Key Trends & Takeaways of the Fortune 500’s Candidate Experiences
When it comes to hiring and retaining best-fit talent, one thing is certain: experience is the new currency.
But what should that experience look like, and how can employers deliver?
Today’s candidates expect the job search to mirror their consumer lives: personalized job recommendations and content should be immediately accessible and intuitive. And it’s up to recruiters, TA teams, and hiring managers to meet these expectations by integrating hyper-personalization, informative employer brand content, and meaningful interactions throughout the candidate experience. Otherwise, they risk losing top talent to the competition.
And with a new battle for talent predicted to emerge post-pandemic, organizations must be ready.
To illuminate the most essential areas where organizations can improve, we audited and ranked the candidate experiences of the Fortune 500 to bring you the State of Candidate Experience: 2021 Benchmarks. Revealing the latest data trends, the report highlights the biggest successes and challenges companies face when attracting, engaging, and converting talent — including how they’re using AI and automation.
Key Highlights from the State of Candidate Experience Report
Across the Fortune 500, the most notable trend we saw came down to one key area: artificial intelligence.
In fact, 93% scored poorly in the use of AI. Not only does this indicate that most companies are not delivering the level of personalization candidates expect, it also reveals major opportunities to improve recruiter productivity and fill key talent roles faster.
As the pandemic accelerated digital transformation among HR teams over the last year, those who expanded their use of intelligent technology were in a better position to virtually hire, grow their talent communities, upskill employees, and accomplish critical talent goals.
With hiring expected to surge in the months to come, AI and automation will be critical to better enable organizations to hire and grow best-fit talent. By dynamically delivering personalized jobs and information in real time based on candidates’ preferences and interactions (including skills, experience, location, and similar jobs), candidates are able to find the right job and apply faster.
So how are companies really using AI and automation? Maybe the better question is how aren't they using it. Here's what the report showed:
- 94% did not provide job recommendations based on browsing history on their career site
- 91% did not present job recommendations based on a candidate’s profile
- 91% did not display recently viewed jobs
- 85% had no auto location detection to suggest nearby jobs
- 83% did not have consistent branding on each page
- 91% did not have a recruitment chatbot
- 99% did not communicate the status of an application to the candidate after the initial email confirming submission
The Impact of the Candidate Experience Throughout the Talent Lifecycle
While this report sheds light on the current state of the candidate experience across the Fortune 500, we should be mindful of all the interactions talent has with each of our companies; they are all interconnected.
By taking the steps to improve the candidate experience and help them find the right job faster, employers are then better positioned to help employees learn and evolve; recruiters find best-fit talent, and managers make strong data-driven decisions to build their future teams.
This is the heart of Talent Experience Management, the holistic approach that connects every stakeholder interaction throughout the talent lifecycle.
As the gap widens between job seekers’ expectations and what companies are delivering — a trend that exists across all industries — immediate action must be taken. Organizations that provide an unmatched candidate experience will gain a competitive advantage and build a quality talent pipeline. In the candidate’s eyes, the experiences of one company will be directly measured against another.
To implement meaningful change, organizations must become experience-driven. And while an engaging career site and hiring process will help guide candidates, it is only the first step.
Are you meeting candidate expectations? Get the State of Candidate Experience: 2021 Benchmarks to find out!