As Organizations Prioritize Addressing Hiring, Development and Retention Challenges, Demand for AI, Productivity and Efficiency Reaches New Heights

Phenom earned recognition as one of Inc. magazine’s fastest-growing private businesses in America in 2023, marking Phenom’s fourth consecutive appearance on Inc.’s prestigious list.

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Phenom is ranked among Inc. 5000’s fastest-growing companies for fourth consecutive year as organizations prioritize addressing their hiring, development and retention challenges — driving demand for AI, productivity and efficiency to new heights. (Graphic: Business Wire)

“Organizations are critically challenged with hiring and retention — improving efficiencies while delivering outstanding experiences is setting top-performing companies apart,” said Mahe Bayireddi, CEO and co-founder of Phenom. “AI, automation and a holistic approach that unifies all talent stakeholders are essential to accomplish that at scale.”

The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent.

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000 — with the fast growth that requires — is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

With more open positions than available workers, the nation’s labor shortage continues to impact all industries, in particular health care, education, transportation, retail and hospitality. Technological advancements are also rapidly increasing skills gaps among organizations, making it more difficult to keep pace, let alone thrive. Leading enterprises are implementing and adopting AI-powered talent experiences to improve efficiencies, and ultimately hire faster, develop better and retain longer.

Phenom Addresses Organizations’ Hiring, Development and Retention Challenges

Driven by a purpose of helping a billion people find the right job, Phenom empowers over 600 enterprises with its Intelligent Talent Experience platform to ensure candidates find and choose the right job faster, employees develop their skills and evolve, recruiters become wildly productive, managers build stronger teams, HR aligns employee development with company goals, and HRIS creates a holistic tech infrastructure through seamless integrations.

Phenom has led the industry’s innovation by developing AI-powered solutions that address the evolving hiring and retention challenges companies face today. Two advancements include the ability to hire employees at scale and adopt a skills-based approach to talent management, including:

• Phenom High-Volume Hiring: By shifting time-consuming transactional tasks into frictionless, hyper-personalized interactions, High-Volume Hiring enables recruiters and hiring managers to collaboratively source, screen, schedule and make job offers faster without sacrificing a great candidate experience. Defined by AI and seamless automated workflows, the integrated set of solutions combines AI Scheduling, One-Way Interviews, Hiring Manager, Career Site, Chatbot, and SMS or WhatsApp engagement.

• Phenom Workforce Intelligence: Workforce Intelligence provides critical context that drives talent mobility and career development throughout the enterprise through deeper insight into supply and demand, skills gaps, and succession plans. With AI-driven intelligence, HR and talent management teams can accelerate workforce planning, offer personalized growth opportunities, and gain visibility into each employee — including skills and competencies, career goals, professional preferences, performance and engagement.

The Impact of Intelligent Talent Experience

A composite organization using the Phenom Intelligence 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 — according to a commissioned Total Economic Impact™ (TEI) Study conducted by Forrester Consulting on behalf of Phenom.

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000.

To discover why organizations rely on Phenom, book a personalized demo. To learn about AI’s impact and use cases across industries, attend AI Day on September 14. Register here.

About Phenom

Phenom has a purpose of helping a billion people find the right job. Through AI-powered talent experiences, employers are using Phenom to hire employees faster, develop them to their full potential, and retain them longer. The Phenom Intelligent Talent Experience platform seamlessly connects candidates, employees, recruiters, hiring managers, HR and HRIS — empowering over 500 diverse and global enterprises with innovative products including Phenom Career Site, Chatbot, CMS, CRM, AI Scheduling, One-Way Interviews, Campaigns, University Recruiting, Talent Marketplace, Workforce Intelligence, Career Pathing, Gigs, Mentoring, and Referrals.

Phenom has earned accolades including: Inc. 5000’s fastest-growing companies (4 consecutive years), Deloitte Technology's Fast 500 (4 consecutive years), five Brandon Hall ‘Excellence in Technology’ awards including Gold for ‘Best Advance in AI for Business Impact,’ Business Intelligence Group's Artificial Intelligence Excellence Awards (3 consecutive years), and a regional Timmy Award for launching and optimizing HelpOneBillion.com (2020).

Headquartered in Greater Philadelphia, Phenom also has offices in India, Israel, the Netherlands, Germany and the United Kingdom.

For more information, please visit www.phenom.com. Connect with Phenom on LinkedIn, Twitter, Facebook, YouTube and Instagram.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com. For more information on the Inc. 5000 Conference & Gala, slated for October 31 - November 2 in San Antonio, visit http://conference.inc.com/.

Methodology

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230815743862/en/

“Organizations are critically challenged with hiring and retention — improving efficiencies while delivering outstanding experiences is setting top-performing companies apart,” said Mahe Bayireddi, CEO and co-founder of Phenom.