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Intuition. That’s what most recruiters and hiring managers use to make their decisions on which applicants get offers. In a world that is moving toward more data and logic-driven decisions at every turn, recruiting is a surprising change of pace. Or is it? Big data has touched nearly every facet of business, and recruiting is no exception. Large companies have been using data to choose their new employees and decrease turnover for several years. But how much better is predictive analysis than the human intuition when it comes to recruiting?
Can Big Data Save Companies Money on Hiring?
It costs a lot to hire and train an employee. Figures vary widely based on the type of position, but some studies estimate that it costs 6-9 months’ of the new employee’s salary for onboarding and training. With costs like that, minimizing turnover is a key money-saving goal for any business.
Data points available from information about applicants online have helped hiring managers to devise new ways of evaluating potential employees, including complex personality tests that can help predict culture fit. But only when large data sets are used to predict specific outcomes, like retention rates, does big data come into recruiting.
For the big companies …
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