This week on Blogging4Jobs, we are focusing on the theme Big Data sponsored by Jibe. Jibe provides cloud-based recruiting technology solutions that enable talent acquisition teams to strategically identify, attract and engage candidates. Join us April 10th 2014 at 3pm to talk Big Data on Twitter using the hashtag #BigDataHR and join our webinar, “What’s the Big Deal with Big Data in HR & Recruiting” on April 17th at 11a EST. Follow the week by bookmarking us!
Big Data is helping transform HR processes across all industries. But there is still so much confusion!!! We all want to be seen as “data driven”, but how do we build a culture of analytics to measure and optimize strategies? Do you have the resources or software to dig deep into big data? How can we leverage data when we revamp critical HR processes?
Process = Who, Action, Big Data, Outcome
Policies, procedures and processes are the cornerstones of HR. When revamping process, it’s important to break each step into: Who, Action, Big Data, Outcome.
- Who is responsible…
- What Action they need to take…
- What Big Data can we use to measure the result(s)…
- What is the expected Outcome.
Encourage collaboration with key partners and stakeholders outside of the group, such as your internal HR metrics team, enterprise analytics team or IT partners, to understand what metrics are available and how to pull a report. Consider how best to integrate internal metrics, external benchmarks, social media data, and government data to deliver a more informed solution. Every time you hit an assumption, dig deep to see if there is a stat that could benchmark performance vs. antidotal stories. Ask questions even if they can’t be answered with current data and challenge assumptions to encourage dialogue. Clearly communicate how Big Data is used to make informed decisions to support the process.
Using Big Data to Retain Early Career Talent
Studies show that 78% of millennials will leave their jobs within the first two years. The average cost of losing one employee is $88,000. What proactive process do you have in place to monitor engagement and retention of early career talent? Are you assessing engagement scores, tenure and/or rating? Microsoft developed an algorithm that tells them when a good employee is about to leave. They found that a ”flight risk profile” was a new employee hired straight out of college that had held a role for three years but only been promoted once. Microsoft began to time pay raises, increased stock vesting, etc. to squelch leaving and has cut attrition rates in half.
Leveraging Big Data in your processes allows you to gain deep insights into your culture and can create a competitive advantage. How do you use Big Data in your HR processes? What “Aha Moments” did you encounter when you revamped your processes? I look forward to your comments.