Need for AI-Powered Talent Experiences Spikes as Labor Shortage Prolongs Talent Attraction and Retention Challenges
Phenom, the global leader in talent experience, earned recognition today as one of Inc. magazine’s fastest-growing private businesses in America in 2022. This marks Phenom’s third consecutive appearance on Inc.’s prestigious list.
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(Graphic: Business Wire)
“Companies are realizing that the only way to solve today’s critical hiring and retention challenges is by transforming the talent experience for candidates, employees, recruiters and hiring managers,” said Mahe Bayireddi, CEO and co-founder of Phenom. “Between The Great Resignation and a looming economic downturn, organizations are turning to artificial intelligence, automation, and hyper-personalization to attract and hire new talent faster, while retaining and developing the people they already have.”
U.S. employers had more than 10 million vacant job openings (approximately two open jobs per available worker) at the end of June, according to the Bureau of Labor Statistics. Nearly every company has been impacted, from global enterprises to small businesses, healthcare facilities, factories, grocery stores, and beyond. More than half of the CEOs surveyed by Deloitte* this summer expect the labor/skills shortage to affect their business strategy over the next 12 months, a concern second only to inflation.
To help customers remain agile and keep ahead of the shifting talent landscape, Phenom’s constant product innovation enables them to improve experiences for candidates, employees, recruiters and hiring managers.
Earlier this year, Phenom launched High-Volume Hiring for organizations in healthcare, manufacturing, retail, hospitality and transportation, among others that need to hire large numbers of qualified candidates quickly. The AI-powered solution improves efficiency by up to 90% — moving qualified candidates to recruiters in minutes instead of hours or days with automated interview scheduling, video assessments, workflows between recruiters and hiring managers, conversational chatbot and SMS messaging.
To better support employee development through upskilling and retain existing talent, some of the world’s largest organizations are also deploying and adopting internal talent marketplaces, career pathing, gigs, mentoring, employee resource groups and referrals — all rooted in AI to provide a seamless, simplified path to personalized internal mobility and growth opportunities. Employees have more control over their own careers while recruiters and hiring managers can see whose skills align with certain roles even before someone has applied — ultimately driving employee engagement, satisfaction and retention.
“Inc. is thrilled to honor the companies that have established themselves through innovation, hard work, and rising to the challenges of today,” says Scott Omelianuk, editor-in-chief of Inc.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.
Phenom has a purpose of helping a billion people find the right job. Through AI-powered talent experiences, HR teams are using Phenom to hire employees faster, develop them to their full potential, and retain them longer. The Phenom Talent Experience Management (TXM) platform seamlessly connects candidates, employees, recruiters, and managers — empowering over 500 diverse and global enterprises with innovative products including Phenom Career Site, Chatbot, CMS, CRM, AI Scheduling, Video Assessments, Campaigns, University Recruiting, Talent Marketplace, Career Pathing, Gigs, Mentoring, and Referrals.
Phenom was ranked among the fastest-growing technology companies in Deloitte Technology's Fast 500 for four years in a row, has been recognized in Business Intelligence Group's 2021 and 2022 Artificial Intelligence Excellence Awards and won a regional 2020 Timmy Award for launching and optimizing HelpOneBillion.com.
Headquartered in Greater Philadelphia, Phenom also has offices in India, Israel, the Netherlands, Germany and the United Kingdom.
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to 2021. To qualify, companies must have been founded and generating revenue by March 31, 2018. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2021. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places. The top 500 companies on the Inc. 5000 are featured in Inc. magazine’s September issue.
* Deloitte, Summer 2022 Fortune/Deloitte CEO Survey
“Companies are realizing that the only way to solve today’s critical hiring and retention challenges is by transforming the talent experience for candidates, employees, recruiters and hiring managers,” said Mahe Bayireddi, CEO and co-founder of Phenom.
Director, Global Communications