Impact of Big Data Technology on HR
Businesses are evolving and big data technology is everywhere these days. It is formally defined as the exceedingly large sets of data, which can be examined computationally for revealing the patterns and trends related to human behavior and interactions. Ranging from transportation to trend, every sized business to an enterprise, Big Data is an ultra-modern topic that every entrepreneur, investor and executive is paying attention to.
By this time of 2018, human resources industry has done a lot of soul searching about the ways various issues can be handled within companies. Moreover, this time has come with a great internal shift focusing on the technology: how to connect people, engage more people, replace them and even how we can use it to find people according to your requirements.
For years, technology has been acting as a tool to help with the day-to-day tasks, but the focus of Big Data technology came up as a way of life in the workplace. Especially, the human resources department has had experienced an immense swing. To be a more competitive differentiator moving forth, HR needs to move beyond simple human interactions and being empathetic.
“If companies are able to unlock the power of large-scale data, they will make 100 major decisions a year instead of 2-3. They will be able to predict the outcomes (and respective probabilities) of these decisions with much greater accuracy, and be able to take external and internal input in real-time. They will be able to optimally leverage each employee in terms of both output and satisfaction.”
– Paul Appleby, EVP BMC Software
Leveraging Big Data for Greater Business Improvements-
With the growing workforce, HR will have to embrace new technologies to meet the expectations of employees and even the specifications of their business. Analysis of the workforce and talent analytics tools will help manage big data effectively, extracting value that will truly help and enable companies to leverage existing enterprise skills, best practices as well as processes for the management of this new digital environment.
According to the Harvard Business Review, 71% of CEOs surveyed believe that human capital resource is the most important contributing factor to sustainable economic value.
It’s the time for HR to enter into the game and easily process information through digital platforms and portals. Big Data in HR management has impacted the businesses in many aspects, including reduced paperwork, customer understanding, as well as easy communication. Below is how Big Data has changed the way HR professionals make decisions and process-
- Big Data helps HR predicts HR turnover risks and address retention challenges.
- Talent analytics help companies uncover the hidden gaps that business don’t know, when it comes to employee training and choosing between HR initiatives.
- Alignment between business requirements and talent acquisition is significant, and this is where big data steps in.
“There is a very narrow group of people who are making really powerful decisions using data.” A great count is still waiting to make it happen……..
Over the next 20 years, Big Data is going to reshape business to a great extent as the internet reformed business in the past 20 years. This broad definition of “Big Data Technology” has left many holes to fill, while everyone agrees that big data is a big deal. What the future will look like is still heavily debated, despite of its imminent impact.
Talking about Big Data technology being used for attracting and retaining a younger workforce, millennials want to be engaged, but it has to be done well and just a matter of time. Using this impeccable technology for performance management, making the hiring process easier and giving people access to their own personnel information will bring your businesses over the threshold. Moreover, HR looking forward to better insights, cloud computing and transparency can help separates the traditional workplace from the modern one.