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This post is part of our biweekly "Office Hours" video series, featuring quick career, workplace and leadership tips from talent management experts and business leaders across the globe.

According to a recent report from the Society for Human Resource Management, it costs an average of $4,129 to hire a new employee, and takes roughly 42 days to fill open positions. Yes, HR is extremely expensive and time-consuming.

It comes as no surprise, then, that business leaders are looking for tools that will maximize return on their HR investments and help them retain employees. James Webb, the VP of development and engagement at Fossil Group, sees a solution in big data.

In this video, Webb argues that big data-powered technologies have proven themselves when it comes to analyzing customer behaviors, but haven't come close to reaching their potential in analyzing candidate and employee behaviors.

Armed with big data-generated insights, Webb says, an organization can predict, with increasing accuracy, how to engage, retain and maximize the productivity of employees.

Photo: Creative Commons