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AI-powered Adoption Rate Among Fortune 500 Reaches Triple-Digit Growth

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As the success of any company goes beyond simply outpacing rivals in the quest for talent, employers now find themselves at a critical juncture where they must embrace innovative practices and technology to attract, develop and retain employees effectively. Intelligence, automation and a focus on delivering exceptional experiences have become paramount in overcoming the pressing challenges associated with talent acquisition and retention. (This includes streamlining the job search process and cultivating an alluring and distinctive employer brand.)

By leveraging automated systems at every stage of the hiring process, organizations reduce friction and ensure a faster, more efficient recruitment process. These automated workflows not only help attract a wider pool of candidates, but also engage them more effectively (ultimately leading to quicker and more successful hiring outcomes).

Advanced technologies allow employers to provide highly personalized and contextually relevant information to their workforce, thereby enhancing productivity and output. Technologies such as hyper-personalized career sites, conversational chatbots, automated screening and scheduling, and compelling content showcasing a company's culture all play important roles in enriching the candidate's experience. Such tools empower job seekers to find the right employment opportunities and apply with greater speed and ease.

And the Fortune 500 is making strides to enhance the overarching candidate experience by implementing AI technology and automation to connect job seekers — hourly and knowledge workers — with relevant jobs faster and creating engaging content to convey a strong employer brand in a competitive U.S. talent market.

According to a Phenom report, improvements Fortune 500 companies have made in the last three years include:

  • 250% increase in presenting job recommendations based on browsing history
  • 150% increase in the use of AI-powered chatbots
  • 145% improvement in easy site navigation
  • 87% increase in displaying recently viewed jobs
  • 74% increase in video content
  • 50% increase in well-written job descriptions

These improvements matter because candidates today expect the online job search to be similar to purchasing consumer goods, where relevant information is delivered based on their interests. The process must be intuitive and simple. If not, candidates are more likely to drop off a career site.

This is where AI steps in. With AI and automation on a career site, personalized jobs and content are automatically displayed for candidates based on their resume, experience, skills and geographic location.

Also, seeing more brands build a stronger connection with candidates through content (such as video content) is vital in showcasing a strong employer brand. Content on a career site that conveys information such as a company’s mission and purpose, overall workplace culture, employee quotes and stories, internal events and employee resource groups paint a picture of what it is like to work there.

Still, even with organizations increasingly adopting AI-powered technology, 89% scored poorly in their use of AI, indicating there is a significant gap between the solutions available and what companies have implemented.

According to the 2023 report:

  • 86% did not present job recommendations based on browsing history
  • 85% did not use chatbots
  • 85% did not display recently viewed jobs
  • 84% did not provide job recommendations based on candidate profile
  • 80% lacked compelling content on their career sites

Organizations must always be quick to responsibly adopt work-altering innovations. With a platform like Phenom, candidates find and choose the right job faster, employees develop their skills and evolve, recruiters become wildly productive, managers build stronger-performing teams, HR aligns employee development with company goals, and HRIS easily integrates existing HR tech to create a holistic infrastructure.

Savvy organizations that are leveraging AI-powered technology and automation through the Phenom Intelligent Talent Experience platform are attracting more best-fit job seekers, growing talent communities and increasing completed applications.

“Multiple industries remain in a hiring crisis with open roles costing them millions, and enhancing the candidate experience is the first step to addressing this issue,” said Mahe Bayireddi, CEO and co-founder of Phenom. “Providing personalized experiences for job seekers is only possible through intelligence and automation.”




Edited by Alex Passett
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