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Seeing Around Corners with “Little” Big Data
by Jennifer LimaVice President, Talent Solutions & Innovation, Americas 17th Jun 2015
Earlier this year, the Wall Street Journal ran a story on how some companies are using big data to predict when employees are susceptible to leaving the organization.
It’s a concept we fully endorse. Estimates vary, but the cost of losing an employee and hiring a replacement—not just in recruiting costs but in lost productivity and training—can be shocking. Zen Workplace pegs the cost between 30-50% of an entry-level employee’s salary, up to 400% of a high-level of highly specialized employee’s salary. Reducing those types of costs are one of many ways that HR departments can contribute to their company’s bottom line.
But what about the flipside—using big data to engage earlier with potential candidates outside your company? Identifying qualified candidates and assessing their availability by using their social media activity could help signal that they’re open to moving employers. Imagine what that could do to focus the effort and reduce the cost of sourcing.
That’s why we’re excited by a recent announcement by two of our technology partners to link their platforms in a way that does just that.
Avature—the on-demand candidate relationship management (CRM) technology company—is already a well-known player in talent acquisition. The other player in this partnership is a three year-old start-up called Joberate, whose platform monitors the job-seeking activities of 1.8 billion workers through their social data, calculating what it calls a “J-Score”.
The two companies announced that the two technology platforms would be integrated through an application programming interface (API). Those are some fancy tech words, but essentially this means that companies using the Avature CRM platform can now subscribe to Joberate’s global people directory to access the real-time job seeking behaviors of potential candidates based on their big data social media activity.
As the economic recovery takes hold, companies are finding it more difficult to find good candidates to fill job openings. Candidates are back in the driver’s seat. But with the Avature-Joberate integration, sourcers and recruiters using the Avature CRM platform can potentially reduce the cost- and time to hire recruits by focusing on ‘move-ready’ candidates with the push of a button. What’s more, they can reach out to those candidates before a competitor gets to them first.
That’s what we call taking advantage of “little” big data—terabytes of information about literally billions of people, shrunk down into one useful bite of actionable information. It’s one of many ways technology is shaping the future of talent acquisition.