So big and so heavy that it is impossible to ignore in companies: BIG DATA AND ITS IMPACT ON HUMAN TALENT MANAGEMENT

Companies

So big and so heavy that it is impossible to ignore in companies: BIG DATA AND ITS IMPACT ON HUMAN TALENT MANAGEMENT

Big Data and the Data Driving They are concepts that seem to be everywhere, and they are so strategic today that it seems impossible for companies to ignore them even if they want to; But what are they? How can they be implemented in personnel management? And what benefits can they bring to our organizations? It is part of what we will explore together today.

The world is changing and digitizing rapidly, and data has become an invaluable asset for all industries.

“The world is being reshaped by the convergence of social, mobile, iCloud, Big Data, community and other powerful forces. The combination of these technologies opens up an incredible opportunity to connect everything together in a new way and is radically transforming the way we live and work…”

This is not what we say, it is said by Marc Benioff, one of the most recognized managers of recent times, pioneer of cloud computing, president, CEO and co-founder of Salesforce and.

The total data that is created, captured, copied and consumed worldwide is 97 zettabytes, a number that is projected to grow to 181 zettabytes by 2025.

And according to a report from the specialized portal Merca2.0, it is estimated that Latin America's GDP will grow by 5.4 percent by 2030, due to Artificial Intelligence; the most important key to managing the large volumes of data generated by humanity.

But how is all this data impacting the people management industry in organizations?

The term “big data” encompasses data that contains greater variety, is presented in increasing volumes and at a higher speed.

Data driven, then, is related to the approach, methodology and vision that aims to establish a decision-making process and development of business strategies based on the collection, analysis and interpretation of these large volumes of data generated by the organization or obtained online.

The area of people management is one of the areas that can benefit the most from the implementation of Big Data in companies, making it possible to manage talent at such high and specific levels as desired.

Through the development of predictive models, the responsible units can structure and give value to the information, so that it is possible to project, predict or create new policies and results for talent management.

In other words, the storage and analysis of data allows us to predict turnover rates, absenteeism from work, sick leave due to stress, improving candidate experience and employees, automates tasks, simplifies processes, manages important information flows and enhances innovation.

It even accelerates the predictions of practically any variable that is decisive for the good performance of the company by 15 to 100 times.

While it is true that the larger its database, the more opportunities and variables a company can begin to measure, compare and predict; It is also true that having the data is not enough.

For big data to be useful, you need to understand it, and adopting this management approach still faces some challenges in this regard, such as:

Quality and quantity of data available.
Lack of trained personnel.
Gaps in updating companies' data protection and cybersecurity policies.
Investment costs.

Even so, the benefits of Data Driving as a company management approach are many and very valuable, especially in the units responsible for the Human talent.

This is where the importance lies in convincing top management of companies to make the investment in analysis tools capable of providing disaggregated reports and visualizations. But... and with what arguments to convince them?

These are some benefits with which data driven is impacting HR management in modern organizations:

Promotes a strategic and proactive approach to management.
It replaces opinions, beliefs, intuition, speculation, trial and error learning, biases, subjectivity and the automatic continuity of practices without strategy.
Acceleration of acquisition processes.
Cost reduction.
Optimize the candidate experience.
Design of strategies based on facts, analysis, metrics, algorithms, science and trends.
Improve accuracy, speed and business impact.
Reduction in staff turnover.
Promotes vocational training.
Performance evaluation.
Increase productivity.

Data Driven allows companies to harness the power of large volumes of data to make more informed and strategic decisions, making them more agile and competitive.

The implementation of data-based strategies is not only essential today, but it is a cultural and management decision as profound as it is necessary, regardless of the medium, technology and/or methodology with which they are captured and converted into value. the available data.

HLR Americas offers companies the necessary support to initiate this cultural change through products such as Digitization of Selection Processes, through the diagnosis and implementation of technological tools that allow centralizing and managing all data to optimize results.

Here we present some keys to start the change:

🟠Start at the top of the pyramid Companies that achieve the necessary transformation have high-level leaders who understand the importance of anchoring decisions in their historical data.

🟠Choose the right metrics It will be crucial to make explicit predictions based on the specific results you want to achieve.

🟠Build alliances between units talent management, technology teams and the rest of the units that make up the organization. Data analytics cannot survive or provide value if units operate separately within an enterprise.

🟠Facilitate access to information A data-driven culture cannot thrive if information remains restricted. Companies should invest in visualization platforms that make it easy to access relevant data.

The challenge imposed by global technological development is transversal to all industries, and its impact is increased by market changes.

But no measure will be sufficient if there is no qualified talent to understand and adapt quickly and strategically to new management models.

The key is knowing exactly what to measure, what to compare with, what tools to do it with, and how to convert that information into practical and valuable knowledge to move from the mere administrative burden to true management of the people in your organization.

If you also see historical data as a true source of scientific analysis, capable of boosting the effectiveness of your talent attraction and selection strategies, then share this article with more colleagues and get ready to explore how organizations are taking advantage of the power of large volumes of data to make more informed and strategic decisions in talent management that will allow you to prosper in an increasingly competitive and digitalized future.

If you want to update your knowledge and learn to overcome new challenges when it comes to attracting, evaluating and retaining the best talent, we are waiting for you at the

Talent Acquisition Summit 2023

November 2 and 3, Bogota, Colombia.