Recent findings suggest companies will need to utilize big data on many levels to stay relevant in industries that will grow increasingly competitive over the next decade. Human resource departments were singled out as one of the key beneficiaries of increased transparency, as statistics will help point to more efficient hiring techniques.
Big data runs the world
A study conducted by The Economist Intelligence Unit (EIU), and sponsored by the Society for Human Resource Management (SHRM) and International Business Machines, found that a major shift is taking place in talent management, which has a direct impact on overall business strategy.
Big data is becoming increasingly prevalent among major Fortune 500 companies and is tipping the scales as businesses that adopt it wholeheartedly pull away from their competitors. Data collection isn’t a new topic, but the EIU reported investment in workforce analytics is steadily increasing across the board. Tighter job markets and the need for niche roles within highly technical fields spurned a need for greater introspection into hiring methods. The data collected, in turn, will be used as fodder for predictive analytics, which will be primarily focused on boosting retention and eyeing improvements within hiring methods, SHRM reported.
A two-for-one deal
The need for an applicant tracking system (ATS) is now more glaringly obvious than ever following the EIU report. Rather than input data manually with out-of-date practices, HR departments can streamline their hiring processes—and in the meantime, build statistics that can help decision-making down the line.
Consolidating the two different activities will reap dividends. In shortening time spent on recruitment efforts, companies can find the right candidate at a quicker pace, freeing HR staff up for other activities that need attention without taking a hit in quality of work.
Understanding the importance of workforce analytics, Berkshire created BALANCEtrak applicant tracking system. Through BALANCEtrak, Berkshire experts will guide you through which data to collect, and when and how to gather the information at each step of the recruitment process. With this standardized applicant tracking process, we eliminate confusion, and save you time, money, and ensure OFCCP compliance.
Other research also supports the idea that companies need to make an investment in workforce analytics. In 2015, a Deloitte study reported two-thirds of respondents are actively upgrading their retention strategies. One of the best methods of doing so is identifying trends in recruiting that lead to better retention. By meeting the issue head on, businesses can start the transformation—but not unless they have data backing their decisions.
As the digital era progresses, big data will become mandatory for organizations wanting to improve. It can provide intuitive insight into how companies should realign strategy to accomplish goals in the rigorous challenges the modern era provides.