Recruiting rockstars is almost as critical to the future of a business as having an amazing product offering that meets a critical market need. The human capital of any company truly is one of its most valuable assets. But unlike the technological advances in marketing, customer support and sales, recruitment at most companies hasn’t seen significant improvements that support analytics-driven, evidenced-based talent acquisition. According to a recent survey, 90% of startups rank talent acquisition as their biggest challenge. And finding the right candidates with specific skills is just as much of a problem for bigger companies too.
In recent years though, the advent of big data in hiring is exponentially changing the game, empowering recruiters and their organizations like never before. With the right data, recruiting the best candidates is faster, more strategic, cost-effective and objective, which explains why an increasing number of companies are making it a priority.
A 2013 ABI Research report forecasts that big data spending will exceed $31 billion in 2013 and reach $114 billion in 2018. A separate industry study revealed that a whopping 91% of Fortune 1000 company executives said they had plans to or were already implementing big data initiatives.