Talent acquisition and retention has been a tough obstacle to overcome across all industries in the post-pandemic age, and companies of all shapes and sizes are perpetually struggling to strategize against the odds. And this includes Fortune 500 companies, as new research from hiring platform Phenom reveals that the majority of these organizations are failing to leverage data and personalized, contextual information to support candidates throughout their journey to find the right work—for example, 89 percent did not ask about skills to match candidates with related job openings. Could more creative content be the answer?
The firm’s eighth annual State of Candidate Experience: 2024 Benchmarks report analyzes and ranks the Fortune 500, including industry breakdowns, detailing how they are attracting, engaging and converting talent throughout the candidate journey. The research also highlights notable year-over-year progress when leveraging AI, automation and talent marketing strategies to enhance experiences for candidates—including an 80 percent 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 percent do not have social media content embedded in the job seeker experience
- 89 percent do not provide job recommendations based on experience level or job titles
- 86 percent have not instituted an intuitive, easy to implement search process that understands the context of the keyword and separates it with proper grouping
- 83 percent do not include recently viewed jobs
- 80 percent do not have a chatbot accessible to candidates while searching for jobs
- 76 percent do not automatically detect the candidate’s geographic location to suggest relevant, nearby jobs
- 14 percent decrease in offering job recommendations based on browsing history
How Fortune 500 is building better candidate journeys with AI and engaging content
- 76 percent increase in communicating a clear employee value proposition
- 68 percent increase in having a clearly visible and accessible “apply” button
- 41 percent increase in sending an application satisfaction survey
- 37 percent have content in multiple languages tailored to specific locations
- 36 percent increase in using chatbots that can answer frequently asked questions
- 34 percent increase in displaying video content featuring employee testimonials that showcase company culture and reasons to work there
- 22 percent 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
The 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, senior director, product marketing at Phenom, in a news release. “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.”
