Big Data Job Market-Today, big data is changing the nature of virtually every industry. Recruitment and hiring processes are no exception. Big data has had a significant impact on the way candidates look for jobs, as well as on how employers make hiring decisions. Here are some of the ways in which big data has changed the job market:
For job applicants, big data is especially useful when it comes to company transparency. For instance, consider the company CareerLabs, founded by Van Horne. As stated in an article on Fast Company, CareerLabs “layers in data on companies’ financial health and growth prospects, compensation, health care, career progression, culture, and management, among other criteria, to show candidates as full a picture of the business and its staff as possible.” The company collates data about company culture, past and present employees, political preferences, management styles, and much more.
This gives candidates unprecedented transparency into the inner workings of a company, allowing them to gauge whether they would fit in. According to Horne, big data prevents a candidate from choosing a job that isn’t really right for them. “Job seekers are planning to join what they think is a unicorn,” he says, “but instead might be joining a ‘unicorpse’ where the environment is unhealthy.” The use of big data in decision-making significantly reduces this likelihood.
Only 2% of applicants get an interview. Basically, this means that a candidate has to grab a recruiter’s attention as quickly as possible. To do so, a candidate needs to know exactly what an employer is looking for and tailor his or her resume to those requirements.
Here’s where big data comes in handy. Candidates can use big data and analytics to learn about company culture and improve their search based on their findings. Scouring employment databases and job sites that have large data sets can help candidates compile a resume that is likely to stand out.
Big data also aids candidates in finding major selling points for their target companies. This can, in turn, be used in their resume summary. The summary is often the first thing recruiters look at, so using big data to one’s advantage is crucial in this regard.
From a company’s standpoint, big data allows for predictive hiring. Organizations can use data management and data governance to set and evaluate hiring goals. Using a combination of these in the recruiting process, businesses can mitigate the risk of poor hiring practices.