Fortune 500 study reveals shortcomings in candidate matching process

Experts highlight the need to adapt to evolving landscape of talent acquisition

BY Jonalyn Cueto 07 Jun. 2024

A recent study sheds light on a concerning trend among Fortune 500 companies: a majority of organizations are failing to effectively match candidates with suitable job opportunities with the use of data and context.

Phenom, a provider of talent experience management solutions, released its eighth annual State of Candidate Experience: 2024 Benchmarks Report, which examines and ranks Fortune 500 organizations, offering insight into their methods of attracting, engaging, and converting potential talent.

The report unveiled a significant gap in leveraging data-driven insights and personalized approaches to support candidates in their quest for suitable employment. Alarmingly, 89% of organizations did not inquire about candidates’ skills to align them with relevant job openings. This oversight, according to the report, shows a critical deficiency in the initial stages of the hiring process, where understanding an applicant’s qualifications is important.

John Harrington, senior director of product marketing at Phenom, emphasized the necessity for organizations to adapt to changing dynamics in talent acquisition. He remarked, “Competition for talent isn’t won by a standalone career site or chatbot. Savvy organizations are leveraging AI & automation to deliver personalized experiences across every touchpoint.”

Areas that need improvements

The study delves further into the shortcomings of current candidate matching practices, revealing additional areas in need of improvement:

Social media integration: A 97% of organizations failed to embed social media content into the job seeker experience, missing out on valuable engagement opportunities.
Personalized job recommendations: 89% did not provide job recommendations based on candidates’ experience levels or job titles, neglecting a crucial aspect of tailored recruitment.
Search process optimization: 86% lacked an intuitive search process that understands the context of keywords and categorizes them effectively.
Geographic relevance: 76% did not utilize location-based suggestions for nearby job opportunities, overlooking an aspect of candidate convenience.

Despite these concerning statistics, the report also highlighted some promising advancements in leveraging technology and engaging content to enhance the candidate journey. Notable progress includes an 80% increase in featuring dynamically curated content, ranging from company information to employee testimonials and interview tips.

However, to truly stand out in today’s competitive job market, organizations are advised to prioritize the implementation of AI-driven solutions and personalized strategies to attract and retain top talent. Phenom’s recommendations for improving the candidate experience emphasized the importance of consistent branding, personalized touchpoints, and streamlined application processes.