There is big data everywhere. For several years, big data appeared to be only for the super quant jocks and data geeks. Today, data finds its application in almost everything from operations, customer service, marketing and to human resources as well. If you have not come across the benefits of big data, it is time for you to explore them now.
Big data explains the sheer volume, types and velocity of data that exists in most of the companies. The mega information is the difficulty to store, analyze and search, especially with dissimilar systems and tools. Of course, there are challenges, but the rewards will definitely overshadow the hard work.
If you are wondering why HR has to influence big data, there is a survey made by Harvard Business stating that 71 percent of the CEOs surveyed hope that human capital is the prime factor that contributes to the sustainable economic value. As the human capital is important to the economy, HR has to enter the big data to make sure the organizations are competitive and that the best talent is acquired and held.
HR analytics involves looking at trends, correlations, patterns and insights related to human behavior. The ultimate goal is to expose something that the business does not know and to stay predictive in the case of HR functions such as recruiting, training and selecting between the HR initiatives.
Not all the HR professionals get excited to do data and analytics. Some believe that the trend of big data will soon fade away. But, big data is sure to stay in HR. The current knowledge based economy requires those who have better decision making abilities. The big data has a new set of chances for data driven decisions that will be tied to the business strategy all over the organization.
Five years from now, it is believed that HR’s focus will be around the talent management segment. It will be involved in acquiring, retaining and recognizing the best and developing the talent of everyone. This will be quite expensive and so the HR should look at the talent management in a planned way.