If you haven’t heard the term “Big Data”…you will. Big Data refers to the enormous amount of available data growing exponentially by the second. Gartner’s definition of Big Data:
”Big Data are high-volume, high-velocity, and/or high-variety information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization.”
Data is collected, organized, analyzed and interpreted. Then, economic value of that data is determined by an automated processing system. However, due to the immense amount and complexity of big data, heavy duty software applications are needed to process and interpret the data that will ultimately be used for many purposes across all industries. The phrase Big Data has evolved from several terms related to data analysis: data mining, data science and predictive analytics. According to Wikipedia, Big Data is a $100 billion industry and is expected to grow 10% year after year.
Obviously, we see how Big Data can be applied in the social media space. For example, Facebook contains gobs and gobs of data from “click performance”. Data derived from “click performance” is very valuable behavioral data. Historical behavioral data is just one area extremely valuable to organizations as they develop new products and services enabling them to pinpoint target markets and marketing campaigns with extreme accuracy. So, in a nutshell, Big Data is the “science of data” and how it can be processed to create value (economic or otherwise).
There are two areas where I believe Big Data will impact the recruiting and staffing industry:
Laser Focused Recruitment Processes
Big Data will maximize and optimize the search process by collecting, organizing, analyzing and interpreting data from everywhere, all of the time. Data can be extrapolated from job boards, social media sites, mobile devices, polls and surveys, databases and applicant tracking systems, talent communities and websites. Once the data is collected, it will then be used to further determine where recruiting efforts should be spent. There should be a significant cost savings and reduction in operating expenditures as recruiting processes are fine-tuned, so to speak. Data mining for both personnel selection and performance management will grow as well..
Increase in Big Data Jobs
It is predicted that over 1 million analysts and data scientists will be necessary to sift through and interpret all of this valuable data! Here are some job titles you’ll see: Big Data Scientists, Big Data Architects, Big Data Engineers, and Big Data Operations Managers.
Big Data candidates will typically have a Computer Science or Engineering Degree with several years experience in data mining, data analytics, data implementation, data storage and data modeling tools.
Leading companies and organizations that want to compete in business will be forced to learn about the value of Big Data, data mining and predictive analytics. I’d like to know your thoughts and ideas about how you see Big Data changing the dynamics of the recruiting industry. Thanks for your comments.
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Get in Touch with the author of this article Heather Venesile.