The data revolution is happening, and it can be as important to businesses as the internet itself. But can it be used to solve problems like employee retention and improved talent strategy? The answer is a resounding YES. But first, let's discuss what big data is, what data you have, and how it can all be used for your talent decision needs.
What Is Big Data?
The definition of big data will vary slightly among different groups, but there is a consensus about what makes it up. There are four factors that are usually required before you have Big Data. They are:
Data in a large volume
Data that is evolving
Data that exists in different formats
Data that is accurate
When these conditions are met, big data is usually present. The good news is that most companies already have the data required, they just need to get it into shape and start using it.
Data for Employee Retention
Data can give us the tools to set up a model consisting of everything that might impact employee retention. By analyzing this data, we can get a relatively accurate prediction about a given employee or job position. There are four critical areas of data where we would want to focus:
Employee Data - The data that relates the business with the employee's needs. These are the answers to the questions that relate directly to employee satisfaction levels. Did the employee get a raise recently? Does the employee's career path align with what is known about their personal preferences?
Peer Data - The data that relates the employee with their coworkers and other peers. This data contains the answers to questions about their performance on the job as compared to others. How well does the employee progress as compared to his peers? How long do they spend on a given task as compared to others?
Market Data - The data that relates the employee's position to the industry market. For example, what is the market demand for this employee's skills? How attractive is the company to market job seekers? What do talent profiles at other companies look like for similar roles? Who are the hottest employers?
Analyzing Big Data
Once we have the data, we need to connect it, then analyze it and draw conclusions. In most cases, Big Data is comprised of multidimensional data - data that comes in from different angles of interest.
However, the intersection for all of this data is the employee and the job. Every other bit of data can be automatically connected to the appropriate jobs and people, and the data cleanly curated. Then you are ready to do all kinds of analyses
Responding to the Analysis
For example, we can compare employee retention through a view by group or level. Are we losing employees in a given area or level?
Comparison of the data of similar groups can help to pinpoint potential problems with leadership. Using equal groups provides a great opportunity to focus on only the differentiators that exist.
Similar groups that exhibit the same turnover rate can help to define other issues, such as training deficiencies.
The beauty of the evolving nature of Big Data is that any action can be followed up with another check, creating a feedback loop to gauge its effectiveness. This feedback can be a very effective tool in fine-tuning retention efforts.
Using Big Data to help with employee retention is not only possible, but it is already in use. In many cases, the required data has already been collected but not put to use in the most effective ways. Contact us today to learn how we can put Big Data to use for your needs.
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