These days, there’s a lot of talk about “Big Data” in the talent acquisition field. Because of developments in data acquisition tools and technology, we have access to a much deeper pool of information than companies did in the past. And while all that data holds out the promise of better decision-making capabilities, the truth is that in many cases it’s not delivering on the promise. While we can gather data, slice it up in different ways, and chart it on a graph, are we really utilizing the deluge of information to make better organizational decisions?
The Limitations of Big Data
Having access to more pieces of information can seem like the answer to many business conundrums, including better talent acquisition. All that data should make it easy to find and hire the right person to fill a given position, right? But the problem is that many companies don’t have the resources necessary to make the most of that data. One Oracle study conducted in 2012 found that over 80% of executives say they don’t currently have the IT infrastructure necessary to process the amount of data coming their way.
Insight Vs. Data
Big data has created doors of possibility that never existed before, and the keys to unlocking those doors are found in analytics. In order to determine which data will provide the answers we’re looking for, we must provide some structure to our analysis. Below are four key areas that will help draw the right answers out of the data pool:
- Data Credibility—Data is only as useful as it is credible, and credibility depends on accuracy and quality. What measures are in place to ensure that data collection presents information that is both accurate and of high quality?
- Relevancy—You’ll only get the right answer if you’re asking the right question. Which key indicators will help you determine the solution to a particular problem?
- Long-Term Impact—Big data is great at describing the current situation, but what pieces of information can help predict what will be needed to move the company forward into the future? This question is key in making decisions about talent investments.
- Competitive Analysis—One way to gauge the success of your talent acquisition strategy is to measure it against the competition. Identifying sourcing strategies, timetables, success rates, and marketing techniques, and then turning that information into actionable strategy can help you gain greater returns from your talent acquisition efforts.
So, is big data the answer to your recruiting needs? Yes and no. Intelligent RPO seeks to channel the flood of information in order to gain actionable insights about talent investment. The future of business depends on hiring the right person for the right position, the first time. And that’s why your company depends just as much on asking the right questions as it does on gathering the right information.
