John HarringtonNovember 08, 2022
Topics: News

Total Economic Impact™ Study: Phenom Intelligent Talent Experience Platform Delivered 449% ROI

As labor and talent markets continue to waver, companies are looking for solutions to counteract the volatility with more efficient, automated hiring and retention processes, and an enhanced overall experience that differentiates them from competitors.

A commissioned Total Economic Impact™ (TEI) Study conducted by Forrester Consulting on behalf of Phenom found that a composite organization using the Phenom Intelligent Talent Experience platform to hire, develop and retain talent achieved a 449% return on investment over three years with a payback period of less than six months — equaling more than $24M in cost savings and business benefits.

Read the study

Key Challenges Companies Are Facing Across Talent Acquisition & Management

To construct the study, Forrester interviewed Phenom clients, identifying the challenges they experienced previously, and the benefits, costs, risks, and outcomes they witnessed while using the platform.

Prior to implementing Phenom, the companies faced common recruitment, employee development, and retention challenges including:

  • Competition for talent
  • External and internal expectations for the candidate experience
  • Limited ability to build and benefit from a talent community
  • Lack of tools to support internal mobility, development and employee retention
  • Cost of vacancies
  • Manual and inefficient TA processes
  • Inadequate analytics around hiring processes, spending and outcomes

Research Shows Phenom Reduced Time to Hire, Increased Retention

The Forrester study determined Phenom’s platform assisted with the aforementioned challenges in the following key ways:

  • 25% decrease in time to fill (or time to hire), with 30% of that decrease attributable to Phenom

    Phenom facilitated faster hiring by accelerating efforts to identify, engage with, screen, and schedule interviews with candidates, and enabling development of larger and more qualified candidate pools.

    “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 HR systems manager at a logistics company.

  • 30% increase in internal hires, with 70% of that decrease attributable to Phenom

    Phenom improved the organization's ability to fill open positions with quality internal candidates instead of hiring talent externally, decreasing costs of new-hire onboarding, training, and time to productivity.

    A chief talent acquisition officer at a healthcare organization said: “Our [Talent Marketplace] improves retention, because it used to be if our employees couldn’t find their next opportunity within our organization, they could certainly find it outside. So, we feel that we’ve been able to improve retention and keep our coworkers here, by driving up our internal transfers.”

  • 50% more efficient spending to attract talent, with 80% of that decrease attributable to Phenom

    With Phenom, the organization gained insights enabling it to target spending on job boards and social media that surface high-quality candidates cost-effectively.

    “Phenom has absolutely changed where and on what we spend money, and when to attract talent,” said a senior director of talent acquisition for a transportation company.

    A global HR systems manager at a logistics company said that before Phenom, 50% of that organization’s knowledge worker hires had involved paying external recruiters to help identify and screen candidates. Now with Phenom, only 20% do.

  • 11 recruiter hours saved per week

    Phenom saved the organization’s recruiters time sourcing and nurturing candidate leads, communicating with candidates, scheduling candidate interviews, and analyzing where leads are in the hiring process and who ultimately gets hired.

    “Sourcing efforts that previously took two hours can be done in 30 minutes using the CRM, especially by using its AI," revealed a director of talent acquisition strategy and operations at a healthcare organization.

Phenom Drove 24.3M in Benefits With Experience, Intelligence, and Automation

According to the TEI Study, the Phenom platform had a direct impact on cost savings with a payback period of less than six months. Over three years, the composite organization saved:

  • $16.9M by decreasing time to fill a position
  • $6.7M by increasing internal mobility
  • $3.7M from more efficient spending to attract talent
  • $2.3M from improving recruiter productivity

“We wouldn’t be able to keep up with the competition without the functionality Phenom provides,” said a vice president of talent acquisition at an industrial equipment company. The interviewee also stated, “Now, we can make informed business decisions with data…so, Phenom’s analytics help us avoid unnecessary costs, build our budgets, and determine where to shift acquisition spending so we’re not wasting money.”

Additional benefits identified in the study:

  • Improved candidate experience that elevated an organization’s brand
  • Increased satisfaction and retention of current employees
  • Reduced spending on external recruiters
  • Improved productivity around recruitment events

“[Phenom’s] artificial intelligence-enabled capabilities are a key element of how Phenom helps stakeholders execute faster and better across the talent acquisition, development, and retention journey,” the Forrester study states. It also notes, “Its AI-based functionality reduces the time to fill roles, increases internal mobility, drives more productive spending to attract talent, and enhances recruiter productivity. As a result, organizations using Phenom Intelligent Talent Experience are better equipped to hire, develop, and retain talent.”

Intelligent Talent Experience is Transformational

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.

With 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.
  • HRIS easily integrates existing HR tech to create a holistic infrastructure.

“Hiring and retention is now the most critical conversation in the boardroom,” said Mahe Bayireddi, our CEO and co-founder. “As the margins of companies tighten, company leaders are turning to HR to identify considerable cost savings through more efficient ways to hire, develop and retain quality talent. Consolidating spend with a solution that cuts across the most critical areas of both talent acquisition and management is possible — but only by combining and delivering on three core elements: experience, intelligence and automation.”

The companies that invest in their people by investing in an HR solution that makes work easier, more productive, more impactful, and more profitable will not only outpace competitors, they will inspire other organizations to do the same. And this is the type of change that can truly transform an industry.

Read the full TEI study here

To see the Phenom Intelligent Talent Experience platform in action, book a demo.

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