The world is expanding so does the amount of data available in different fields. We are living in a 100% data-based world. The world’s technological capacity to store information has been doubling every 40 months.
According to the World Bank (2012), everyday 2.5×1018 Byte of data is created. This raw data which is created every single day is referred to as Big Data. According to Mckinsey Global Institute, Big Data can be defined as “datasets whose size is beyond the ability of typical database software tools to capture, store, manage and analyze.” (MGI, 2015). The necessity to understand and explore the raw Big data gave naissance to the field of Data science.
Data science can be defined as the scientific approach used to derive knowledge and insight from the big and raw data to provide support for decision making. (Dhar, 2013, P.64) Henceforth, Data science is the application of various technological tools such as algorithms and artificial intelligence to make derive meaning out the huge amount of data which cannot be explored or analyzed by mere use of human intellect or basic technological software. The present article will investigate upon the data science and its necessity in the HR field will shed light on some trends of data science and will provide a way through which data science can be applied in the HR field.
Data Science As A Necessity for the HR field
With the advancement of technologies and networks used by the organizations, the input of data and information has been of a huge load resulting in a necessity of enhancing its management. The chaotic state of raw data has been of a big struggle for the HR practitioners. The extraction and organization of data for decision-making or recruitment has been of a severe difficulty.
For example, Resumes and Cover letters enclose a large amount of subjective and heterogeneous information, processing it by a mere human would certainly lead him or her to ambivalence and confusion. Data science has been really essential in different fields of management as it has to potential to assist in the prediction of employee behavior, supports the analysis of the workforce and Talent, provides evidence-based solutions for HR planning and overall business strategy. Nowadays, all decisions have become rather data-driven than past experience.
According to Dr. Arup Barman, an Associate professor of Economics at the University of Assam, in all fields or phases of HR, data science has become the must to get higher, better quality, higher accuracy, and cost-effective outcome. According to a report elaborated by Villanova University, Data science is a necessity to enhance the overall HR processes. It increases the quality of new hires as it allows the recruiters to be more analytical and to base their strategic thinking on tangible evidences derived and inferred from the big data. It improves the training and employee performance as data science provides accurate measurement of the effectiveness of a particular training. […]