Could big data help you retain top talent?
Analysis of large data sets can help you recognise the achievements of your employees and also source talented and motivated staff. But not all organisations are on-board with big data. In this blog post, find out how big data can help your company retain top talent.
Big data is currently a major buzzword in the HR world, and its not something to be ignored.
Some of the opportunities it presents to HR managers are the chance to increase talent retention, saving the company time and money and providing various strategic, data-led insights demanded by the board.
Research published in Forbes suggests more than 60% of global companies are now investing in big data and analytics tools to help make their HR departments more data driven.
Furthermore, big data is seen as way of propelling HR to the plinth of a respected and true strategic partner in the world of business, just like finance, sales and technology.
So how can big data help companies retain top talent and what sort of positive impact could it have on businesses?
In a nutshell
Big data is extremely large data sets that can be analysed using software to reveal patterns, trends and associations in this case those relating to human behaviour and interactions making it a valuable asset in the workplace.
Its gathered from anywhere and everywhere, including posts to social media sites, digital pictures and videos, purchase transaction records and mobile phone signals.
Big data is more important to your business and organisational strategy than you might actually think. Thats the view of top HR leaders and business strategists in a post for Forbes
But over half of senior HR directors and managers from UK private sector organisations dont understand big data - this is something that needs to change. So how can you use it?
Find the right candidate
Employers can automatically pinpoint the right candidates for a job based on required qualifications and keywords.
For example, searching for two years of work experience could easily cut an applicant pool in half, quickly scaling down the number of candidates while saving time and money viewing CVs and contacting applicants.
Praise where praise is due
Big data is also changing the future of employee management, helping you to retain the top talent in your workforce.
It makes it easier to recognise achievements by members of staff, alerting you when employees hit a target or exceed expectations. You can then more readily praise them, increasing retention and improving employee engagement.
Workers want you to acknowledge their good work. Doing so makes them feel a valued and respected member of the team.
Data analysis can also predict which high-performing employees are likely to leave a company in the next year or so, whether theyre headhunted or simply want to move on in their careers. Workday software is a prime example of this, according to a New York Times blog. It not only predicts these occurrences, but also provides possible solutions such as a pay rise or new role which might make them stay.
Positive knock-on effects
Numerous studies have shown that happy employees perform better. Research by Warwick University, for example, found happiness can make people around 12% more productive.
So, by recognising their efforts using big date, youll keep your staff on board, extinguishing any desire to jump ship. You can then reap the rewards of their services for a number of years to come.
This will have a positive impact on productivity, ultimately leading to increased sales and bigger profits in the future.