Korn Ferry launches talent acquisition products to simplify hiring

Global HR consultancy Korn Ferry has rolled out two new talent acquisition products – one for large enterprises and one for small to medium-sized companies. The products draw on predictive analytics to help firms determine the best candidate for the given role.

Founded in 1969 and based in Los Angeles, Korn Ferry is one of the world’s leading human resources consulting firms, employing 7,500 people and posting annual revenues of $1.82 billion. The company specializes in executive search, recruitment, outsourcing, compensation and rewards, leadership development, and training.

The firm greatly extended its reach and headcount in 2015 when its acquired HR consultancy Hay Group for $452 million – adding 3,100 employees to its 3,900-strong employee base at the time. This summer, the firm rebranded its entire business to ‘Korn Ferry,’ sunsetting sub-brands like Hay Group and FutureStep.

Already well-known for its advanced ‘headhunting’ technology, Korn Ferry recently launched a pair of new talent acquisition products to help organizations of all sizes streamline and simplify their hiring processes. The products utilize elements like best-in-class job profiles, one-click candidate sourcing, talent supply insights, compensation data, and predictive candidate assessments.

The solutions are built on a database of 4.9 million assessments, as well as on reward and management data from 20 million professionals.

The enterprise product for large organizations uses data from a company’s applicant tracking system – which tracks and filters applications in a recruitment system – and integrates the data with Korn Ferry’s innovative tools, which include AI-driven sourcing and machine learning.

The second product, which is for small to medium-sized organizations, is named Korn Ferry Direct. According to the firm, the product greatly enhances the effectiveness of the talent search process for smaller companies that may not have in-house recruiting resources.

“It gives hiring managers all of the talent acquisition tools that are usually only available for large companies and also provides key elements of an applicant tracking system to manage all of their hiring efforts,” commented Byrne Mulrooney, Chief Executive Officer, Korn Ferry RPO, Professional Search and Products.

At the core of both products is a system to more accurately predict the candidate who will be most successful in a given role at a given company. Within, proprietary ‘role success profiles’ aggregate over 50 tools that collect relevant predictive information on experience, education, cultural factors, skills, leadership styles, and job characteristics.

Added Mulrooney, “With our predictive analytics and decades of experience, we can source, assess and hire candidates who are right for a role and will have the greatest chance of fitting with a company’s culture, giving them the highest probability of advancing in the organization.”

In other Korn Ferry news, the firm recently released a study which found that entry-level professionals and clerical workers at organizations have seen their real wages actually decline over the last decade. Meanwhile, mid-level and senior-level employees have seen their wages modestly increase.