Data is rapidly assimilated. One reason for the fast pace development of data is the internet and the continuous data stream. Data contains hidden information of significant value to companies. Consequently, companies strive to search, analyse and take the mostly unstructured data into account by making a decision. In this context many enterprises focus on Big Data.
The aim of using Big Data is to transform data into usable knowledge, by analysing large amounts of data which are linked to each other and can occur unstructured, semi-structured or structured. While conventional methods fail to analyse large amounts of data, Big Data technologies discover hidden patterns as well as structures and make databases more comprehensible and transparent.
Big Data stands for a concept where the following four aspects come together:
The database has a very high data volume, which increases continuously through the consideration of other sources.
Another characteristic is variety. Through Big Data technologies, data from various internal and external sources is analysed and consequently has a very heterogeneous structure and interpretation. Moreover, it can be data with unknown structures and patterns.
Velocity is the third key factor, as data is subject to a fast pace of change. Therefore, the analysis as well as decisions based on the data have to take place simultaneously.
Last but not least is veracity as the sources have to be complete, valid and transparent to make the right decisions based on the evaluated data.
Headhunting through algorithms.
Through the changes in the labor market and the increasing demands of the marketplace, a targeted recruitment of suitably qualified employees is essential for the company´s existence and success. The more complex the economic and technological environment is, the more demanding are the tasks. Increasing requirements lead to increased complexity of recruiting the right talents. A more targeted and precise recruiting of high demand candidates is possible by using Big Data. Big Data could change recruitment significantly.
Recruiting talents externally depends on various factors such as availability of suitable candidates, profile of requirements, budget and maybe connection of market participants among each other.
By using Big Data technologies, social networks like LinkedIn can be scanned and candidates with a suitable career path and qualifications can be found. Through the active participation of a candidate in social media, referrals and others, an expertise can be assumed. Moreover, the analysis of data can identify if potential employees can be won with immaterial or material incentives.
Using Big Data for recruitment is headhunting through algorithms. The special challenge with regards to the algorithms is, that they recognise topics of conversations and contributions in forums. Through combining different data analysis, an interlinked recruitment strategy, based on digital technologies, can take place and a matching between employer and employee can potentially be realised more relevantly and precisely.
Why aren´t companies and recruitment agencies using Big Data already?
There are several reasons why Big Data isn´t implemented in companies and recruitment yet, despite its great significance.
Besides the lack of knowledge, how to address this subject and which benefits Big Data brings, there is the competence missing on how to work with Big Data. Furthermore, algorithms for the open decision or question have to be developed before implementing Big Data. In doing so, methods, approximation methods and heuristics of Artificial Intelligence become superficial.
In addition to missing knowledge and technologies, data privacy prevents the implementation and usage of Big Data.
The possibilities for using Big Data in companies and recruitment are very diverse and have no limit with the right technologies and competences. By using Big Data, the recruitment process could be approached, more dynamically and in a more targeted manner, while reducing the risk of employing the wrong person. The efficiency of recruitment and even the whole company can be increased through Big Data.
Want to talk Big Data? At Big Wave Digital, Sydney’s leading technical recruitment agency, we have deep digital connections, experience and proven expertise, and the ability to achieve a win for all parties in the technical recruiting process. We can connect to highly coveted tech talent with the world’s best employers. To discover more, just give us a call at (02) 9380 4431.