Fortune 500 Study: Most Organizations Failing to Match Candidates with the Right Work Using Data and Context

89% Did Not Ask About Skills to Match Candidates with Related Job Openings; 88% Did Not Have Job Recommendations Based Upon a Created Profile, According to Phenom’s 2024 State of Candidate Experience Report

Phenom today released its eighth annual State of Candidate Experience: 2024 Benchmarks Report, which analyzes and ranks the Fortune 500, including industry breakdowns, detailing how they are attracting, engaging and converting talent throughout the candidate journey. The audit report revealed the majority of organizations are failing to leverage data and personalized, contextual information to support candidates throughout their journey to find the right work — for example, 89% did not ask about skills to match candidates with related job openings.

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Phenom’s eighth annual State of Candidate Experience: 2024 Benchmarks Report revealed the majority of organizations are failing to leverage data and personalized, contextual information to support candidates throughout their journey to find the right work — for example, 89% did not ask about skills to match candidates with related job openings. The audit report analyzes and ranks the Fortune 500, including industry breakdowns, detailing how they are attracting, engaging and converting talent throughout the candidate journey. (Photo: Business Wire)

With these opportunities to improve considered, the report also highlights notable year-over-year progress when leveraging AI, automation and talent marketing strategies to enhance experiences for candidates — including an 80% increase in featuring dynamically curated content, such as information about the company, open jobs, benefits, culture, employee testimonials and interview tips.

Opportunities to Improve Matching Candidates with the Right Work

• 97% do not have social media content embedded in the job seeker experience
• 89% do not provide job recommendations based on experience level or job titles
• 86% have not instituted an intuitive, easy to implement search process that understands the context of the keyword and separates it with proper grouping
• 83% do not include recently viewed jobs
• 80% do not have a chatbot accessible to candidates while searching for jobs
• 76% do not automatically detect the candidate’s geographic location to suggest relevant, nearby jobs
• 14% decrease in offering job recommendations based on browsing history

How Fortune 500 is Building Better Candidate Journeys with AI and Engaging Content

• 76% increase in communicating a clear employee value proposition
• 68% increase in having a clearly visible and accessible “apply” button
• 41% increase in sending an application satisfaction survey
• 37% have content in multiple languages tailored to specific locations
• 36% increase in using chatbots that can answer frequently asked questions
• 34% increase in displaying video content featuring employee testimonials that showcase company culture and reasons to work there
• 22% increase in featuring a job cart or ability to easily favorite jobs

To stand out in today’s volatile job market, enterprises must serve highly relevant content to candidates throughout their journey, while clearly conveying why they are the right employer. Simply publishing a career site is no longer enough; talent acquisition teams, talent marketers, and recruiters must invest in the right AI and personalization technology, content and talent marketing strategies, employer branding, and user experience to establish indispensable connections that convert job seekers into applicants.

Recommendations to Improve the Candidate Experience

Phenom’s 2024 State of Candidate Experience report includes prescriptive guidance for organizations seeking to improve how they attract, engage and convert talent with automation and intelligence.

• Attracting and engaging top talent faster. Candidates continue to search for their next job across many disparate channels. Organizations must adopt a comprehensive talent marketing approach that makes jobs widely accessible. Consistent branding and a clear value proposition should be reflected in every step of the journey.
  
  
  
  
• Delivering a one-of-a-kind experience. Candidates are unlikely to apply if it is difficult to find information when researching a potential employer. AI and automation can personalize every touchpoint and streamline the discovery of relevant opportunities.
  
  
  
  
• Turning passive job seekers into new hires with a seamless process. Candidates no longer complete job applications that are time and labor intensive. Organizations must introduce a fast and frictionless job discovery and application process, spanning no more than three minutes for high-volume roles.

“It’s clear the competition for top talent is not won by a standalone career site or chatbot — job seekers are engaging with companies across a multitude of channels,” said John Harrington, Sr. Director, Product Marketing at Phenom. “Savvy organizations are getting ahead by leveraging intelligence and automation to deliver personalized candidate experiences across every touchpoint, ultimately improving the way they engage and convert a broader talent pool.”

With Phenom, candidates find and choose the right job faster, employees develop their skills and evolve, recruiters become wildly productive, talent marketers engage with extreme efficiency, talent leaders optimize hiring processes, managers build stronger-performing teams, HR aligns employee development with company goals, and HRIS easily integrates existing HR tech to create a holistic infrastructure.

To read the full 2024 report and Fortune 500 company rankings, and industry breakdowns across 14 industries including Healthcare & Pharmaceutical, Manufacturing & Materials, Retail, Restaurant & Hospitality, and Transportation & Distribution, download here.

Organizations not featured in the report can request their own complimentary career site audit here.

About Phenom

Phenom has a purpose of helping a billion people find the right work. Through AI-powered talent experiences, employers use Phenom to hire employees faster, develop them to their full potential, and retain them longer. The Phenom Intelligent Talent Experience platform seamlessly connects candidates, employees, recruiters, talent marketers, talent leaders, hiring managers, HR and HRIS — empowering diverse and global enterprises with innovative products including Phenom X+ Generative AI, Career Site, Chatbot, CMS, Talent CRM, One-Way Interviews, Automated Interview Scheduling, Interview Intelligence, Talent Experience Engine, Campaigns, University Recruiting, Contingent Talent Hiring, Talent Marketplace, Workforce Intelligence, Career Pathing, Gigs, Mentoring, and Referrals.

Phenom has earned accolades including: Inc. 5000’s fastest-growing companies (4 consecutive years), Deloitte Technology's Fast 500 (4 consecutive years), five Brandon Hall ‘Excellence in Technology’ awards including Gold for ‘Best Advance in AI for Business Impact,’ Business Intelligence Group's Artificial Intelligence Excellence Awards (3 consecutive years), and a regional Timmy Award for launching and optimizing HelpOneBillion.com (2020).

Headquartered in Greater Philadelphia, Phenom also has offices in India, Israel, the Netherlands, Germany and the United Kingdom.

For more information, please visit www.phenom.com. Connect with Phenom on LinkedIn, X, Facebook, YouTube and Instagram.

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“Competition for talent isn’t won by a standalone career site or chatbot,” said John Harrington, Sr Director, Product Marketing, Phenom. “Savvy organizations are leveraging AI & automation to deliver personalized experiences across every touchpoint."