The Future of Big Data for HR: Faster, More Accurate Talent Acquisition
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What is Big Data? What makes Big Data unique? What is the connection between Big Data and Competitive Advantage? Examples of how Human Resources and Talent Acquisition professionals apply Big Data to gain business efficiencies, be proactive, and see their blind spots.
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The Future of Big Data for HR: Faster, More Accurate Talent Acquisition
- 1. The Future of Big Data for HR: Faster, More Accurate Talent Acquisition
- 2. Agenda 1 – Brief Background 2 – Overview - What is Big Data? - State of HR and Talent Acquisition - Why “Big Data” and TA 5 – How To Apply Big Data to TA 6 – Big Data Doesn’t Have to Be Hard 7 – Q&A 2
- 3. Background 3
- 4. What is Big Data? 4
- 5. What is Big Data? Buzz phrase – Squishy….no single definition • Official definition: Convergence is building around the following: » Gartner’s 3 “V’s – A data set that is created through the combination of high Volume and Velocity from a Variety of sources » IBM’s 4th V – Veracity • Technical Component - Due to the enormity of the data traditional data acquisition, storage, and processing tools will not suffice • Paradigm Shift: Traditional Structured vs. Creative Discovery Models ===================================================================== • Key Hallmarks - Big, Fast, and “Different” – Blended together, Allowing for Predictive/Forecasting and Real-Time Analysis • Layman’s definition is emerging. Less focus on “what it is.” Instead the focus is shifting to “why it is important?” and “how it can be used?” » i.e. “Big Data” is collection of activities that center around the analysis of large sets of data to determine if there are any Patterns that could be used to Predict Performance.
- 6. Market Interest In… 6
- 7. Huge Interest in “Big Data” 7
- 8. Why Is There So Much Interest? • The promise of what you can do with Big Data • Golden opportunity to contribute to the success and profitability of the business • …Feedback from the audience… 8
- 9. Evolution of HR HR’s role is participating in and creating business strategy. 80% of HR Leaders now report to the CEO. What stories does the data tell? What insights can be derived and applied? 9
- 10. The Facts: • Only 6% of HR organizations report that they have excellent analytic skills internally. Most have not yet invested the time it takes to build a holistic analytics function. Due to limited headcount, priority is given to core responsibilities. • Only 8% of companies report that they have begun to implement a Predictive Analytics strategy into their HR Strategy and Planning activities. • Most reporting has been focused on HR Operational metrics vs. using data to drive planning and decision making. • The United States alone faces a shortage of 140,000 to 190,000 people with analytical expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the analysis of big data. The Opportunity: • Companies in the top third of their industry in the use of data driven decision making were, on average, 5% more productive and 6% more profitable than their competition.
- 11. Adoption Challenges • Comfort Level, Skills, Bandwidth, Daily Priorities, Limited Budgets • And Yet – A Growing Understanding of the Need to “Speak” the Language of Business – $ and Data • What are the challenges? – Feedback from the audience on challenges and what can be done to overcome those. 11
- 12. Big Data in HR Examples of where Big Data can/is being used by HR today: • Compensation Benchmarking – Common • Workforce Planning – Nascent/Emerging • Selection Testing – Moderate • HR is “Hungry” to Understand Big Data – Why Talent Acquisition is a prime area to use it • Earliest Tech Adopters • Ties to WFP, Comp, TM • Large external spend 12
- 13. Why Applying Big Data To Talent Acquisition Matters Talent Is Clearly A Differentiator “War for Talent / Competitive Talent Acquisition Talent Constraint Issues 13
- 14. Talent Acquisition Is Competitive – It Is Critical That You Be Able To… Market Your Message In The Right Places, The First Time… Ahead Of The 14 Competition
- 15. Value Propositions for Talent Acquisition • Paradigm Shift– – Proactive and Foresight driven • Talent needs assessment – What, When & Where – Focus on building talent sourcing strategies that align to the business plan – Increase focus candidate and hiring manager engagement vs. transactional aspects of the process – Tied to a “Workforce Plan” • Smarter Spend – – Reduced Cost Per “Applicant” and “Hire” – Ability to reduce or get broader coverage with the marketing budget • Precision and Speed – – Know before you begin – Sources and Difficulty – Narrow casting – No more Post & Pray/Spray – Timeliness
- 16. What If? • Examples - What would you be able to do if you could… – Make better, more accurate forecasts? – Be able to be “proactive” in your talent acquisition activities? – Be able to make “informed” decisions, faster and then be able to take quicker action? – To understand the effectiveness of the actions you’ve taken in real-time? – To have the competitive “talent” intelligence regarding how well your marketing efforts are working, in real-time? – Have insight into the available supply and demand for talent? • “Recruitability Index” and “Poaching Protection” – Could tie Sourcing to future Performance and Retention • Talent is a differentiator. Without a pipeline you can’t recruit. • Leverage Big Data Insights for Operational Efficiencies and Competitive Advantage. 16
- 17. WhereTo Apply Big Data In Talent Acquisition
- 18. A Tale of Two Recruiters 18
- 19. Too Many Choices Not Enough Time 19
- 20. Which Pond To Fish In? 20
- 21. The Talent Pipeline Challenges How To Build It? Will It Have The Talent? 21
- 22. What if you could accurately predict the outcome? 22
- 23. And Do So With Better… 23
- 24. 24
- 25. Moving From a Reactive and Customer Service Orientation To Being Proactive and Strategic 25
- 26. A Tale of Two Recruiters Which One Would You Rather Be? 26
- 27. Big Data Doesn’t Have To Be Hard! 27
- 28. Big Data Doesn’t Have To Be Hard! Begin With The End In Mind! 28
- 29. Big Data Doesn’t Have To Be Hard! • Start with your internal data in your core ATS and HR systems • Review your Employment Site weblogs • Benchmark – Compare the above metrics with external sources – i.e. consulting firms, peer companies, consortiums, etc. • Work with your job boards to capture the key metrics they have about your company – i.e. how often your company is searched for, how often your jobs are viewed, how often they are clicked on, etc. • Subscribe to data services – i.e. Web traffic data, Google Ad- Words, Government Labor Data, etc. • Social Data/Sentiment Analysis – measure your Facebook, Twitter, and LinkedIn Traffic – i.e. number of Likes, Follows, Re-Tweets, etc. and determine if there is a correlation with your employer brand and recruitment marketing efforts • Partner with your outsourced vendors who are supporting any of your transactional activities to capture the data they capture and blend with your analysis. 29
- 30. In the end – it’s all about …. Find Candidates, Fill Jobs Faster, Spend Smarter! 30
- 31. 31
- 32. David Bernstein VP – Big Data for HR David.Bernstein@eQuest.com 925-275-8102 32
Notes de l'éditeur
- Mine - PeopleSoft - Talent Acquisition focused "old pic to new pic"... Met John Flash forward - Simpata, Large employers, combination of HR Technology, Reporting, buinessintellingence and Talent Acquisition focus Networking with John - current position
- ? Definition, Hallmarks, and What makes it so special?
- Just over 10 years ago, early internet based applications were beginning to emerge. Looking back now, it was then that the seeds for today’s Big Data capabilities were being planted. It was the linking of people, applications, and databases through the internet backbone that was that has created the phenomena that we are now referring to as “Big Data.” Big Data is an inevitable outcome in the evolution of the utilization of the internet. Ironically, an evolutionary step is giving rise to a revolutionary way to achieve business outcomes. …but before I get ahead of myself, let me first establish some basic understanding. In order to understand how to leverage it, lets first back up to understand what is Big Data? What does it really mean and why should HR start to care about it?....Volume – Scale of the data being analyzed is on a new order of magnitude – i.e. from Gigabytes to Terabytes and beyond. 1TB = 1 Thousand Gigabytes. To think practically how much information a terabyte of disk space holds, let's assume we're storing text from magazine pages on a computer that does use one byte per character. At an average 5,000 characters per page, 1TB of disk space could hold 220 million pages of text!It is not uncommon for today’s “Big Data” repositories to contain Billions of records of information. For example, at eQuest, we currently have collected 1.14 Billion Job Posting Performance Records. We are collecting roughly 1 Million new records per business week. After our data cleansing and archiving processes are completed, we have added on the order of 3 Million new Job Posting Performance Records per week.Velocity – Refers to the pace of the data being created. The data being created around the clock at a pace never before seen. Even more importantly, the most critical insights are those that can be gleaned from the most recent data. In eQuest’s case, we are collecting over 41K Job Posting Performance Records per hour.Variety – This dimension refers to the fact that the data is coming into the repository from a high variety of sources and that the format of that data is not uniform. No longer is analysis done solely on pre-defined structured data formats. eQuest’s data acquisition strategy is fits this definition to a “T” – we too are pulling together data from a myriad number of sources and that data is coming to us in all formats. Veracity – IBM reminds us that due to the first 3 dimensions, it is important to keep in mind that Big Data programs also require extreme focus to ensure the validity and accuracy of the data. Due to high variety of data formats, the greater potential inconsistencies in the data, and delays in getting all of the data, the value of a Big Data Program will be jeopordized if there also not a corresponding higher degree of focus on the Veracity of the data.Underpinning all of this is the need for newer technologies to collect, house, analyze, and interpret all of this data. Traditional tools and methodologies are not capable of meeting the demands.Paradigm Shift – The traditional, structured model was an approach where business users would frame the questions that Needed to be asked, and IT would build structured database solutions to answer those questions. Today’s creative discovery approach is the inverse. Instead, IT first builds a platform that enables free and open discovery. With that in place, business users are free to poke around and explore first to determine what questions Could be asked. Bottom-line -> Big Data is really about stepping up the analytics game. The game changing nature of Big Data is the underlying technologies now make it easier and faster to create more accurate forecast models and to crunch large amounts of data in a real-time manner.Big Data is about gaining insights faster…about being able to increase the likelihood of forecasting and planning…about being able to review results in a real-time manner…and about being able to make faster decisions. Companies that do this can create a competitive advantage for themselves.
- What is happening in the marketplace…what we’ve seen - increased focus on HR and Analytics - shift from just reporting and metrics...spiking interest in TA and BIG DATA show Social Ears Graphs
- - Increase need to be Strategic. Understanding the need to be “analytic.” The Creative Tension…. - Clear understanding of Talent as a differentiator -
- According to a recent survey from the Human Capital Institute, 43 percent of companies still rely on spread sheets or other manual reporting systems to capture and analyze human capital management, or HCM, data, and less than 20 percent strongly agree that HR possesses the ability to collect, aggregate and derive insight from HCM data. So while software vendors are busy building Big Data tools to help companies make better, faster and cheaper workforce decisions, HR leaders need to think about how they will make the most of these tools and the data they promise to analyze. That means hiring staff who understand workforce analytics, and investing in technology that will enable data to flow more freely between systems, - For at least one HR function, recruitment marketing, you don't have to reinvent the wheel. - Why wait for your company to get up to speed? Outsourcing is a really viable option here. You can just plug in. - You can take the time and money to build your own infrastructure, but you'll never be able to access the objective third-party job board data you need to accurately predict recruitment marketing effectiveness. Awareness in HR is high, but time, money, skills, and access to data are low. HR is need of an easy, cost-effective service that will enable them to drive eQuest “Big Data for HR” = A unique and innovative service that provides actionable, results focused advice based on predictive analytics and benchmark data.Key Differentiators: 1) Action/Results orientation vs . a “tool” focus 2) Robustness of our core database. Unmatched in the industry 3) External labor/candidate market data vs. Internal employee data 4) Broader HR discipline scope– i.e. Workforce Planning vs. only Recruitment 5) Deep Industry knowledge in Interactive Media, Talent Acquisition, Strategic HR, and HR Operations.
- Talent is KeyGetting Talent Quickly is keyNot having talent = missed or delayed business opportunities
- It’s all about timing – be ahead of the competition!
- - show the funnel and how HR can use it for operational and competitive advantage
- Tell a story – Recruiter A – Always recruiting in reactive mode (frustrating) Recruiter B - What proactive/planning based recruiting looks like
- Who here is familiar with the Post and Pray or the Post and Spray strategy?Talent Acquisition Teams are faced with a plethora of online sourcing options – which ones to use, for which positions, in which marketsConfusion, Time delays, mis-spend of $
- Which pond?…and getting to the good pond before the others!
- Building your talent pipeline with the right talent – quickly is key
- Play video
- It is no longer sufficient to perform as best as you can within the existing approaches
- No longer sufficient to be the best within the existing operationsPrevious – high value placed on the customer serviceMoving forward – higher value on Smart, Strategic, Planning,
- Big Data Is HARD to do..The opportunity is clear, but so is the challenge. As the celebrated statistician and writer Nate Silver put it, “Every day, three times per second, we produce the equivalent of the amount of data that the Library of Congress has in its entire print collection. Most of it is...irrelevant noise. So unless you have good techniques for filtering and processing the information, you’re going to get into trouble.”Advances in computing power, cloud-based analytics, and cheap data storage – combined with good marketing – would have you believe that Big Data is easy and that everyone could easily and affordably be doing it.