A few days ago I wrote about gaps in GDP as a measure of progress - in that case, under-measurement of the value of the digital economy. Here's another example of the value in big data built up by LinkedIn (and not measured in GDP), with news that the company plans to use the data it has amassed from more than 250m curricula vitae to help companies improve their hiring. According to the FT, a senior LinkedIn VP said:
“LinkedIn would develop algorithms akin to those Google has created for its search engine, using its large database to find the right candidates with the aim of transforming the “incredibly inefficient” world of recruiting and charting careers.
“We are due a complete increase in the sophistication of the talent marketplace like we saw in the financial marketplace 50 years ago,” he said. “[Using this data] governments will invest in education to fill skills gaps in the economy and companies will make workforce plans figuring out how to invest in their own people and put facilities in the right locations.””
No question that the labor market and search/hiring could be SO much more efficient, but let's hope the data are largely real and up to date. (I think mine is.)
