Big Data is changing the way business deals with employees—and it is more than just money.
In today’s Wall Street Journal, Deputy Editor Steve Rosenbush discusses how cloud-computing is changing the face of business. Nowhere is this info revolution more apparent than in Human Resources. Corporations are increasingly looking to massive data sets to learn how to engage workers.
In what Rosenbush calls “Big Data,” large amounts of meta-data can reveal trends in the workplace. Companies now have access to a wealth of information, easily collected through the web and other online sources.
As a result, businesses can make better HR decision, such as hiring strategies and salary levels.
Accesses to web-based analytic tools also provide better ways to reach out to workers. This allows organizations to revise pay scales and incentives.
Big Data also helped prove the wise saying—money doesn’t always buy happiness.
For example, with some high-performing employees, competitive pay is not a reason to quit. Often, a treasured employee can be enticed to stay with perks: flexible schedules, better manager attitudes or long-term stability.
That’s right; sometimes it just takes extra time off, or a nicer boss, to keep employees happy.
On the other hand, proper interpretation of Big Data can also determine the exact time to give raises to top performers—and stay competitive within the marketplace.
This increased reliance on large data sets is having another effect; more HR departments are relying on staff with “statistical talent.” Enterprise software can provide the numbers, but usually a person is needed to interpret results.
Understanding the ebb and flow of business has never been more serious to the success of a company. Big Data, with the use of modern cloud-based HR Management tools, might just bring companies the “brass ring” of human relations—better retention, higher workplace satisfaction and a strong balance between work and home life.