
Securing the best talent has never been harder given the ever-shrinking talent pool. Having a competitive edge in the recruitment market is increasing in importance, which is why more and more businesses are looking at ways to stay ahead of the pack.
Recruiters seeking the best talent are drawing on a range of tactics to deliver the perfect candidates and future employees. One of these tactics is utilising Big Data, which is becoming more essential for businesses in the hiring process – but this is not a new phenomenon.
Back in January 2014 – so nigh on five years ago – Michael A Morell of US-based Riviera Partners stated ‘big data is the future of job recruiting and development and understanding how to make sense of it will be critical to a company’s success’.
That opinion is even more relevant today as there is universal agreement that those recruitment teams that can analyse Big Data the best, are the ones that will be the most successful.
There are many advantages of using Big Data including fine-tuning a list of potential candidates to those best suited to the role. This can involve using various elements of data, but this should also ensure that companies avoid the costly mistake of a bad hire. Using Big Data to whittle down applicants from the hundreds to 10 or 20 also saves time, which is crucial given the limited amount of quality candidates.
For HR professionals, the first task is to understand the large swathes of data and to know what information you want to get from it. As Morell says: “You need the right tools to analyse it, and the right people who can provide meaningful insight. The trick isn’t merely in collecting the data it’s in interpreting it and understanding the importance (or lack thereof of) each data point.”
For those hiring, it is about much more than a CV and an interview. Big Data tools, such as Evolv and TalentBin, will ‘data mine’ other sources and deliver a greater profile overview of candidates to see if they fit the company mould. It is not just about skills but also about having people that fit the culture of the business.
Other data that can be analysed and assist with the process may include location of candidates or reviewing previous hires to see if there is a pattern – which can help in future targeting.
This can also work with assessing the best methods of recruitment and establishing which are delivering the best return. Are they coming direct to you, through an advert on a web portal, from an agency or a referral? Using Big Data can answer this and ensure resources are used effectively as a result.
Understanding how candidates are reaching out to you, and where the best candidates are coming from – through analysing this kind of data – can reap greater rewards in the future in improving the recruitment process.
Identifying the right candidates remains the hardest part of recruitment said 52 per cent of recruiters according to a survey of recruiters in a 2017 survey. Forward-thinking businesses using Big Data to analyse their best recruitment pathways and identify the most suitable candidates quickly and efficiently, will the ones on top in the quest the best talent.