Big Data in HR
Big data refers to massive and exponentially growing amounts of employee, customer, and transactional data available in organizations. In the case of HR, organizations have huge amounts of talent or people-related data (e.g., skills, performance ratings, age, tenure, safety record, sales performance, educational background, manager, prior roles, etc.) which can be used to better understand the organization's current composition, performance, and risk to improve the development of employees, products, and services. Big Data in HR sets to evaluate and improve practices including talent acquisition, development, retention, and overall organizational performance. This involves integrating and analyzing internal metrics, external benchmarks, social media data, and government data to deliver a more informed solution to the business problem facing your organization
What Are The Benefits of Big Data in HR?
New tools and technology is needed because big data is so big, fast changing and potentially unstructured. With these tools, HR organizations are able to perform analytics and forecasting to make smarter and more accurate decisions, better measure efficiencies and identify management “blind spots” to answer important questions regarding workforce productivity, the impact of training programs on enterprise performance, predictors of workforce attrition, and how to identify potential leaders. The ability to capture and analyze big data has enabled many companies to both increase revenues by better understanding and more accurately targeting customers and cut costs through improved business processes.
The biggest problem for HR people managing talent has been a lack of numbers and a lack of data to put on the table in business discussions. With our people analytics offerings, Cornerstone Insights and Cornerstone Planning, we removed the barriers for organizations who want to answer important talent management questions but aren’t quite sure where to start. We are helping them to take the power of big data from insights to action.