The new talent economy
According to a recent Harvard Business Review article, “When it comes to recruiting, the [COVID-19] crisis has not so much disrupted as accelerated shifts in the talent landscape… leaving many companies poorly served by their current hiring practices. In a period of steep unemployment, it might seem that companies looking to add workers would be in the driver’s seat. But job openings have also been rising in recent months, meaning that competition for top talent remains keen – and bringing on the right people is more important than ever.”
As we see opportunities for talent become readily available and millions of people remain unemployed around the world, it would appear to be an ideal situation for companies and job seekers alike. Yet best-fit talent is still – and always will be – a scarce resource and companies are being challenged like never before to both attract and retain skilled talent.
In this intensely competitive environment, hiring and retaining the best talent requires a lot from HR teams, their processes, and the tools they use to support them. “A CHRO’s job has never been more difficult. In order to protect employees and prepare our organizations for success, a redesign of the talent experience is necessary. Transformation must take place across the acquisition, management, and evolution of talent,” said Mahe Bayireddi, CEO and Co-Founder of Phenom.
Now is the time to transform the entire talent experience
Bringing in the right talent is not just a priority – it’s essential to the future success of enterprises across the globe. On top of that, employers must engage and invest in the evolution of employees and their skills, or they risk an expensive alternative – turnover, especially of their top performers.
The time to adapt is now, but many companies are ill-equipped to handle such a sweeping transformation. “The reality of talent management in most companies today is that it is not a suite of connected processes, but a fragmented landscape of disconnected talent silos,” says Fosway Group. And unfortunately, this outdated approach to talent no longer works.
To be competitive in the new talent economy, a unified approach that considers and caters to the experiences and pain points of all key talent stakeholders – candidates, employees, recruiters, and the hiring managers – is paramount.
Here’s the challenge: organizations can’t think about each experience in isolation – everyone is looking at the same talent, but from different perspectives. According to Phenom, these experiences must be connected and nurtured at scale in order for everyone to succeed and thrive.
Making meaningful connections throughout the talent lifecycle
Understanding and mapping the traditional talent lifecycle will enable HR leaders to work out how they can shift from not just improving the talent experience, but actually designing the experiences throughout every key stakeholder’s journey.
According to Phenom, here is how every experience is connected:
Candidates begin their journey by looking for a job. As they move along, they discover relevant opportunities within an organization based on their experience and skills, engage with the company, and if it goes well, accept an offer.
This is where the employee journey starts. From their first day, the employee becomes aligned with the company. If they have positive experiences right at the start, they’ll turn into an advocate, embrace upskill opportunities to grow within the company, and ultimately evolve in their role and career.
In parallel, the recruiter and hiring manager are moving along their own journeys. To keep the talent pipeline progressing, recruiters spend time planning the position, as well as sourcing, screening, assessing, and nurturing candidates up until they extend an offer.
A hiring manager begins their journey when they first identify the need for a necessary position and work with the recruiter to get the description posted. From there, it’s all about engaging with talent, leading interviews, and then supporting new employees as they adjust to the company and grow. Technology can help managers gain greater visibility into the hiring process and improve collaboration with recruiters to fill roles faster.
It is only by focusing on each stakeholder that companies will be able to effectively reimagine and personalize their experience and adapt.
Transforming the workplace with talent experience management
How can organizations deliver this level of personalized experience seamlessly, and at scale?
Phenom’s answer is Talent Experience Management (TXM) – a revolutionary AI-based platform that eliminates multi-point solutions across the talent lifecycle and simplifies how companies attract, engage, convert and retain talent.
Built on a layer of intelligence, the platform leverages its native AI to bring hyper-personalization to all stakeholders in the talent journey. With TXM, all four experiences are united and personalized for every individual. Each one features a very unique set of products to ensure the individual can benefit most:
- Candidate Experience: Career sites, Chatbot, Talent Community, Events & University Recruiting, CMS
- Employee Experience: Internal Mobility, Gigs, Career Pathing, Mentoring, Talent Marketplace, Diversity & Inclusion, Employee Resource Groups, Referrals, Alumni Network
- Recruiter Experience: CRM, Fit Scoring, Interview Scheduling, Video Assessments, Omnichannel Campaigns (Email, SMS, WhatsApp), Virtual Recruiting, AI Insights
- Management Experience: Hiring Manager, Forecasting, Succession Planning, Talent Analytics, Skills Gap Analysis
The role of intelligence in every talent experience
To deliver consumer-like experiences and the level of personalization necessary, the seamless connectivity of data is essential. For Phenom, a system of intelligence exists at the core of TXM — rather than adding AI as a single feature. “This is what makes our AI incredibly different and enables us to foster a healthy talent ecosystem,” said Bayireddi.
The Phenom team has built a back-end network of data that consists of billions of events and human interactions — all of which is interpreted by Phenom AI to deliver the following throughout the talent lifecycle:
- Personalization. Provide tailored job and content recommendations based on skills, experience, resume, location, and more to find the best fit faster.
- Intelligent Search. Enable talent to find the right job, career paths, gigs, learning opportunities, and more as quickly as possible.
- Insights. Equip talent with intelligent information that allows them to make more actionable, data-driven decisions.
- Automation. Reduce the time it takes to complete a tedious or mundane task to improve productivity.
As a result, every stakeholder accomplishes their goals faster in more meaningful ways: candidates find the right role, employees learn and evolve, recruiters discover best-fit talent, and managers build their teams.
This is what makes a single solution like the Phenom Talent Experience Management platform critical for employers facing hiring and retention challenges today. Not only does it provide talent acquisition and management teams with the ability to manage the entire talent lifecycle – it also integrates with an organization’s HR tech stack to deliver a seamless experience every step of the way.
What does a good seamless talent experience mean for HR leaders?
A key focus in the talent experience space is creating ‘moments that matter’. As organizations map out the talent journey it’s important to consider every interaction they have. Moments accumulate to fuel either a positive or negative employer brand and employee value proposition – two essential elements companies can’t afford to undervalue right now.
By empowering organizations with technology that can simultaneously automate tedious tasks while delivering personalized experiences (and moments that matter), there’s the potential to impact billions of people.
This is the only way they will easily discover, convert, and grow the strongest talent now, and in the years to come.
Find out more about Phenom and their TXM platform to enable AI-powered experiences for your candidates, recruiters, employees, and managers.