Phenom Study: Majority of the Fortune 500 Fail to Embrace AI and Automation for Hiring
Fifth Annual State of Candidate Experience Report Ranks Fortune 500 Companies
PHILADELPHIA–(BUSINESS WIRE)–Phenom, the global leader in Talent Experience Management (TXM), today released its 2021 State of Candidate Experience benchmark report, which revealed that a majority of Fortune 500 companies are not yet leveraging artificial intelligence and automation to provide advanced personalization and proactively engage candidates searching for job opportunities. The fifth edition of Phenom’s annual audit ranks companies’ candidate experiences based on how they attract, engage and convert talent.
The Phenom study reveals that 93% of the Fortune 500 scored poorly in the use of AI, indicating that they are not delivering the level of personalization candidates expect. The report also rated how well employers showcase their brand and culture, optimize job descriptions, and deliver a simple, intuitive application process.
The 2021 State of Candidate Experience Key Findings:
- 94% did not provide job recommendations based on browsing history on their career site
- 91% did not present job recommendations based on a candidate’s profile
- 91% did not display recently viewed jobs
- 85% had no auto location detection to suggest nearby jobs
- 83% did not have consistent branding on each page
- 91% did not have a recruitment chatbot
- 99% did not communicate the status of an application to the candidate after the initial email confirming submission
“The digital revolution accelerated by the pandemic has only increased candidate expectations for seamless, exceptional talent experiences,” said Mahe Bayireddi, CEO and co-founder of Phenom. “Companies that deliver the most personalized talent journeys will be at an advantage when competing for future employees. By fully embracing artificial intelligence and automation, recruiters and hiring managers will be able to deepen their connections with job seekers and employees, while humanizing the experience for all.”
How AI Brings Personalization to the Candidate Experience
As the pandemic accelerated digital transformation among HR teams, those who expanded their use of intelligent technology were in a better position to virtually hire, grow their talent communities, upskill employees and accomplish critical talent goals.
When searching for jobs, candidates seek the same hyper-personalized, instantaneous content granted in their consumer lives. AI-powered technology can help employers dynamically deliver tailored jobs and contextually relevant information in real time based on candidates’ preferences and interactions. In effect, candidates find the right job and apply faster.
Providing personalized job recommendations based on user profile, skills, experience, location, search history, and similar jobs increases the probability of converting candidates. Complementing career sites with conversational recruitment chatbots that answer questions and serve up relevant jobs has been found to double candidate leads and increase job apply rates. By automating tedious and manual tasks, such as screening and scheduling, chatbots also improve productivity among recruiters, allowing for more meaningful interactions with candidates.
Connecting the Four Key Talent Experiences
While this report sheds light on the current state of candidate experience across the Fortune 500, companies should be mindful of every key stakeholder experience. The relationships among candidates, employees, recruiters and managers are all interconnected; neglecting even a single one can undermine an employer’s ability to hire, grow and retain the right talent.
Integrating these experiences is the foundation of Talent Experience Management — the holistic approach that connects every stakeholder interaction throughout the talent lifecycle. As a result, candidates find the right job faster; employees learn and evolve; recruiters discover best-fit talent with efficiency and at scale; and hiring managers make stronger data-driven decisions to build their future teams.
To learn why Phenom TXM is dramatically different and how it delivers experience and AI at scale, visit phenom.com.
Download the Fortune 500 rankings here.
Phenom is a global HR technology company with a purpose to help a billion people find the right job. With an expertise in building AI-powered, scalable solutions, Phenom Talent Experience Management (TXM) personalizes and automates the talent journey for candidates, recruiters, employees and management with its Career Site, Chatbot, CRM, CMS, SMS and Email Campaigns, University Recruiting, Internal Mobility, Career Pathing, Diversity & Inclusion, Talent Marketplace, Gigs, Referrals, Hiring Manager and Analytics. As a result, employers improve their talent acquisition and talent management efforts by helping candidates and employees find the right job, recruiters identify and engage the right talent, and management optimizes HR strategy, process and spend. Phenom was ranked among the fastest-growing technology companies in the 2020 Deloitte Technology Fast 500, and won a regional 2020 Timmy Award for launching and optimizing HelpOneBillion.com.
Headquartered in Greater Philadelphia, Phenom also has offices in India, Israel, the Netherlands, Germany and the United Kingdom.
Dan Norton, Public Relations Manager, Phenom