Big Data for HR
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David Bernstein of eQuest, the global leader in job-posting delivery and job board performance analytics, discusses how Big Data analysis provides organizations with greater recruitment marketing effectivenss than ever before. By not only delivering predictive information on job postings but by also taking a holistic look at your talent pipeline, Big Data analysis provides the insight organizations need to make better-informed decisions more quickly, reducing time-to-hire, costs and administrative burden.
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Big Data for HR
- 1. David Bernstein, eQuest Big Data for HR Using Predictive Analytics for Faster, More Accurate Talent Acquisition
- 2. Agenda • Introduction – Who is eQuest? • HR’s Journey • What is Big Data and Why Does it Matter? • Big Data & Talent Acquisition
- 3. eQuest Intro • eQuest is the world’s dominant and most utilized job posting distribution company. Our customer base consists of the majority of the Global Fortune 500. Additionally, we provide job deliveries on behalf of the world’s largest Applicant Tracking Systems, ERP’s, and job boards – managing another 20,000 companies through these channels. • eQuest is chosen by applicant tracking and enterprise resource planning systems as the “job posting distributor of choice” more often than any other company offering similar services. These include PeopleSoft, Oracle, SAP, IBM, Taleo, Kenexa, SuccessFactors, Ceridian as well as many regional and country-based software systems operating in Singapore, South Africa, the Middle East, France, Canada, the United States, and the United Kingdom. • eQuest Data and Media consultants average over 10 years of industry experience in working with HR customers to support their Sourcing, Media, and Analytic needs. This, combined with over 1.1 billion job board performance records and the latest candidate sourcing metrics, enables eQuest to focused on helping employers create effective job advertising strategies and campaigns. • eQuest customers are headquartered in 22 countries across the globe. Our customers post jobs in 160 countries around the world.
- 4. Agenda • Introduction – Who is eQuest? • HR’s Journey • What is Big Data and Why Does it Matter? • Big Data & Talent Acquisition
- 5. It’s All About The Journey
- 6. HR’s Journey
- 7. HR’s Golden Opportunity vs. The Hurdles • Only 6% of HR organizations report that they have excellent analytic skills internally. Most have not yet invested the time it takes to build a holistic analytics function. Due to limited headcount, priority is given to core responsibilities. • Only 8% of companies report that they have begun to implement a Predictive Analytics strategy into their HR Strategy and Planning activities. • Only in the last 3 years have the top HCM vendors started to sell any Predictive Analytics functionality. • Most reporting has been focused on HR Operational metrics vs. using data to drive planning and decision making. • The United States alone faces a shortage of 140,000 to 190,000 people with analytical expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the analysis of big data.
- 8. Agenda • Introduction – Who is eQuest? • HR’s Journey • What is Big Data and Why Does it Matter? • Big Data & Talent Acquisition
- 9. What is Big Data? Already becoming buzz phrase – no single definition • Official definition: Convergence is building around the following: » Gartner’s 3 “V’s – A data set that is created through the combination of high Volume and Velocity from a Variety of sources • IBM’s 4th “V” – Veracity • Technical Component - Due to the enormity of the data traditional data acquisition, storage, and processing tools will not suffice • Paradigm Shift: Traditional Structured vs. Creative Discovery Models • Layman’s definition is emerging. Less focus on “what it is.” Instead the focus is shifting to “why it is important?” and “how it can be used?” » i.e. “Big Data” is collection of activities that center around the analysis of large sets of data to determine if there are any Patterns that could be used to Predict Performance.
- 10. More Companies Agree on Big Data’s Benefits Than Its Definition
- 11. Big Data Factoids • Big Data facts: » 90% of the world’s data has been created in the last 2 years » Every 2 days we create as much information as we did up to 2003 » Facebook: Processes over 2.5 Billion pieces of content and 500+ terabytes per day » Global Big Data market is expected to grow to $17B by 2015 • eQuest “Big Data” facts: » 1,140,034,029 Job Performance Records as of October 28 » 1,000,000 records are being collected everyday » 41,667 records every hour » 694 records every minute » 11 records every second
- 12. The Big Data Challenge • How will businesses contend with large investments in time, money, and people it will take to derive the benefit from the massive amounts of data it now has access to? • How can organizations exploit Big Data in timely and cost-effective ways that will enable them to derive insights that were once impossible to achieve? • How can business functions capitalize on the ability to make evidence based decisions quicker and take faster actions?
- 13. Data’s Journey
- 14. Predictive Analytics – The Heart of Insight and Application
- 15. Agenda • Introduction – Who is eQuest? • HR’s Journey • What is Big Data and Why Does it Matter? • Big Data & Talent Acquisition
- 16. An Example - Big Data Analytics for Talent Acquisition
- 17. Case Study Prior to eQuest Analysis: Financial Job Board Sector Only • Utilized 48 Financial Job Posting Sites • Average Spend Per Site = $500.00 • Total Annual Spend = $175,000.00 (350 postings annually) ………….………….………….………….………….………….……. After eQuest Analysis: 3 & 6 Month Trending Reports • 3 & 6 month study showed no candidate viewership/activity on 45 of 48 sites • 2 sites showed upward candidate trending • 1 site determined strong viewership and response rates
- 18. Case Study - Continued Recommendations: 1. Disengage the 45 non-working career sites 2. Add additional 4 career sites determined to be effective through data analytics 3. Focus postings on remaining 3 sites and 4 new sites by job location, job title, skills sets 4. Incorporated best responded to job titles in aggregated analysis 5. Skill word(s) analysis, comparison, and recommendation ………….………….………….………….……… Results: 1. Candidate traffic was boosted by 175% 2. Quality of candidates increased 3. eQuest Media negotiated preferable posting contracts with the 7 boards to reduce overall spend by 50% or $87,500.00 4. Repurposed savings into other job classifications
- 21. Thank You Todd Hall Senior Director, Software Sales 214-880-0099 thall@aspirehr.com David Bernstein Vice President Data Analytics Division 925-275-8102 925-786-0539 mobile David.Bernstein@equest.com
- 22. © Copyright AspireHR, Inc. 2012 AspireHR, Inc. 5151 Belt Line Road, Suite 1125 Dallas, Texas 75254 All Rights Reserved AspireHR, the AspireHR logo, are trademarks or registered trademarks of AspireHR, Inc in the United States. Other company, product and service names mentioned may be trademarks or service marks of other corporations.
Editor's Notes
- Journey, Paths, Crossroads, “Long and Winding Roads” Typically we are creatures of habit – staying within our comfort zone or
- Another piece of the journey….Remember when HR was referred to as the personnel department? It was non-strategic and highly tactical – little more than hiring employees, administering benefits, tracking attendance and handling employee issues. Today HR is a considered a core business function and the CHRO has the enviable “seat at the table,” and in most cases is considered a key business partner to the CEO.
- According to a recent survey from the Human Capital Institute, 43 percent of companies still rely on spread sheets or other manual reporting systems to capture and analyze human capital management, or HCM, data, and less than 20 percent strongly agree that HR possesses the ability to collect, aggregate and derive insight from HCM data. So while software vendors are busy building Big Data tools to help companies make better, faster and cheaper workforce decisions, HR leaders need to think about how they will make the most of these tools and the data they promise to analyze. That means hiring staff who understand workforce analytics, and investing in technology that will enable data to flow more freely between systems, - For at least one HR function, recruitment marketing, you don't have to reinvent the wheel. - Why wait for your company to get up to speed? Outsourcing is a really viable option here. You can just plug in. - You can take the time and money to build your own infrastructure, but you'll never be able to access the objective third-party job board data you need to accurately predict recruitment marketing effectiveness. Awareness in HR is high, but time, money, skills, and access to data are low. HR is need of an easy, cost-effective service that will enable them to drive eQuest “Big Data for HR” = A unique and innovative service that provides actionable, results focused advice based on predictive analytics and benchmark data.Key Differentiators: 1) Action/Results orientation vs . a “tool” focus 2) Robustness of our core database. Unmatched in the industry 3) External labor/candidate market data vs. Internal employee data 4) Broader HR discipline scope– i.e. Workforce Planning vs. only Recruitment 5) Deep Industry knowledge in Interactive Media, Talent Acquisition, Strategic HR, and HR Operations.
- Just over 10 years ago, early internet based applications were beginning to emerge. Looking back now, it was then that the seeds for today’s Big Data capabilities were being planted. It was the linking of people, applications, and databases through the internet backbone that was that has created the phenomena that we are now referring to as “Big Data.” Big Data is an inevitable outcome in the evolution of the utilization of the internet. Ironically, an evolutionary step is giving rise to a revolutionary way to achieve business outcomes. …but before I get ahead of myself, let me first establish some basic understanding. In order to understand how to leverage it, lets first back up to understand what is Big Data? What does it really mean and why should HR start to care about it?....Volume – Scale of the data being analyzed is on a new order of magnitude – i.e. from Gigabytes to Terabytes and beyond. 1TB = 1 Thousand Gigabytes. To think practically how much information a terabyte of disk space holds, let's assume we're storing text from magazine pages on a computer that does use one byte per character. At an average 5,000 characters per page, 1TB of disk space could hold 220 million pages of text!It is not uncommon for today’s “Big Data” repositories to contain Billions of records of information. For example, at eQuest, we currently have collected 1.14 Billion Job Posting Performance Records. We are collecting roughly 1 Million new records per business week. After our data cleansing and archiving processes are completed, we have added on the order of 3 Million new Job Posting Performance Records per week.Velocity – Refers to the pace of the data being created. The data being created around the clock at a pace never before seen. Even more importantly, the most critical insights are those that can be gleaned from the most recent data. In eQuest’s case, we are collecting over 41K Job Posting Performance Records per hour.Variety – This dimension refers to the fact that the data is coming into the repository from a high variety of sources and that the format of that data is not uniform. No longer is analysis done solely on pre-defined structured data formats. eQuest’s data acquisition strategy is fits this definition to a “T” – we too are pulling together data from a myriad number of sources and that data is coming to us in all formats. Veracity – IBM reminds us that due to the first 3 dimensions, it is important to keep in mind that Big Data programs also require extreme focus to ensure the validity and accuracy of the data. Due to high variety of data formats, the greater potential inconsistencies in the data, and delays in getting all of the data, the value of a Big Data Program will be jeopordized if there also not a corresponding higher degree of focus on the Veracity of the data.Underpinning all of this is the need for newer technologies to collect, house, analyze, and interpret all of this data. Traditional tools and methodologies are not capable of meeting the demands.Paradigm Shift – The traditional, structured model was an approach where business users would frame the questions that Needed to be asked, and IT would build structured database solutions to answer those questions. Today’s creative discovery approach is the inverse. Instead, IT first builds a platform that enables free and open discovery. With that in place, business users are free to poke around and explore first to determine what questions Could be asked. Bottom-line -> Big Data is really about stepping up the analytics game. The game changing nature of Big Data is the underlying technologies now make it easier and faster to create more accurate forecast models and to crunch large amounts of data in a real-time manner.Big Data is about gaining insights faster…about being able to increase the likelihood of forecasting and planning…about being able to review results in a real-time manner…and about being able to make faster decisions. Companies that do this can create a competitive advantage for themselves.
- Almost two-thirds of professionals around the world say that the use of information (including big data) and analytics is creating a competitive advantage for their organizations. But ask these professionals to define big data, and all consensus is thrown out the window. That’s what IBM and Oxford University found when they surveyed more than 1,000 executives from 95 countries, across 26 industries. The respondents, given a list of choices, were allowed to select up to 2 descriptions of how their organizations view big data. No single characteristic topped 20% of the normalized results.Further…. 42% of businesses are unfamiliar with big data analytics, according to August 2012 survey results from Mzinga, Teradata Aster, and The Center for Complexity in Business at the University of Maryland’s Robert H. Smith School of Business. Another 34% claim they are “just getting their feet wet” with big data and how to use it, while a further 9% claim to have so much data they do not know what to do with it. Just 15% appeared fully familiar, replying “Yes, I love big data.” Those results were even after the researchers clarified big data analytics as being the “tools, processes and procedures allowing an organization to create, manipulate, and manage very large and complex data sets (Web logs, XML, text, video, etc.).”
- The opportunity is great. The idea of Jumping in and embracing the opportunity, though can send organizations h
- The value is in the outcome. Big Data is more than a technology solution. Tying the pursuit of Big Data to business goals and objectives is key.Big Data consulting means eQuest will be advising our customers on the insight found in the patterns contained within our data. Enabling the customer to make informed decisions quickly and take action quicker is the key to creating their competitive advantage
- Predictive Analytics - In its simplest sense, predictive analytics is about using existing data to predict future outcomes. In predictive analytics, we use the existing data and the laws of probability to predict the future. Big data approaches make possible interesting predictive analytics opportunitiesThe ability to analyze the large volumes of network flow, log and new malware data to understand the different patterns and threat vectors now makes it possible to build predictive algorithms that can be used to recognize and score potential harm to the system.benchmark research into predictive analytics shows that while the vast majority of companies see this technology as important or very important for the future of their organizations, most are not taking full advantage of it. This finding suggests that there is an opportunity for companies to gain competitive advantage by implementing predictive analytics in the near term.
- Another piece of the journey….Remember when…It was not that long ago, talent acquisition was referred to as the recruiting department – with no more responsibility than reviewing resumes, screening candidates, and organizing candidate interviews. The phrase “talent acquisition” is now mainstream – and is embraced by both large and small organizations. Companies understand that there is a broad end-to-end focus needed; one which stretches from building a strategic employment brand, through sourcing and recruiting, all the way to onboarding top people. Recruitment is an essential element of talent acquisition (and includes sourcing, selecting, hiring and onboarding)
- Our first key objective was to work with the customer to fully utilize our job posting delivery service. Not only did this provide the customer with the productivity advantage this service provides, but it also enabled us to be able to analyze their candidate activity across those 48 boards. Astonishingly, we found that 45 of their sites showed no response within a reasonable time frame. The analysis revealed that only 3 of their current boards were producing any reasonable candidate response rates. With our Big Data analysis capability, we were then able to identify 4 other boards that they should use and recommended they drop the 45 that were not performing. Last, based on our analysis of the words and phrases candidates were searching on, we provided guidance on how to improve their job posting titles and descriptions.In the end, we helped our customer boost their candidate traffic by 175%. Not only that, the customer reported that the quality of those candidates increased as evidenced by the increase in the number of candidates that were brought in for interviews. Last, we were able to negotiate preferable posting contracts for the customer for their remaining 7 boards, reducing their annual spend by 50% for that portion of their recruitment advertising budget.