FREMONT, CA: Big Data is not a new concept. It has entered various industries and is benefiting them with crucial data insights. Understanding and leveraging data are critical to the current business world. The enterprises get an edge if they can use the vast volumes of data to their advantage. Data holds the key to market opportunities.
Big data refers to the vast volumes of unstructured, structured, and semi-structured data obtained from various sources. These data chunks can be analyzed to understand patterns, trends, and different business insights.
The potential of big data can be estimated from the fact that organizations like Oracle Corporation, IBM, Microsoft, SAP, Software AG, EMC, Dell, and HP have spent over $15 billion on software organizations that specialize in data management and analytics.
Human resource (HR) professionals are not alien to the concept of big data either. They are using big data to study attrition rate and other employee trends and patterns. Big data is also helping HR professionals to seek a solution for cost and time optimization, optimized offering, new product development, and smart decision making.
The potential of Big Data for HR Managers
Big data enables HR departments to gain access to the performance metrics that allow them to augment the productivity of an employee. Using employee performance metrics, they categorize the employees based on performance. Further, they can also improve the necessary workplace measures to enhance productivity.
Big data enables predictive analysis, which equips the HR team to gain a better understanding of their past hiring decisions and to improve future hiring strategies. They also access the patterns for attracting, recruiting, and retaining the top professionals. Once laced with patterns and visibility, HR teams can also collaborate with other departments to counter present and upcoming challenges.
HR team equipped with big data tools holds an edge while recruiting top professionals. Using big data analytics, it becomes easy to align the skill sets of the probable employees with the organization’s strategy, thereby ensuring that the candidates for the interview have the suitable qualifications as advertised by the company.