Many businesses are struggling because they’re lagging behind in data. Nowadays, it’s easy to track data from various sources, and technology has made it possible for anyone to extract insights from this data. Relying on data instead of our instincts will be crucial for companies trying to stay afloat as we move into 2023 and beyond. With all the complexities in the talent market, it’s even more important to have objective information to guide us. Making decisions based on facts allows us to face any storm with confidence.
The data and analytics landscape is constantly evolving, with new technologies emerging all the time that offer more accurate and faster access to insights. And as new trends emerge, we are able to develop new ways of thinking about how best to put them to work across businesses and society at large. So, here are what I believe will be the most important trends affecting how we use data and analytics to drive business growth, talent acquisition and retention in 2023.
Data Democratization
One of the most vital trends that will shape our future is the enfranchisement of workforces as a whole to use analytics, instead of it remaining the purview data engineers and data scientists. This is causing augmented working to proliferate; where tools, applications, and devices provide intelligent insights to everybody so they can do their jobs better and more efficiently.
It has been said that data is power, and recruiting will not be able to ignore this in 2023. Data allows talent organizations to develop a better understanding of candidates, create more inclusive experiences, as well as reducing costs by cutting down on wasteful internal operations. However, in order for this to come true, the power to use data-driven insights must be available not only to the leaders of recruiting organizations but also their teams.
Artificial Intelligence
In the future, artificial intelligence (AI) will have a tremendous impact on how we live and work. It will make business analytics more accurate by reducing the time that we spend on tasks like data gathering and data cleansing. AI will also empower employees to act on insights that are based on data, regardless of their role or level of technical expertise.
In layman’s terms, artificial intelligence helps businesses sift through information much faster than any human could do it by teaching software how to recognize patterns and get smarter over time as it is exposed to more data. This is machine learning, which is the most common form of AI used in business today. AI and ML technologies both utilize NLP, which allows computers to understand and communicate with us through human language.
Real-Time Data
Real-time data is the most valuable source of information for businesses because it helps them understand what is happening right now – rather than yesterday, last week, or last month.
Although it is expensive, more real-time data and analytics infrastructure is often required to provide this important, decision-enabling data. The payoff, however, is that we can take action on the information as it happens. Clickstream analysis of our website visitors could tell us what jobs and brand content to show them next or which parts of our recruiting process loses the most candidates.
In 2023, the data tool that will give talent organizations the greatest competitive advantage is real-time data and analytics. Only then, recruiting will fully understand how enormously valuable up-to-date information can be.
Data Governance and Regulation
Expect data governance to be a top issue in 2023 as more national governments establish laws overseeing the use of private and other types of data. With major legislation like European GDPR, Canadian PIPEDA, and Chinese PIPL already in place, it’s likely that other nations will take similar measures to protect their citizens’ information. In fact, Gartner analysts have said that by 2023, nearly two-thirds of the world’s population will live under regimes comparable to GDPR.
Upcoming in the next 12 months, it will be pivotal for businesses worldwide to make sure their data processing and handling procedures are well-documented and comprehended. For many organizations, this involves auditing precisely what information they have, how it’s collected, where it’s being stored, and its use.Although it may seem like additional work, the goal is that this will be beneficial for everyone in the long term. Consumers will trust organizations more if they know their data will be protected, which creates a win-win situation.
In 2023, data will continue to be an important piece of the recruiting puzzle. As the volume and variety of data increases, it is becoming more difficult for organizations to make sense of it all. This is where a useable, real-time metric dashboard comes in handy. By having a dashboard, recruiting leaders can quickly and easily see which metrics are most important and make decisions accordingly. What are the top data trends you see in recruiting in 2023? Share your thoughts with us in the comments below!
About me
and Sprint Recruiting
I joined the HR industry in 2004 after working as a sales leader in the Financial Services Industry for eight years. After spending his first couple of years in HR trying to fit in, I found my voice. Now I leverage all of the things I once hated about HR to become a consultant and invaluable partner to the businesses I support. I contribute to the HRGazzette and to DataDrivenInvestor on Medium. WARNING: my writing style is raw and in your face, not what you would expect from an HR executive.
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