Data is King. Long live the democracy
Data may be king in today’s economy, but companies shouldn’t be ruled by a monarchy. While the promises of Big Data are well known — consulting firm PwC estimates that $15.7 trillion dollars will be added to the world economy in the next 11 years due to the advance of artificial intelligence (AI) — the perils of Big Data are also increasingly apparent. Apple CEO Tim Cook leads a company that thrives on data, yet earlier this year he warned the world at an EU privacy convention that, “Algorithms that promised to improve our lives can actually magnify our worst human tendencies.” This means that data can be both a blessing and a curse and as organizations become more data centric, they also need to become more data savvy.
For example, organizations are increasingly using data in the hiring process. However, this data should be democratized by combining good science and human intuition. Striking a balance of artificial intelligence (AI), human intuition, and science is a winning formula for using data without abusing it.
Conversely, in an age of privacy, pushback, and provincialism, using massive databases to drive results can drive revolt. Companies need to choose carefully when evaluating partners to help them in this emerging “Wild West” of hiring to ensure that data is used effectively to drive results, but also to be certain that it’s used ethically. Partners need to be knowledgeable about your business, transparent and accurate in their measurement approach, compliant with security and privacy regulations globally, teamwork-focused to help drive change, and capable of providing regular feedback to drive continuous improvement.
Modern talent science solutions, such as Infor Talent Science, can check all these boxes and provide cutting edge talent management insights to equip leaders with the information they need to drive their business. This tool is both anchored in data and focused on assisting human decision-making with interactive content to help guide the hiring process towards a balanced decision that considers both predictive AI-driven recommendations and human intuition — all guided by a human-centered scientific process.
Clearly, organizations need data to thrive, but humans must still have a seat at the table. The best success is achieved through a democracy, not a monarchy. Talent Science empowers people with data to achieve demonstrable results. This partnership between data, between companies, between HR and operations, and between candidates and the company, is the key to finding the right people that drive the right results to allow companies to thrive in this age of data.
Interested in hearing more on this topic? View the on-demand webcast, “The Wild West of big data in hiring: Adding science for better results.”
Joel Philo, PhD, Senior Behavioral Scientist, Infor
- Talent Science