Introduction To Big Data Analytics in Recruitment
When it comes to Big Data Analytics in Recruitment, it all boils down to the three Vs- Volume, Velocity, and Variety. However, using traditional methods, you can only optimize these three to a certain level. Beyond it, you will need the secret spice- data. Let me explain how for all three factors-
Big Data Analytics in Recruitment – Volume:
A human recruiter can only analyze a certain number of applicant profiles or read their resumes every day. However Big Data Analytics in Recruitment faces no such limitations, and your system could analyze thousands of profiles, their work experiences, their publicly available recommendations, and source codes, in a matter of minutes. This way, you could go through your entire applicant pool to find the best candidates.
Big Data Analytics in Recruitment – Velocity:
The number of days required to hire someone is too high. As per some reports, it is even more than a month. Also, Noted that the longer it takes for the hiring process to complete. The greater the chances of the candidate dropping off midway. Big Data Analytics in Recruitment can help reduce this timeline by taking away much of the repetitive load off the hands of human recruiters.
Big Data Analytics in Recruitment – Variety:
One attribute that sets apart the use of big data in recruiting is how deep candidates can be analyzed for recruitment. While human recruiters can only analyze a candidate through his resume or what he says in an interview, a machine can dig deep much further, and unearth more information. This results in candidates with different backgrounds. Such as with a gap in work experience getting hired through the help of big data.
Big Data Analytics in Recruitment – Advantages
Hiring processes are fine-tuned:
Recruitment agencies can access data related to demographics, compensation, social media, and more to find newer attributes about candidates. This information helps the agencies in separating unique candidates who would match the company’s work culture. Both data from existing employees as well as applicants can be used to find similar candidates as well as those who would be able to bring something new to the table.
Usage of historical data in hiring:
Recruitment portals have started to use historical data in their recruitment efforts. The massive data repository from past hiring is then used to find trends in the data, to improve hiring and increase efficiency. For example, if a certain category of candidates is found to leave a company soon after joining then such candidates would be filtered using historical data. Historical data also used to decide on remuneration and other benefits to attract potential candidates.
Improve the hiring experience:
The current hiring experience is a slow one and often, candidates drop off when it takes too long. A bad hiring experience spoils the name of a company and candidates are less likely to apply to the same company again. Recruitment portals can help companies by improving the experience, making the recruitment cycle smaller, giving quick feedback and bringing more humanity in the process. When a candidate gets feedback after each step in the process and view his chances of getting to the next stage compared to the other applicants, he is more likely to stay on. Such a transparent recruitment procedure would be impossible to implement if not for Big Data Analytics in Recruitment.
Building in a diversity tracker into the recruiting method:
Companies have certain diversity targets that they need to maintain in their hiring numbers. When recruiting using traditional methods, making sure that these numbers sustained, is difficult. However, when using big data analytics, you can do your shortlisting itself based on your diversity targets. Recruitment portals use these techniques to help companies reach their diversity goals better. Instead of using estimates, analytics help in continuous monitoring of the hiring funnel to keep a track of demographic ratios such as ethnicity, gender, background, and more.
Delivering on recruiting capability:
When a company overhires, it ends up having too many individuals on the bench, and an unnecessary cost burden. At the same time, under-hiring can cause a fall in productivity. And if attrition causes an even greater lack of resources. Then the company will be in serious trouble. Recruitment portals help companies by keeping track of their attrition rates. Their hiring numbers, internal hirings, movement of employees between departments. Positions that can open up soon, and more using big data analytics. This way they help companies hire as many candidates that they would need, without affecting costs or productivity. On top of this, recruitment agencies also keep track of the annual budgets of companies. They can fill up their vacancies and not overshoot their funds either.
Identifying Hiring Obstacles:
Using big data not only helps in the recruitment process and in predicting future hiring. This needs but also in keeping a track of potential blockers that may present themselves in the hiring pipeline. The data also helps recruitment portals understand which step in the process most candidates drop off, and why they do so.
Big Data Analytics in Recruitment – The Future
Big Data Analytics in Recruitment is a tool recruitment agency and firm, but their effectiveness depends on the ability of the user. While there’s no guaranteed success, there are multiple success stories. For example- there might be a person, with exceptional skills and abilities who have skipped college been hired by a company with a big name. But by analyzing public data, a recruitment portal can find such candidates and help companies fill up positions that are lying vacant due to lack of experienced candidates. While such candidates do not look good on paper passed on by traditional recruiters. When using big data analytics, only the data points analyzed without the human bias that usually creeps in.
In case you are setting up a recruitment portal, or you are running one which requires a live data feed of jobs from all over the globe, our automated job discovery solution- JobsPikr can provide you with the data along with the ability to use features like keyword search and filtering. Using this data feed, you can generate insights that can help candidates get a job must faster and also provide them with a regularly updated job feed. This would not only bring in more candidates but also would set you apart in the crowd and result in higher conversions.