How This Financial Leader Gains Talent Efficiency and Agility With Critical Data Insights

The Challenge

Financial institutions that become — and remain — leaders have one thing in common: outstanding service. But in today’s capricious economic climate, hiring and retention in the financial services industry has become more competitive than ever.

It’s no surprise, then, that when their talent acquisition and recruiting teams looked for ways to improve processes and drive efficiency, better serving job candidates was a top priority.

Not only did the company want to improve their candidate experience, they wanted to build agility into their talent programs. To achieve this, they needed better visibility into talent metrics so they could make quick pivots in strategy.

Having a stronger approach to analytics would also help the team showcase their overall value. “Previously, we had no way to track ROI of the talent function,” their Global Head of Enterprise Recruiting said.

The Solution

The company’s TA team looked for a technology platform to expand market reach, improve efficiency, and provide metrics to track ROI across the talent function. At the same time, they knew that delivering a modern candidate experience depended on the ability to make on-the-fly career site content changes to stay aligned with job seeker preferences and expectations.

Fortunately, their Global Head of Enterprise Recruiting was already familiar with Phenom’s Intelligent Talent Experience platform: In their previous role at an enterprise software company, they helped lead their team toward a data driven approach by leveraging Phenom Career Site, CMS, Chatbot, CRM, Campaigns, Talent Analytics, and more. “The platform’s data capabilities gave us immediate insights for stronger decision making and more accurate planning,” they said. “I knew we could reap similar benefits here.”

Key features the company is leveraging include:

Career Site, Chatbot, and CMS. A career site that delivers a hyper-personalized job search and apply process based on candidates’ skills, experience, and location was a top priority. A bonus? The ability for site visitors to easily navigate the site, ask questions, and submit an application via Phenom’s integrated conversational chatbot. In addition, the company was drawn to the intuitive, turnkey approach to career site content creation and publishing powered by the Phenom CMS. Especially promising is the CMS’ video capabilities, directly answering the demand for this medium as a way to learn about company culture and the day-to-day employee experience.

CRM, Campaigns, and SMS. With the Phenom CRM now linking directly to the company’s Career Site, the team can automatically gather key data points from site visitors. This way, recruiters can curate a talent funnel rather than passively hoping candidates find them. It also unlocks the ability to run personalized campaigns, targeting subsets of candidates with relevant, helpful content (e.g., customized job alerts, upcoming events, job search tips) through email or text.

AI Scheduling. Automating and optimizing interview scheduling was another important requirement for the company. Phenom AI Scheduling lifts the manual, timeconsuming burden of finding interview times suitable for all parties, driving faster candidate engagement and increased recruiter productivity.

The Results

The company is already realizing their return on investment with Phenom in several key ways:

Increased Efficiency
Talent Analytics empowers the company to track ROI and gain deeper visibility into source tracking and the progress of its talent programs. Now, TA leaders can easily measure the impact of both process and content changes so they can focus on what matters most. This new intelligent data has helped them: Reduce time to hire, decrease cost per hire, inform workforce planning, and alleviate reliance on third parties. “These metrics allow us to not only reach our goals, but strategically adjust them as we better understand the behaviors of our candidates,” said their Director of Talent Attraction.

From a more tactical standpoint, AI Scheduling has:

• Automated the scheduling of 88% of the company’s interviews within 24 hours (47% scheduled within 1 hour)

• Saved their recruiters 975 hours in productivity (30 minutes per interview scheduled)

Greater Agility
With Phenom, the company’s TA team has realized their goal of being more nimble in the marketplace, pivoting with the changing environment. “Early careers is a great example,” their Director of Talent Attraction said. “We’ve evolved our university recruiting programs for 2022 and 2023 differently than our starting place last spring. The platform allows us to implement changes independently, with speed and efficiency.” A testament to their success? Early career leads increased 100% in the last year with apply conversions above 90%.

Improved Attraction and Engagement
“Outreach efforts prior to Phenom just would not have been possible,” according to their Global Head of Enterprise Recruiting. The combination of automation and hyperpersonalization has the company’s recruiting marketing campaigns netting higher-than-average click-through rates and 100% growth in career site visits YoY with almost 6.5M visits since launch. “We’re able to use the CRM as our own proprietary sourcing tool,” their Director of Talent Attraction added. By capturing information from career site visitors, the team can invite candidates to join their talent community — an effective way to nurture warm leads. “It allows us to capitalize on our relationship with folks who have indicated interest. What a great way to reach out to a candidate who’s already familiar with us, and keep them engaged.”

As part of their overarching hiring strategy, the company is particularly focused on better connecting with veterans. Using Phenom Military Code Search, they’re now able to reach this highly capable but previously untapped talent pool. On the career site, veterans can simply input their military occupation specialty code in a dedicated search bar to receive relevant jobs that require skills similar to those they developed in service.

Similarly, giving candidates the freedom to communicate via text or chatbot has already proven instrumental to “meeting candidates where they’re at.” The company’s career site chatbot has captured millions of interactions and 98,000 leads, contributing to 34% growth in candidate profiles in the CRM. And in a 30-day period alone, it was responsible for 82% of leads and 27% of all job views.

• Decreased Cost Per Hire

  Valuable data insights have reduced dependency on third parties, saving thousands of dollars per hire.

• Decreased Time To Hire

  By automating the scheduling of 88% of interviews and booking them within 24 hours, the company is hiring faster than the industry average and saving recruiters 30 minutes per interview.

• Increased Talent Pools

  With Phenom Career Site and CRM, 34% more candidate profiles were created, generating substantially more quality leads.

• Increased Job Views

  In a 30-day period, Phenom Chatbot drove 82% of leads and 27% of all job views, enabling recruiters to focus more time on building candidate relationships.

The Future

In the future, the company plans to further capitalize on their relationship with Phenom to continuously provide a stand-out experience for all talent stakeholders.

“We’re constantly striving to problem solve, and Phenom is a great resource for helping us make long-term gains. We’re solving big issues for candidates, recruiters, compliance, and more,” their Director of Talent Attraction said.

One major goal is to take video a step further by implementing Phenom Video Hub through the CMS so they can seamlessly gather, publish, and share user-generated content. This will help employees take the spotlight, giving candidates an authentic glimpse of the company’s story — a story with strong roots in the past, and healthy growth ahead.