For the past year or so, there’s a new buzzword that echoes across all corners of business including recruiting… that buzzword is Big Data.
A report by McKinsey Global Institute describes Big Data as the “next frontier for innovation, competition, and productivity.”
Big Data is used to describe a massive volume of both structured and unstructured data that is so large that it’s difficult to process using traditional database and software techniques. In layman’s terms, it refers to large amounts of data collected from diverse sources every single second. These data can be in in many different forms from traditional media like documents to non-traditional media such as photos, audio, video, location data, and social media interactions. The challenge really is putting them all together and using them to our advantage.
How is big data changing sourcing and recruiting? What benefits will it bring to sourcers and recruiters?
Since Big Data for recruiting and sourcing continues to attract funding from venture capital firms, one can assume that big data will bring significant changes in sourcing and recruiting.
VCs are betting on people aggregator firms that use big data to create tools that benefit recruiters. People aggregator firms professionally bring together relevant information from hundreds of sites into one profile. It makes sourcing and recruiting easier by putting relevant data from different websites into one interface. They make unstructured data… structured.
Big Data and people aggregators enable sourcers and recruiters to work faster and smarter, thus helping them achieve better results.
Below is a video entitled: “People Aggregators: The Future of Sourcing”