In a recently released report that surveyed over 500 business and IT leaders, experts took the time to discuss hiring with the use of Big Data, one of the fastest-growing trends in business today. What was found is that, while Big Data is on the rise, there’s still a surprising gap in the most important areas of Big Data usage.
How is Big Data Growing?
Big Data is a big deal, and industry leaders are beginning to recognize that. It was found that 61% of surveyed leaders anticipate investing more money in Big Data this year than last year. This expected spending increase outweighed the belief that there will be more general IT investing this year. What this tells us is that industry leaders are seeing the writing on the wall when it comes to Big Data and speaking with their dollars. Rather than spend money across the board, leaders believe that companies will be focusing in specifically on Big Data because of the higher value it will bring to companies in the short and long term.
If Big Data is so significant that leaders believe that more companies will be investing in it, what’s the challenge?
What’s Holding Them Back?
Confidence is a big issue with Big Data. Although leaders foresee more money being thrown at Big Data, that doesn’t translate to more success. In fact, only 59% of leaders feel confident in their ability to meet the demands of Big Data, with another 14% of respondents admitting they felt unconfident. Uninspiring numbers could be a driver for the investments – more money to invest in better hiring for Big Data, resulting in a better understanding and more confidence – but building confidence in Big Data will not be an easily-overcome task.
There’s also the challenge of the actual data that comprises Big Data. Specifically, the variety of data is what holds organizations back from using Big Data effectively. Variety – or the different types of data comprising Big Data itself – is still too small, and is cited as the biggest challenge by 45% of surveyed industry leaders. However, variety isn’t the only issue. The ability to access data quickly – the velocity – is another issue, cited by 31% of surveyed experts, and 24% also cited the amount of data – or volume – as another issue. With not enough types of data, not enough data to go through, and no quick way of going through data, managing Big Data as a whole is daunting. There’s no wonder, then, why there’s a lack of confidence in being able to handle all this information.
How Does Big Data Help Hiring?
Big Data is only getting bigger, and the time to invest in personnel and strategies to leverage this new concept is now. Big Data can and will be an effective tool in the hiring process (in fact, many companies such as Google and Xerox are already taking advantage of it). Big Data can be used to collect data about an individual or a group of employees, and then be reapplied into the hiring process. So, for example, if a group of employees is doing exceptionally well, those employees can be observed and have information collected on what they're doing well and how they're doing it. That information can then be used in assessments, simulations, interview questions, and more during the interview process to help bring on candidates that have the same traits for success as current employees.
This new trend will be significant going forward in the hiring process. For more information on better hiring, download the FurstPerson whitepaper on seven steps to better hiring below.