PHILADELPHIA–(BUSINESS THREAD)–Phenom announced today that a composite organization using its Intelligence Talent Experience platform to recruit, develop and retain talent achieved a 449% return on investment over three years with a payback period of less than six months , which equates to more than $24 million in cost. savings and business benefits, according to a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of Phenom.
As labor and talent markets continue to fluctuate, companies are looking for solutions to counter volatility with more efficient and automated recruitment and retention processes, and an improved overall experience that differentiates them from the competition.
TEI’s study found that with Phenom, a composite organization representative of the customers interviewed, it standardized and streamlined recruitment and retention processes and achieved the following benefits in the third year:
- 25% decrease in time to occupy (or time to hire), with 30% of this decrease attributable to Phenom. Phenom facilitated faster hiring by accelerating efforts to identify, engage, screen and schedule interviews with candidates, enabling the growth of more qualified candidate pools.
- 30% increase in internal hires, with 70% of this increase attributable to Phenom. Phenom improved the organization’s ability to fill open positions with quality internal candidates instead of hiring talent externally, decreasing onboarding costs, training and productivity time for new hires.
- Spend 50% more efficiently to attract talent, with 80% of that improvement attributable to Phenom. With Phenom, the organization gained insights that allowed it to target spending on job boards and social networks that present high-quality candidates cost-effectively.
- 11 recruiter hours saved per week. Phenom saved the organization’s recruiters time in sourcing and nurturing candidate leads, communicating with candidates, scheduling candidate interviews, and analyzing where prospects are in the hiring process and who is finally hired.
“[Phenom’s] AI-enabled capabilities are a key element of how Phenom helps stakeholders execute faster and better on the talent acquisition, development and retention journey,” states the Forrester study. Also notes, “Its AI-based functionality reduces time to fill roles, increases internal mobility, drives more productive spend to attract talent and improves recruiter productivity. As a result, organizations using Phenom [Intelligent Talent Experience] they are better equipped to hire, develop and retain talent.”
Additional results from the Forrester Consulting Total Economic Impact™ study
To build the study, Forrester interviewed Phenom customers, identifying the challenges they experienced previously and the benefits, costs, risks and results they witnessed while using the platform.
Before implementing Phenom, companies faced the following employee recruitment, development and retention challenges:
Competition for talent.
External and internal expectations of candidate experience.
Limited ability to build and benefit from a talent community.
Lack of tools to support internal mobility, development and retention of employees.
Cost of vacancies.
Manual and inefficient AT processes.
Inadequate analyzes of recruitment processes, expenses and results.
The Forrester study determined that Phenom’s platform not only helped with these challenges, but had a direct impact on cost savings with a payback period of less than six months. Over three years, the composite organization experienced these benefits:
$16.9 million saved by reducing time to fill a position.
$6.7 million saved by increasing internal mobility.
Saved $3.7 million through more efficient spending to attract talent.
Saved $2.3 million by improving recruiter productivity.
Additional benefits identified in the study:
Improved candidate experience that elevated an organization’s brand.
Increased satisfaction and retention of current employees.
Reduction of expenditure on external recruiters.
Improved productivity around recruitment events.
What customers said about Phenom in the Forrester study
“We couldn’t keep up with the competition without the functionality that Phenom provides,” said a vice president of talent acquisition at an industrial equipment company. The interviewee also stated, “Now, we can make data-informed business decisions… so Phenom’s analytics help us avoid unnecessary costs, build our budgets, and determine where to shift acquisition spend so we don’t lose money”.
“Procurement efforts that used to take two hours can be done in 30 minutes with CRM, especially through its AI,” revealed a director of talent acquisition strategy and operations at a healthcare organization.
“We now have 1.5 million people in our talent pool, which helps us a lot, especially with Phenom’s AI-driven skills and job matching,” reported a global resource systems manager people from a logistics company.
“Phenom has absolutely changed where and what we spend money on, and when to attract talent,” said a senior director of talent acquisition at a transportation company.
The smart talent experience is transformative
More than 500 global and diverse companies are already using the Phenom Intelligent Talent Experience platform to connect people, data and interactions to deliver phenomenal moments with maximum efficiency throughout the talent journey.
Candidates find and choose the right job faster.
Employees develop their skills and evolve.
Recruiters become very productive.
Managers build stronger performing teams.
HR aligns employee development with company goals.
HRIS easily integrates existing HR technology to create a holistic infrastructure.
“Recruitment and retention is now the most critical conversation in the boardroom,” said Mahe Bayireddi, CEO and co-founder of Phenom. “As business margins shrink, business leaders are turning to HR to identify significant cost savings through more efficient ways to recruit, develop and retain quality talent. Consolidate spend with a solution that spans most critical areas of both talent acquisition and management is possible, but only by combining and contributing three core elements: expertise, intelligence and automation.”
To view the full TEI study or to learn more about Phenom, visit: info.phenom.com/forrester-tei
Phenom aims to help one billion people find the right job. 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, hiring managers, HR and HRIS, empowering more than 500 global and diverse companies with innovative products such as Phenom Career Site, Chatbot, CMS, CRM, AI Scheduling, Video Assessments, Campaigns, University Recruitment, talent market, professional itineraries, concerts, mentoring and references.
Phenom has earned accolades such as: Inc.’s Fastest Growing Companies. 5000 (3 years in a row), Deloitte Technology’s Fast 500 (4 years in a row), Business Intelligence Group’s Artificial Intelligence Excellence Awards (2021 and 2022), 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, visit www.phenom.com. Connect with Phenom on LinkedIn, TwitterFacebook, YouTube and Instagram.