The use of big data by human resources has several implications for the multinational corporation managing a global workforce. ‘Big data’ is defined as the use of analytic data tools to predict and manage any aspect of a business, based on large data sets from any number of sources. The sheer volume of available data increases each year, requiring the use of search technologies that make the information accessible and practical for any application.
By using statistical analysis with the assistance of sophisticated software – trends, patterns and outcomes can be seen in light of almost any element of business operations.
These data sets are now being used for ‘people analytics’ by the world’s largest corporations, many of them technology companies that are comfortable implementing the software and skills training needed for effective use of the data. Instead of relying on traditional HR methods, some companies are basing the majority of their hiring, management and retention on the use of big data.