‭Investor Day - Simplify Hiring‬‭March 27, 2024‬‭Slide 1-1-1, 1-1-2, 1-1-3‬‭Matt‬‭Kolby:‬‭Welcome‬‭to‬‭Day‬‭1‬‭of‬‭the‬‭Recruit‬‭Holdings‬‭company-wide‬‭Investor‬‭Update.‬‭Thank‬‭you‬‭for‬‭joining‬‭ s.‬u‭I’m‬ ‭Matt‬ ‭Kolby,‬ ‭Head‬ ‭of‬ ‭Institutional‬ ‭Investor‬ ‭Strategy‬ ‭for‬ ‭Recruit‬ ‭Holdings‬ ‭and‬ ‭Vice‬ ‭President‬ ‭of‬ ‭Investor‬‭ elations and Strategic Planning for Indeed.‬R‭Slide 1-1-4‬‭Over the next three days, you will have the opportunity to hear more about Recruit’s three strategic pillars.‬‭Through‬ ‭presentations‬ ‭from‬ ‭senior‬ ‭management,‬ ‭we‬ ‭aim‬ ‭to‬ ‭deepen‬ ‭your‬ ‭understanding‬ ‭of‬ ‭our‬ ‭long‬ ‭term‬‭ trategy and future vision, highlighting the significant opportunities ahead.‬s‭We‬ ‭will‬ ‭showcase‬ ‭how‬ ‭the‬ ‭latest‬ ‭advancements‬ ‭in‬ ‭AI‬ ‭are‬ ‭not‬‭only‬‭propelling‬‭our‬‭strategy‬‭forward,‬‭but‬‭also‬‭ trengthening our competitive edge.‬s‭As‬ ‭a‬ ‭reminder,‬ ‭FY2023‬ ‭financial‬ ‭results‬ ‭and‬ ‭the‬ ‭outlook‬ ‭for‬ ‭next‬ ‭fiscal‬‭year,‬‭will‬‭not‬‭be‬‭covered‬‭during‬‭this‬‭ vent.‬e‭Slide 1-1-5‬‭Today,‬ ‭you’ll‬ ‭hear‬ ‭about‬ ‭‘Simplify‬ ‭Hiring’,‬ ‭a‬ ‭strategic‬ ‭pillar‬ ‭aimed‬ ‭at‬ ‭streamlining‬ ‭the‬ ‭hiring‬ ‭process‬ ‭for‬‭ mployers and making it faster and easier for people to get jobs.‬e‭ e‬ ‭are‬ ‭leveraging‬ ‭the‬ ‭strengths‬ ‭of‬ ‭our‬ ‭three‬ ‭business‬ ‭units—HR‬ ‭Technology,‬ ‭Matching‬ ‭&‬ ‭Solutions,‬ ‭and‬W‭Staffing—to‬‭work‬‭towards‬‭this‬‭ambitious‬‭goal.‬‭And‬‭we're‬‭excited‬‭to‬‭share‬‭how‬‭Recruit‬‭is‬‭uniquely‬‭positioned‬‭to‬‭address the HR Matching market and to seize a significant opportunity for long-term growth.‬‭Slide 1-1-6‬‭ n‬‭Day‬‭2,‬‭March‬‭28th,‬‭we’ll‬‭discuss‬‭how‬‭we‬‭‘Help‬‭Businesses‬‭Work‬‭Smarter’.‬‭This‬‭strategic‬‭pillar‬‭is‬‭focused‬O‭on‬ ‭enhancing‬ ‭the‬ ‭efficiency‬ ‭and‬ ‭productivity‬ ‭of‬ ‭business‬ ‭clients‬ ‭in‬‭Japan‬‭through‬‭our‬‭Matching‬‭&‬‭Solutions‬‭business‬ ‭unit.‬ ‭You'll‬ ‭hear‬ ‭about‬ ‭our‬ ‭online‬ ‭matching‬ ‭platforms‬ ‭and‬ ‭SaaS‬ ‭in‬ ‭Marketing‬ ‭Solutions,‬ ‭and‬ ‭their‬‭growth and margin expansion opportunities in Japan.‬‭Slide 1-1-7‬‭ nd‬‭on‬‭the‬‭final‬‭day,‬‭on‬‭March‬‭29th,‬‭you’ll‬‭hear‬‭about‬‭our‬‭third‬‭strategic‬‭pillar,‬‭‘Prosper‬‭Together’.‬‭Members‬‭of‬A‭our‬‭sustainability‬‭committee‬‭will‬‭share‬‭their‬‭insights‬‭on‬‭our‬‭ESG‬‭strategy‬‭and‬‭initiatives‬‭across‬‭our‬‭businesses‬‭to achieve sustainable growth for all stakeholders.‬‭Slide 1-1-8‬‭Now, I’d like to walk you through more about what to expect today.‬‭ ver‬ ‭the‬ ‭next‬ ‭two-and-a-half‬ ‭hours,‬ ‭we‬‭will‬‭focus‬‭on‬‭Simplify‬‭Hiring.‬‭You’ll‬‭hear‬‭from‬‭“Deko”,‬‭President‬‭and‬O‭CEO‬ ‭of‬ ‭Recruit‬ ‭Holdings,‬ ‭he’ll‬‭discuss‬‭Simplify‬‭Hiring’s‬‭significance‬‭for‬‭Recruit,‬‭its‬‭impact‬‭on‬‭people’s‬‭lives,‬‭and its broader benefits for society.‬‭This transcript is provided for the convenience of investors only.‬‭1‬‭Following‬‭that,‬‭Chris‬‭Hyams,‬‭CEO‬‭of‬‭Indeed,‬‭will‬‭take‬‭us‬‭through‬‭Indeed's‬‭strategy‬‭to‬‭continue‬‭transforming‬f‭rom a search engine to a two-sided matching and hiring marketplace.‬‭ hen,‬‭we'll‬‭hear‬‭from‬‭Maggie‬‭Hulce‬‭and‬‭Raj‬‭Mukherjee‬‭who‬‭lead‬‭product‬‭development‬‭for‬‭Job‬‭Seekers‬‭and‬T‭Employers‬ ‭at‬ ‭Indeed.‬ ‭They‬ ‭will‬ ‭explain‬ ‭how‬ ‭we’re‬ ‭further‬ ‭leveraging‬ ‭AI‬‭to‬‭transform‬‭Indeed’s‬‭products‬‭and‬‭experiences to help people get jobs and to help employers hire.‬‭After,‬ ‭Chris‬ ‭will‬ ‭come‬ ‭back‬‭to‬‭provide‬‭more‬‭details‬‭on‬‭the‬‭significant,‬‭long‬‭term‬‭monetization‬‭opportunity‬‭for‬I‭ndeed.‬‭ ollowing‬‭the‬‭Indeed‬‭presentations,‬‭you‬‭will‬‭hear‬‭from‬‭Yoshihiro‬‭Kitamura,‬‭Head‬‭of‬‭Matching‬‭&‬‭Solutions‬‭and‬F‭Masamichi‬‭Yamaguchi,‬‭SVP‬‭of‬‭product‬‭for‬‭HR‬‭Solutions.‬‭They‬‭will‬‭share‬‭how‬‭Matching‬‭&‬‭Solutions‬‭and‬‭HR‬‭Technology are collaborating to simplify hiring in Japan through the launch of Indeed PLUS.‬‭Then‬ ‭Rob‬‭Zandbergen,‬‭Head‬‭of‬‭the‬‭Staffing‬‭business‬‭unit,‬‭will‬‭share‬‭how‬‭we‬‭are‬‭bringing‬‭technology‬‭to‬‭the‬t‭emporary staffing business.‬‭Finally, after a short break, I will be joined by Deko, Chris, Maggie, Raj, and Rob for a Q&A session.‬‭Please be sure to submit your questions as you listen to the presentations.‬‭Slide 1-1-9, 1-1-10‬‭Before‬ ‭we‬ ‭begin,‬ ‭please‬ ‭note‬ ‭that‬ ‭this‬ ‭presentation‬ ‭contains‬ ‭forward-looking‬ ‭statements,‬ ‭and‬ ‭there‬ ‭are‬ ‭a‬‭ umber of factors that could cause our results to differ materially from our expectations.‬n‭With‬‭that,‬‭before‬‭handing‬‭it‬‭over‬‭to‬‭Deko,‬‭we’ll‬‭kick‬‭off‬‭with‬‭a‬‭short‬‭video‬‭about‬‭our‬‭work‬‭connecting‬‭people‬‭to‬j‭obs.‬‭Thank you.‬‭<video start>‬‭Every day we help people get jobs. Let’s meet some of them‬‭I realized that I absolutely had to make a change even though it was insanely scary for me.‬
‭So overwhelming with the process .‬‭Panicking over, oh my gosh, and work study funds are running out.‬‭It's almost like a second job. Looking for a job.‬‭I wish finding a job was simpler because I want to pay my bills.‬‭It was not easy.‬‭But what if it was?‬‭I loved being able to kind of apply in one click, It was a huge help.‬‭And another thing that I love this simple, easy Apply button, and you go.‬‭What‬ ‭would‬ ‭have‬ ‭taken‬‭me‬‭hours‬‭was‬‭suddenly‬‭like‬‭already‬‭done‬‭for‬‭me‬‭to‬‭have‬‭my‬‭read.‬‭It‬‭just‬‭made‬‭the‬‭ rocess a lot easier.‬p‭This transcript is provided for the convenience of investors only.‬‭2‬‭ o‬‭I‬‭applied‬‭and‬‭I‬‭got‬‭an‬‭interview‬‭the‬‭same‬‭day.‬‭And‬‭at‬‭the‬‭end‬‭of‬‭the‬‭day,‬‭the‬‭doctor‬‭that‬‭I‬‭assessed‬‭for‬‭now‬S‭said‬‭I‬‭would‬‭love‬‭to‬‭offer‬‭you‬‭the‬‭job‬‭as‬‭my‬‭assistant‬‭if‬‭you'll‬‭take‬‭it‬‭and‬‭I‬‭of‬‭course‬‭said‬‭yes.‬‭And‬‭was‬‭super‬‭stoked. I still am super stoked.‬‭I was home. I was home when I got the job offer. I was excited. I was like oh wow, like this is really happening.‬‭I was looking for this specific thing and I actually got it and it's been really fulfilling.‬‭Even better than I hoped for mainly because I just got like a really amazing job.‬‭Feelings I get when I get the job I want is way better than dating that's for sure.‬‭I'm gonna ugly cry. I'm so lucky that I really found a calling that I'm passionate about.‬‭Connecting people to opportunities.‬‭<video end>‬‭Slide 1-2-11‬‭Deko:‬‭I’m Deko, CEO of Recruit Holdings.‬‭I’m‬ ‭really‬ ‭excited‬ ‭about‬‭today.‬‭Unlike‬‭a‬‭quarterly‬‭earnings‬‭call,‬‭where‬‭we‬‭focus‬‭on‬‭financial‬‭numbers,‬‭today,‬‭ e’ll focus on our company’s higher-level vision and how we’re solving a real-world problem for society.‬w‭ nd‬ ‭as‬ ‭we‬ ‭execute‬ ‭our‬ ‭strategy‬ ‭to‬ ‭simplify‬ ‭hiring‬ ‭for‬ ‭people‬ ‭around‬ ‭the‬ ‭world,‬ ‭we‬ ‭believe‬ ‭financial‬A‭performance‬‭will‬‭follow.‬‭So‬‭we’re‬‭focused‬‭on‬‭creating‬‭value‬‭for‬‭all‬‭our‬‭stakeholders‬‭–‬‭job‬‭seekers,‬‭employers,‬‭communities, our employees, and of course, our shareholders.‬‭Slide 1-2-12‬‭ ur‬‭work‬‭at‬‭Recruit‬‭Group‬‭is‬‭about‬‭connecting‬‭people‬‭to‬‭opportunity.‬‭It’s‬‭about‬‭connecting‬‭people‬‭to‬‭jobs‬‭and‬O‭we‬ ‭all‬ ‭know‬ ‭a‬ ‭job‬ ‭is‬ ‭very‬ ‭important‬ ‭for‬ ‭people’s‬ ‭lives.‬ ‭Work‬ ‭is‬ ‭key‬ ‭to‬ ‭our‬ ‭society.‬ ‭But‬ ‭it‬‭can‬‭be‬‭difficult‬‭for‬‭everyone - as you heard from the job seekers in the video - to find a job that they are passionate about.‬‭In‬ ‭fact,‬ ‭my‬ ‭family‬ ‭has‬ ‭also‬ ‭experienced‬ ‭difficulties‬ ‭in‬ ‭finding‬ ‭work.‬ ‭My‬ ‭sister‬ ‭could‬ ‭not‬ ‭get‬ ‭a‬ ‭high‬ ‭school‬‭ iploma, and all of my family struggled to support her to get a job.‬d‭Slide 1-2-13‬‭ hile‬‭my‬‭sister‬‭now‬‭has‬‭a‬‭job,‬‭it‬‭was‬‭not‬‭easy.‬‭Getting‬‭the‬‭perfect‬‭job‬‭remains‬‭a‬‭challenge‬‭for‬‭so‬‭many.‬‭Take‬W‭last‬‭year,‬‭for‬‭example:‬‭on‬‭Indeed‬‭alone,‬‭there‬‭were‬‭over‬‭2.5‬‭billion‬‭applications‬‭submitted.‬‭And‬‭over‬‭30‬‭million‬‭job seekers applied to more than 30 jobs each, all in the hope of finding the right fit.‬‭Yet,‬ ‭only‬ ‭a‬ ‭lucky‬ ‭few‬ ‭ever‬ ‭get‬ ‭noticed‬ ‭by‬ ‭recruiters,‬ ‭since‬ ‭much‬ ‭of‬ ‭today's‬ ‭job‬ ‭matching‬ ‭is‬ ‭still‬ ‭done‬ ‭the‬‭ ld-fashioned way—manually.‬o‭We‬‭believe‬‭that‬‭by‬‭understanding‬‭the‬‭needs‬‭of‬‭job‬‭seekers‬‭and‬‭the‬‭needs‬‭of‬‭employers‬‭more‬‭deeply,‬‭we‬‭can‬i‭mprove the hiring process.‬‭Slide 1-2-14‬‭Imagine‬‭a‬‭world‬‭where‬‭technology‬‭brings‬‭the‬‭touch‬‭of‬‭a‬‭personal‬‭recruiter‬‭or‬‭career‬‭companion‬‭to‬‭everyone,‬‭ here looking for a job feels more human and hopeful for all.‬w‭Slide 1-2-15‬‭This transcript is provided for the convenience of investors only.‬‭3‬‭Ultimately‬ ‭we‬ ‭believe‬ ‭getting‬ ‭an‬ ‭offer‬ ‭should‬ ‭be‬ ‭as‬ ‭easy‬ ‭as‬ ‭pushing‬ ‭a‬‭button.‬‭If‬‭we‬‭can‬‭simplify‬‭hiring‬‭this‬‭ uch, Recruit Group can contribute to a lot of people’s lives and society.‬m‭Slide 1-2-16‬‭ rom‬‭an‬‭employer‬‭perspective,‬‭the‬‭way‬‭hiring‬‭is‬‭done‬‭has‬‭not‬‭changed‬‭for‬‭a‬‭very‬‭long‬‭time.‬‭ ‬‭There‬‭is‬‭still‬‭a‬F‭lot‬‭of‬‭manual‬‭work‬‭involved‬‭in‬‭the‬‭hiring‬‭process,‬‭making‬‭it‬‭time-consuming‬‭and‬‭inefficient.‬‭On‬‭average‬‭in‬‭the‬‭US,‬‭it‬‭takes‬‭over‬‭50‬‭days‬‭to‬‭make‬‭a‬‭hire.‬‭On‬‭Indeed,‬‭we’ve‬‭seen‬‭some‬‭employers‬‭receive‬‭tens‬‭of‬‭thousands‬‭of‬‭applications‬‭per‬‭week.‬‭And‬‭this‬‭issue‬‭is‬‭not‬‭just‬‭for‬‭employers‬‭with‬‭lots‬‭of‬‭job‬‭openings.‬‭There‬‭were‬‭millions‬‭of individual jobs that had over 100 applicants each.‬‭This inefficiency in hiring highlights the true cost to society.‬‭Slide 1-2-17‬‭Everyone‬‭is‬‭excited‬‭about‬‭the‬‭potential‬‭of‬‭AI‬‭to‬‭solve‬‭challenges‬‭like‬‭this,‬‭and‬‭we‬‭are‬‭too.‬‭We’ve‬‭been‬‭working‬‭ ith AI for years, so we know it will take time for real change to happen.‬w‭ e‬ ‭are‬ ‭uniquely‬ ‭positioned‬ ‭to‬ ‭solve‬ ‭this‬ ‭challenge‬ ‭with‬ ‭our‬ ‭rich‬‭unique‬‭data.‬‭Data‬‭that‬‭includes‬‭everything‬W‭from‬ ‭job‬ ‭seeker‬ ‭activity‬ ‭on‬ ‭our‬ ‭online‬ ‭hiring‬ ‭platforms‬ ‭to‬ ‭offline‬ ‭conversations‬ ‭between‬ ‭recruiters‬ ‭and‬‭candidates, allowing us to use AI in ways no one else can.‬‭Slide 1-2-18‬‭Throughout‬ ‭today’s‬ ‭presentations,‬ ‭we‬ ‭will‬ ‭share‬ ‭more‬ ‭about‬ ‭how‬ ‭our‬ ‭three‬ ‭strategic‬ ‭business‬ ‭units‬ ‭are‬‭ orking to create technology solutions that will serve as building blocks to simplify hiring well into the future.‬w‭Now‬‭we’re‬‭going‬‭to‬‭dig‬‭deeper‬‭into‬‭our‬‭strategy‬‭and‬‭our‬‭products.‬‭Next‬‭you’ll‬‭hear‬‭from‬‭Chris‬‭who‬‭will‬‭share‬I‭ndeed’s vision and strategy to simplify hiring.‬‭Slide 1-3-19‬‭Chris:‬‭Hello, I’m Chris Hyams, CEO of Indeed.‬‭I am very happy to be here today to talk about Indeed’s strategy and vision.‬I‭‬ ‭joined‬ ‭Indeed‬ ‭back‬ ‭in‬ ‭2010‬ ‭to‬ ‭lead‬ ‭our‬ ‭product‬ ‭team.Over‬ ‭the‬ ‭past‬ ‭13‬ ‭years,‬ ‭I’ve‬ ‭had‬ ‭the‬ ‭extraordinary‬‭privilege‬‭to‬‭witness‬‭our‬‭growth‬‭from‬‭130‬‭people‬‭to‬‭12,500.‬‭Looking‬‭back‬‭to‬‭2010,‬‭it‬‭was‬‭impossible‬‭to‬‭imagine‬‭the Indeed of 2024, and the scale of our impact on the world.‬‭But‬‭the‬‭heart‬‭of‬‭Indeed‬‭—‬‭our‬‭mission‬‭—‬‭is‬‭completely‬‭unchanged,‬‭and‬‭has‬‭been‬‭beating‬‭steadily‬‭since‬‭our‬f‭ounding 20 years ago.‬‭Slide 1-3-20‬‭Our‬ ‭mission‬ ‭is‬ ‭to‬ ‭help‬ ‭people‬ ‭get‬ ‭jobs.‬ ‭This‬ ‭is‬ ‭what‬ ‭gets‬‭us‬‭out‬‭of‬‭bed‬‭in‬‭the‬‭morning,‬‭and‬‭what‬‭keeps‬‭us‬‭ oing all day.‬g‭Slide 1-3-21‬‭ utside‬ ‭of‬ ‭family‬ ‭and‬ ‭health,‬ ‭a‬ ‭job‬ ‭is‬‭one‬‭of‬‭the‬‭most‬‭important‬‭things‬‭in‬‭a‬‭person’s‬‭life.‬‭This‬‭mission‬‭is‬‭so‬O‭much‬‭more‬‭than‬‭a‬‭slogan‬‭that‬‭looks‬‭good‬‭on‬‭a‬‭t-shirt.‬‭It’s‬‭our‬‭connection‬‭to‬‭the‬‭people‬‭whose‬‭lives‬‭we‬‭touch‬‭every day. Our mission is the lifeblood of Indeed.‬‭Slide 1-3-22‬‭As Deko said, our vision is to make getting a job as simple and fast as pushing a button.‬‭This transcript is provided for the convenience of investors only.‬‭4‬‭Slide 1-3-23‬‭The result is that today, Indeed is the world’s #1 job site. More people find jobs on Indeed than anywhere else.‬‭Hundreds‬‭of‬‭millions‬‭of‬‭job‬‭seekers‬‭visit‬‭Indeed‬‭every‬‭month‬‭from‬‭more‬‭than‬‭60‬‭countries‬‭around‬‭the‬‭world‬‭—‬t‭o search for jobs, post resumes, research companies, and more.‬‭Over 3.5 million employers use Indeed to find and hire new employees.‬‭Slide 1-3-24‬‭Our‬‭strategy‬‭is‬‭to‬‭transform‬‭from‬‭a‬‭search‬‭engine‬‭to‬‭a‬‭two-sided‬‭marketplace.‬‭I’ll‬‭spend‬‭most‬‭of‬‭my‬‭time‬‭with‬‭ ou today explaining what this means, and how that translates into our focus and investments.‬y‭But‬ ‭to‬ ‭understand‬ ‭where‬ ‭we‬ ‭are,‬ ‭and‬ ‭where‬ ‭we’re‬ ‭going,‬ ‭it’s‬ ‭helpful‬ ‭to‬ ‭first‬ ‭take‬ ‭a‬ ‭step‬‭back‬‭to‬‭where‬‭we‬‭ tarted.‬s‭Slide 1-3-25‬‭In‬ ‭2004,‬ ‭when‬ ‭Indeed‬ ‭was‬ ‭founded,‬ ‭the‬ ‭state‬ ‭of‬ ‭the‬ ‭art‬ ‭of‬ ‭online‬ ‭job‬ ‭search‬ ‭was‬ ‭sites‬ ‭like‬ ‭Monster‬ ‭and‬‭ areerBuilder. These job boards were essentially newspaper classified ads that were put online.‬C‭ here‬‭were‬‭two‬‭huge‬‭problems‬‭with‬‭the‬‭classified‬‭ads‬‭model.‬‭For‬‭job‬‭seekers,‬‭they‬‭only‬‭saw‬‭jobs‬‭that‬‭were‬T‭advertised.‬‭That‬‭meant‬‭if‬‭they‬‭wanted‬‭to‬‭have‬‭a‬‭shot‬‭at‬‭finding‬‭all‬‭the‬‭relevant‬‭job‬‭openings,‬‭they‬‭had‬‭to‬‭visit‬‭dozens‬ ‭of‬ ‭websites.‬ ‭For‬ ‭employers,‬ ‭the‬‭classified‬‭model‬‭meant‬‭pay‬‭to‬‭post—they‬‭paid‬‭the‬‭same‬‭amount‬‭to‬‭post a job regardless of whether they got 200 candidates, or 2.‬‭Slide 1-3-26‬
I‭ndeed‬‭launched‬‭in‬‭2004,‬‭transforming‬‭the‬‭classified‬‭ads‬‭model‬‭into‬‭a‬‭search‬‭engine‬‭for‬‭jobs.‬‭We‬‭aggregated,‬‭or‬ ‭indexed,‬‭jobs‬‭from‬‭thousands‬‭of‬‭job‬‭boards,‬‭career‬‭sites,‬‭agencies...‬‭and‬‭yes,‬‭even‬‭newspaper‬‭sites.‬‭We‬‭brought‬‭them‬‭all‬‭together‬‭in‬‭one‬‭place‬‭to‬‭create‬‭a‬‭simple,‬‭fast,‬‭and‬‭relevant‬‭search‬‭experience‬‭for‬‭job‬‭seekers‬‭— one search, all jobs.‬‭Slide 1-3-27‬‭The answer to these key challenges of the classified ads model became our two founding principles.‬‭One, we put job seekers first.‬‭Two, our business model is pay for performance.‬‭These might seem obvious today, but in 2004 this was a revolutionary change.‬‭Today,‬ ‭these‬ ‭principles‬ ‭remain‬ ‭the‬ ‭north‬ ‭stars‬ ‭for‬ ‭every‬ ‭decision‬ ‭we‬ ‭make.‬ ‭They‬ ‭are‬ ‭the‬ ‭answer‬ ‭to‬ ‭the‬‭ uestion of why Indeed has been successful.‬q‭I’d like to take a few minutes to talk about what these principles mean, and why they’re so important.‬‭Slide 1-3-28‬‭First,‬ ‭the‬ ‭most‬‭important‬‭decision‬‭every‬‭marketplace‬‭business‬‭must‬‭make‬‭is‬‭who‬‭comes‬‭first—which‬‭side‬‭is‬‭ ost important?‬m‭ or‬ ‭most‬ ‭marketplaces,‬ ‭the‬ ‭decision‬ ‭is‬‭simple—whoever‬‭pays‬‭the‬‭bill‬‭comes‬‭first.‬‭For‬‭job‬‭sites,‬‭that‬‭means‬F‭employers.‬‭In‬‭2004—and‬‭even‬‭today—most‬‭job‬‭sites‬‭prioritize‬‭product‬‭features‬‭and‬‭marketplace‬‭policies‬‭that‬‭benefit the employer.‬‭This transcript is provided for the convenience of investors only.‬‭5‬‭Indeed made a deliberate, contrary decision, to put job seekers first. This is our first core principle.‬‭Slide 1-3-29‬‭Putting‬‭job‬‭seekers‬‭first‬‭means‬‭that‬‭with‬‭every‬‭decision‬‭we‬‭make,‬‭we‬‭ask‬‭this‬‭question:‬‭“What’s‬‭best‬‭for‬‭the‬j‭ob seeker?”‬‭When‬ ‭we‬ ‭started,‬ ‭rather‬ ‭than‬ ‭visiting‬ ‭dozens‬ ‭of‬ ‭sites,‬ ‭what’s‬ ‭best‬ ‭for‬ ‭the‬ ‭job‬ ‭seeker‬ ‭was‬ ‭to‬ ‭put‬ ‭all‬ ‭jobs‬t‭ogether in a single search engine. Our original tagline: one search, all jobs.‬‭On‬ ‭job‬‭boards,‬‭once‬‭a‬‭job‬‭seeker‬‭uploaded‬‭their‬‭resume,‬‭they‬‭had‬‭no‬‭control‬‭over‬‭who‬‭could‬‭contact‬‭them.‬‭ ears later they would continue to get unsolicited outreach for jobs—and even to buy insurance.‬
Y‭What’s‬‭best‬‭for‬‭the‬‭job‬‭seeker‬‭is‬‭to‬‭protect‬‭their‬‭privacy,‬‭and‬‭give‬‭them‬‭control‬‭over‬‭how‬‭and‬‭when‬‭they‬‭can‬‭be‬‭ ontacted. Job boards are paid for every post, and have little to no incentive to police fake job posts.‬c‭What’s‬‭best‬‭for‬‭the‬‭job‬‭seekers‬‭is‬‭a‬‭significant‬‭investment‬‭in‬‭trust‬‭&‬‭safety.‬‭That’s‬‭why‬‭we‬‭work‬‭hard‬‭to‬‭ensure‬j‭ob seekers find real jobs with accurate information, while safeguarding them from spam and fraud.‬‭We‬‭continue‬‭to‬‭ask‬‭this‬‭question‬‭every‬‭day,‬‭and‬‭every‬‭new‬‭product,‬‭feature,‬‭and‬‭policy‬‭is‬‭driven‬‭by‬‭putting‬‭job‬‭ eekers first.‬s‭Slide 1-3-30‬‭All of this leads to building trust with job seekers.‬‭In‬ ‭the‬ ‭end,‬ ‭if‬ ‭we‬ ‭put‬ ‭job‬ ‭seekers‬‭first,‬‭and‬‭make‬‭it‬‭simple‬‭and‬‭fast‬‭for‬‭them‬‭to‬‭get‬‭jobs,‬‭at‬‭the‬‭end‬‭of‬‭every‬‭ uccessful search is an employer that’s made a hire.‬s‭So what’s best for job seekers, is also best for employers.‬‭Slide 1-3-31‬‭Our second core value is pay for performance.‬‭For‬‭us,‬‭pay‬‭for‬‭performance‬‭means‬‭that‬‭we‬‭get‬‭paid‬‭when‬‭we‬‭deliver‬‭value.‬‭Critically,‬‭it‬‭also‬‭means‬‭that‬‭we‬‭ on’t get paid if we don’t deliver value.‬d‭Slide 1-3-32‬‭Our‬ ‭first‬ ‭and‬ ‭still‬ ‭primary‬ ‭product‬ ‭is‬ ‭sponsored‬ ‭jobs.‬ ‭For‬ ‭sponsored‬ ‭jobs,‬ ‭we‬ ‭brought‬ ‭the‬ ‭auction‬ ‭based‬‭ ay-per-click model used for nearly all internet advertising, to online hiring.‬p‭People‬ ‭often‬ ‭ask‬ ‭why‬ ‭our‬ ‭business‬ ‭model‬ ‭is‬ ‭a‬ ‭core‬ ‭value,‬ ‭but‬ ‭it’s‬ ‭actually‬ ‭profoundly‬‭important.‬‭The‬‭most‬‭ owerful incentive for any business is how they make money. It drives more decisions than anything else.‬p‭Slide 1-3-33‬‭Pay‬ ‭for‬ ‭performance‬ ‭means‬ ‭that‬‭we‬‭are‬‭successful‬‭if‬‭and‬‭only‬‭if‬‭our‬‭customers‬‭are‬‭successful.‬‭This‬‭means‬‭ ur primary incentives are deeply aligned with our customers.‬o‭Slide 1-3-34‬‭Just‬ ‭as‬ ‭important,‬ ‭pay‬‭for‬‭performance‬‭means‬‭that‬‭we‬‭can‬‭stay‬‭true‬‭to‬‭our‬‭first‬‭value‬‭of‬‭putting‬‭job‬‭seekers‬f‭irst.‬‭This transcript is provided for the convenience of investors only.‬‭6‬‭We‬ ‭deliver‬ ‭value‬ ‭to‬ ‭our‬ ‭customers‬ ‭by‬ ‭connecting‬ ‭them‬ ‭with‬ ‭qualified‬ ‭and‬ ‭engaged‬ ‭job‬ ‭seekers.‬ ‭We‬‭make‬‭ oney when we help job seekers, so we are deeply aligned with job seekers.‬m‭Slide 1-3-35‬I‭n‬ ‭this‬ ‭first‬ ‭phase‬ ‭of‬ ‭Indeed’s‬ ‭business,‬ ‭our‬ ‭growth‬ ‭was‬ ‭driven‬ ‭by‬ ‭an‬ ‭SEO,‬ ‭or‬ ‭search‬ ‭engine‬‭optimization,‬‭flywheel.‬‭Because‬‭we‬‭aggregated‬‭jobs‬‭from‬‭every‬‭site,‬‭we‬‭had‬‭more‬‭jobs‬‭than‬‭anyone‬‭else.‬‭This‬‭led‬‭to‬‭SEO‬‭dominance—Indeed‬‭was‬‭at‬‭the‬‭top‬‭of‬‭nearly‬‭all‬‭search‬‭engine‬‭results‬‭for‬‭jobs,‬‭and‬‭in‬‭fact‬‭had‬‭multiple‬‭slots‬‭on‬‭most‬ ‭search‬‭pages.‬‭This‬‭led‬‭to‬‭rapid‬‭growth‬‭in‬‭job‬‭seeker‬‭visitors.‬‭More‬‭job‬‭seekers‬‭meant‬‭we‬‭could‬‭attract‬‭employers‬‭to‬‭sponsor‬‭their‬‭jobs‬‭on‬‭Indeed,‬‭which‬‭led‬‭to‬‭more‬‭revenue.‬‭And‬‭that‬‭allowed‬‭us‬‭to‬‭invest‬‭heavily‬‭in‬‭SEM,‬ ‭or‬ ‭search‬‭engine‬‭marketing,‬‭to‬‭bring‬‭even‬‭more‬‭job‬‭seekers‬‭to‬‭Indeed.‬‭Indeed‬‭traffic‬‭grew‬‭faster‬‭than‬‭any other site.‬‭Slide 1-3-36‬‭By‬‭the‬‭end‬‭of‬‭2010,‬‭just‬‭6‬‭years‬‭after‬‭launching,‬‭Indeed‬‭passed‬‭Monster‬‭to‬‭become‬‭the‬‭#1‬‭job‬‭site‬‭in‬‭the‬‭US.‬‭ oon after, we reached #1 globally.‬
S‭Slide 1-3-37‬‭This‬‭transformation‬‭from‬‭classified‬‭ads‬‭to‬‭search‬‭engine‬‭was‬‭Indeed’s‬‭core‬‭strategy‬‭during‬‭our‬‭first‬‭phase‬‭of‬‭ rowth. It was enormously successful in helping us to get to #1 in traffic.‬g‭But‬‭by‬‭2011,‬‭it‬‭became‬‭clear‬‭that‬‭we‬‭could‬‭only‬‭get‬‭so‬‭far‬‭as‬‭a‬‭search‬‭engine,‬‭and‬‭we‬‭embarked‬‭on‬‭the‬‭next‬‭ hase of our strategy - which is the transformation from a search engine into a two-sided marketplace.‬p‭Slide 1-3-38‬‭This‬ ‭is‬ ‭a‬ ‭simplified‬ ‭view‬ ‭of‬ ‭a‬ ‭job‬‭seeker‬‭journey:‬‭they‬‭search,‬‭find‬‭some‬‭interesting‬‭jobs‬‭and‬‭click‬‭on‬‭them.‬‭ hey apply to the most interesting ones, and hopefully then interview and eventually get hired.‬T‭Slide 1-3-39‬‭ hen‬‭Indeed‬‭launched‬‭as‬‭a‬‭search‬‭engine,‬‭we‬‭aggregated—or‬‭what‬‭we‬‭call‬‭“indexed”—jobs‬‭from‬‭thousands‬W‭of‬‭career‬‭sites,‬‭agencies,‬‭and‬‭job‬‭boards.‬‭Job‬‭seekers‬‭came‬‭to‬‭Indeed‬‭to‬‭search,‬‭and‬‭we‬‭connected‬‭them‬‭to‬‭those jobs.‬‭Slide 1-3-40‬I‭n‬‭this‬‭view‬‭of‬‭the‬‭journey,‬‭a‬‭job‬‭seeker‬‭searches‬‭and‬‭clicks‬‭on‬‭a‬‭job,‬‭then‬‭we‬‭send‬‭them‬‭to‬‭that‬‭career‬‭site,‬‭agency,‬‭or‬‭job‬‭board‬‭where‬‭the‬‭job‬‭is‬‭hosted‬‭because‬‭that’s‬‭an‬‭external‬‭site,‬‭we‬‭have‬‭no‬‭idea‬‭what‬‭happens‬‭after that click.We don’t know if they liked the job, if they applied, let alone if they got an interview or an offer.‬‭Slide 1-3-41‬‭The‬ ‭key‬ ‭problem‬ ‭is‬ ‭that‬ ‭a‬ ‭lot‬ ‭happens‬ ‭after‬ ‭the‬ ‭click—in‬ ‭fact‬ ‭the‬ ‭most‬ ‭important‬ ‭parts‬ ‭of‬ ‭getting‬ ‭a‬ ‭job.‬ ‭If‬‭ verything happens off our platform, we can’t help with these steps, we can’t make them simpler and faster.‬e‭Slide 1-3-42‬‭This is the difference between a search engine and a marketplace.‬‭So‬ ‭we‬ ‭set‬ ‭out‬ ‭to‬ ‭transform‬ ‭into‬ ‭a‬ ‭two-sided‬ ‭marketplace,‬ ‭by‬‭bringing‬‭the‬‭apply‬‭through‬‭hire‬‭steps‬‭onto‬‭the‬I‭ndeed platform.‬‭Slide 1-3-43‬‭This transcript is provided for the convenience of investors only.‬‭7‬‭The‬‭jobs‬‭we‬‭index‬‭come‬‭from‬‭these‬‭external‬‭sites.‬‭And‬‭the‬‭most‬‭common‬‭platform‬‭for‬‭a‬‭career‬‭site‬‭is‬‭an‬‭ATS,‬‭ r applicant tracking system.‬o‭Slide 1-3-44‬‭Mid-‬ ‭to‬ ‭large-size‬ ‭employers‬ ‭use‬ ‭an‬ ‭ATS‬ ‭to‬ ‭post‬ ‭their‬ ‭jobs,‬ ‭message‬ ‭and‬ ‭manage‬ ‭candidates,‬ ‭and‬ ‭track‬‭ tatus and outcomes.‬s‭Nearly all marketplace activity happens in the ATS.‬‭Slide 1-3-45‬‭So, we built a new product to enable employers to post their jobs directly on Indeed.‬‭We call these hosted jobs, because they are hosted on our platform.‬‭Slide 1-3-46‬‭Hosted‬ ‭jobs‬ ‭is‬ ‭essentially‬ ‭a‬ ‭simple‬ ‭Indeed‬ ‭ATS.‬ ‭Employers‬‭can‬‭post‬‭jobs,‬‭message‬‭&‬‭manage‬‭candidates,‬‭ nd track status—all on our platform.‬a‭Slide 1-3-47‬‭ he‬ ‭most‬ ‭important‬ ‭innovation‬ ‭for‬ ‭hosted‬ ‭jobs‬ ‭was‬ ‭the‬ ‭introduction‬ ‭of‬ ‭Indeed‬ ‭Apply.‬ ‭For‬ ‭indexed‬‭jobs,‬‭job‬T‭seekers‬‭click‬‭away‬‭to‬‭apply‬‭on‬‭a‬‭company‬‭site.‬‭But‬‭with‬‭hosted‬‭jobs,‬‭job‬‭seekers‬‭stay‬‭on‬‭Indeed‬‭when‬‭they‬‭apply.‬‭We control the entire application experience, so we can make it simple, fast, and consistent.‬‭Slide 1-3-48‬‭But the real key is that when a job seeker applies on Indeed, they need to upload a resume.‬I‭ndeed‬‭Apply‬‭became‬‭the‬‭conversion‬‭point‬‭for‬‭job‬‭seekers‬‭to‬‭create‬‭an‬‭Indeed‬‭account‬‭and‬‭upload‬‭a‬‭resume.‬‭We‬‭parse‬‭that‬‭resume‬‭and‬‭convert‬‭it‬‭into‬‭an‬‭Indeed‬‭resume,‬‭which‬‭the‬‭job‬‭seeker‬‭can‬‭then‬‭use‬‭to‬‭apply‬‭to‬‭the‬‭next job even simpler and faster.‬‭As‬‭we‬‭grew‬‭the‬‭accounts‬‭and‬‭resumes‬‭on‬‭Indeed,‬‭we‬‭then‬‭built‬‭a‬‭resume‬‭search‬‭engine‬‭to‬‭allow‬‭employers‬‭to‬f‭ind and connect with active and qualified job seekers who had not even seen their jobs.‬‭Slide 1-3-49‬‭Indeed‬ ‭Apply‬ ‭was‬ ‭the‬ ‭key‬ ‭enabler‬ ‭of‬ ‭our‬ ‭first‬ ‭steps‬ ‭in‬ ‭transformation‬ ‭from‬ ‭a‬ ‭search‬‭engine‬‭to‬‭a‬‭two-sided‬‭ arketplace.‬m‭Slide 1-3-50‬I‭n‬‭this‬‭next‬‭phase‬‭of‬‭our‬‭business,‬‭our‬‭growth‬‭has‬‭been‬‭driven‬‭by‬‭a‬‭marketplace‬‭matching‬‭flywheel.‬‭The‬‭more‬‭marketplace‬ ‭jobs,‬‭the‬‭more‬‭deep‬‭data‬‭about‬‭jobs‬‭we‬‭get,‬‭which‬‭leads‬‭to‬‭more‬‭visits‬‭from‬‭job‬‭seekers.‬‭They‬‭create‬ ‭more‬ ‭accounts,‬ ‭which‬ ‭gives‬ ‭us‬‭more‬‭deep‬‭data‬‭about‬‭job‬‭seekers,‬‭which‬‭leads‬‭to‬‭more‬‭connections‬‭and‬‭hires.‬‭Marketplace‬‭activity‬‭on‬‭our‬‭platform‬‭gives‬‭us‬‭more‬‭downstream‬‭outcome‬‭data—interviews,‬‭offers,‬‭and hires. These results lead to more employers coming to the platform, which creates even more jobs.‬‭All‬ ‭of‬ ‭this‬ ‭feeds‬ ‭unique‬ ‭data‬ ‭into‬ ‭our‬ ‭AI‬ ‭matching,‬ ‭which‬ ‭makes‬ ‭the‬ ‭entire‬ ‭marketplace‬ ‭more‬ ‭and‬ ‭more‬‭ ffective.‬e‭This is a virtuous cycle, which means the better we get at matching, the better we keep getting.‬‭This transcript is provided for the convenience of investors only.‬‭8‬‭Slide 1-3-51‬‭ osted‬‭jobs‬‭on‬‭Indeed’s‬‭ATS‬‭are‬‭all‬‭marketplace‬‭jobs.‬‭But‬‭the‬‭indexed‬‭jobs‬‭—‬‭those‬‭on‬‭external‬‭ATSes‬‭—‬‭still‬H‭felt‬‭like‬‭a‬‭search‬‭engine‬‭to‬‭job‬‭seekers.‬‭So‬‭we‬‭developed‬‭the‬‭Indeed‬‭Apply‬‭Sync‬‭API,‬‭which‬‭brings‬‭the‬‭Indeed‬‭Apply experience to external ATSs.‬‭With Indeed Apply Sync, every job can be a marketplace job.‬‭We‬‭have‬‭integrated‬‭with‬‭more‬‭than‬‭300‬‭ATSs‬‭globally,‬‭which‬‭allows‬‭job‬‭seekers‬‭to‬‭apply‬‭to‬‭all‬‭of‬‭these‬‭jobs‬‭ ith the same simple and fast experience they have for hosted jobs.‬w‭Slide 1-3-52‬
I‭ndeed‬‭Apply‬‭Sync‬‭is‬‭part‬‭of‬‭a‬‭larger‬‭ATS‬‭Sync‬‭API.‬‭In‬‭addition‬‭to‬‭publishing‬‭jobs‬‭and‬‭enabling‬‭Indeed‬‭Apply,‬‭we‬‭can‬‭also‬‭sync‬‭candidates‬‭from‬‭other‬‭Indeed‬‭sourcing‬‭and‬‭hiring‬‭products,‬‭and‬‭sync‬‭dispositions,‬‭to‬‭bring‬‭outcome‬ ‭data‬ ‭from‬ ‭an‬ ‭external‬ ‭ATS‬ ‭into‬ ‭the‬ ‭Indeed‬ ‭platform,‬‭which‬‭powers‬‭further‬‭improvements‬‭in‬‭our‬‭AI‬‭matching.‬‭Slide 1-3-53‬‭ TS‬‭adoption‬‭of‬‭Indeed‬‭Apply‬‭has‬‭grown‬‭considerably‬‭over‬‭the‬‭past‬‭10‬‭years.‬‭But‬‭today,‬‭less‬‭than‬‭half‬‭of‬‭all‬A‭jobs‬ ‭are‬‭Indeed‬‭Apply-enabled,‬‭which‬‭means‬‭there‬‭is‬‭still‬‭tremendous‬‭opportunity‬‭for‬‭continued‬‭growth‬‭from‬‭further ATS integrations.‬‭Slide 1-3-54‬‭Indeed Apply is a key enabler of our marketplace.‬‭ nd‬‭the‬‭key‬‭to‬‭our‬‭marketplace‬‭strategy‬‭is‬‭that‬‭Indeed‬‭Apply‬‭helps‬‭grow‬‭hires‬‭and‬‭revenue.‬‭Indeed‬‭Apply‬‭is‬A‭better‬‭for‬‭employers—the‬‭simplicity‬‭and‬‭speed‬‭for‬‭job‬‭seekers‬‭means‬‭that‬‭on‬‭average,‬‭Indeed‬‭Apply‬‭jobs‬‭get‬‭5 times as many completed applications.‬‭This‬‭translates‬‭into‬‭the‬‭metric‬‭that‬‭matters‬‭most—Indeed‬‭Apply‬‭jobs‬‭are‬‭2.5‬‭times‬‭more‬‭likely‬‭to‬‭lead‬‭to‬‭a‬‭hire.‬I‭ndeed Apply is also good for Indeed—on average employers spend twice as much for each job.‬‭And as great as these improvements are today, we think we can do even better.‬‭Slide 1-3-55‬‭The result of this strategy is that today Indeed is the leading global two-sided talent marketplace.‬‭Hundreds‬‭of‬‭millions‬‭of‬‭job‬‭seekers‬‭visit‬‭Indeed‬‭and‬‭our‬‭sister‬‭site‬‭Glassdoor‬‭every‬‭month.‬‭They‬‭connect‬‭with‬‭ ore than 3.5M employers.‬m‭Across the world, 23 job seekers are hired per minute on Indeed—more than one every 3 seconds.‬‭Slide 1-3-56‬‭Our‬‭product‬‭suite‬‭today‬‭maps‬‭into‬‭the‬‭search‬‭and‬‭marketplace‬‭journey.‬‭We‬‭call‬‭these‬‭areas‬‭attract,‬‭connect,‬‭ nd hire.‬a‭Attract‬ ‭is‬ ‭the‬ ‭original‬ ‭search‬ ‭engine‬ ‭business.‬ ‭We‬ ‭deliver‬ ‭interested‬ ‭candidates‬ ‭through‬ ‭sponsored‬ ‭jobs‬‭ ithout Indeed Apply, and Employer branding on Indeed and Glassdoor.‬w‭For‬ ‭connect,‬ ‭part‬ ‭of‬‭the‬‭marketplace‬‭opportunity,‬‭we‬‭deliver‬‭quality,‬‭engaged‬‭candidates‬‭through‬‭sponsored‬j‭obs with Indeed Apply, and Smart Sourcing, our AI-powered resume search.‬‭This transcript is provided for the convenience of investors only.‬‭9‬‭ ire‬‭is‬‭a‬‭massive‬‭future‬‭opportunity‬‭within‬‭marketplace.‬‭Over‬‭the‬‭past‬‭several‬‭years,‬‭we‬‭have‬‭introduced‬‭new,‬H‭early‬ ‭stage‬ ‭experiments‬ ‭like‬ ‭Indeed‬ ‭Hire—a‬ ‭full‬ ‭service‬ ‭recruiting‬ ‭agency‬ ‭built‬ ‭on‬ ‭Indeed’s‬ ‭data‬ ‭and‬ ‭AI‬
‭matching technology, and Indeed Flex—an e-staffing marketplace for shift workers in the US and UK.‬
‭Slide 1-3-57‬‭Together, this makes up our overall strategic framework.‬‭We have two simple goals: grow hires and grow revenue.‬‭Our‬‭strategy‬‭is‬‭to‬‭continue‬‭our‬‭transformation‬‭from‬‭a‬‭search‬‭engine‬‭to‬‭a‬‭two-sided‬‭marketplace‬‭and‬‭we‬‭have‬t‭wo strategic priorities, which we’ll spend the next sections diving into.‬‭First,‬ ‭grow‬ ‭marketplace‬ ‭effectiveness‬ ‭through‬ ‭broad‬ ‭reach‬ ‭of‬ ‭jobs‬ ‭seekers‬ ‭and‬ ‭employers,‬ ‭AI‬ ‭powered‬‭ atching and faster connections.‬m‭And second, grow effective monetization of the marketplace.‬‭Slide 1-3-58‬‭I‬ ‭will‬ ‭now‬ ‭turn‬ ‭it‬ ‭over‬ ‭to‬ ‭Maggie‬‭and‬‭Raj,‬‭who‬‭will‬‭talk‬‭about‬‭our‬‭first‬‭strategic‬‭priority,‬‭growing‬‭marketplace‬‭ ffectiveness.‬e‭Slide 1-4-59‬‭ aggie:‬‭Hi‬‭I‬‭am‬‭Maggie‬‭Hulce,‬‭I‬‭lead‬‭our‬‭Job‬‭Seeker‬‭teams‬‭at‬‭Indeed‬‭and‬‭I‬‭have‬‭been‬‭at‬‭Indeed‬‭for‬‭8‬‭years.‬
M‭We‬ ‭spend‬ ‭more‬ ‭than‬ ‭a‬ ‭third‬‭of‬‭our‬‭lives‬‭at‬‭work,‬‭so‬‭where‬‭we‬‭choose‬‭to‬‭work‬‭is‬‭one‬‭of‬‭the‬‭most‬‭important‬‭decisions‬ ‭we‬ ‭make.‬ ‭At‬ ‭Indeed,‬ ‭we‬ ‭believe‬ ‭we‬ ‭can‬ ‭improve‬ ‭the‬ ‭lives‬ ‭of‬ ‭billions‬ ‭of‬ ‭people‬ ‭by‬ ‭making‬ ‭the‬‭process of finding a great job simpler, faster and more human.‬‭Slide 1-4-60‬‭ s‬ ‭you’ve‬ ‭already‬ ‭heard,‬ ‭our‬ ‭mission,‬ ‭for‬ ‭the‬‭last‬‭20‬‭years,‬‭is‬‭to‬‭help‬‭people‬‭get‬‭jobs.‬‭Today‬‭I‬‭am‬‭going‬‭to‬A‭share‬ ‭our‬ ‭vision‬ ‭for‬ ‭serving‬ ‭job‬ ‭seekers‬ ‭around‬ ‭the‬ ‭world,‬ ‭and‬ ‭our‬ ‭3-part‬ ‭strategy‬ ‭for‬ ‭how‬ ‭to‬ ‭achieve‬‭that‬‭vision.‬‭Slide 1-4-61‬‭Indeed‬‭was‬‭founded‬‭on‬‭the‬‭value‬‭of‬‭putting‬‭job‬‭seekers‬‭first.‬‭We‬‭do‬‭this‬‭because‬‭we‬‭believe‬‭what's‬‭best‬‭for‬t‭he job seeker is best for hires, and therefore what’s best for the employer, too.‬‭Slide 1-4-62‬‭ s‬ ‭Indeed,‬‭we‬‭study‬‭the‬‭perspectives‬‭of‬‭workers‬‭around‬‭the‬‭world.‬‭More‬‭than‬‭3‬‭out‬‭of‬‭4‬‭workers‬‭agree‬‭that‬A‭finding‬‭better‬‭work‬‭results‬‭in‬‭a‬‭better‬‭life.‬‭And‬‭while‬‭there‬‭are‬‭many‬‭barriers,‬‭two-thirds‬‭have‬‭hope‬‭-‬‭believing‬‭there‬‭is‬‭a‬‭better‬‭job‬‭out‬‭there‬‭for‬‭them.‬‭As‬‭Indeed,‬‭we‬‭want‬‭to‬‭help‬‭job‬‭seekers‬‭find‬‭better‬‭work‬‭-‬‭however‬‭they‬‭define it - so they can live better lives!‬‭Slide 1-4-63‬‭As part of that, our vision is for workers everywhere to think of Indeed as their trusted career companion.‬‭Slide 1-4-64‬‭Now job seekers are clear, and pretty reasonable, about what they want from a career companion.‬‭They want to understand their options for jobs and companies upfront.‬‭This transcript is provided for the convenience of investors only.‬‭10‬‭They want to find jobs that fit their skills and preferences.‬‭And‬ ‭post-apply,‬ ‭at‬ ‭minimum‬ ‭they‬ ‭just‬ ‭want‬ ‭to‬ ‭hear‬ ‭back.‬ ‭But‬ ‭even‬ ‭more,‬ ‭they‬ ‭want‬ ‭to‬ ‭connect‬‭with‬‭a‬‭real‬‭ erson who will give them the chance to convey what they can do.‬p
‭Slide 1-4-65‬‭Unfortunately, job seekers encounter many pain points along their hiring journey.‬‭Their‬‭top‬‭ask‬‭is‬‭to‬‭know‬‭the‬‭salary‬‭for‬‭a‬‭job‬‭in‬‭advance‬‭of‬‭applying‬‭-‬‭but‬‭still‬‭only‬‭half‬‭of‬‭jobs‬‭in‬‭the‬‭US‬‭provide‬‭ ay information up front.‬p‭Finding‬‭relevant‬‭jobs‬‭is‬‭then‬‭complicated‬‭by‬‭the‬‭fact‬‭that‬‭half‬‭of‬‭job‬‭seekers‬‭are‬‭looking‬‭for‬‭2‬‭or‬‭more‬‭different‬t‭ypes of jobs at the same time during their search.‬‭ astly,‬ ‭80%‬ ‭have‬ ‭experienced‬ ‭applying‬ ‭and‬‭never‬‭hearing‬‭back‬‭at‬‭all.‬‭This‬‭one‬‭is‬‭particularly‬‭sad,‬‭because‬L‭most‬ ‭people‬ ‭say‬ ‭not‬ ‭hearing‬ ‭back‬ ‭from‬ ‭a‬ ‭prospective‬ ‭employer‬ ‭is‬ ‭worse‬ ‭than‬ ‭not‬ ‭hearing‬ ‭back‬ ‭from‬ ‭a‬‭potential partner after a first date.‬‭Slide 1-4-66‬‭These pain points shape our three-part strategy to serve job seekers at Indeed.‬‭The‬‭first‬‭pillar‬‭of‬‭this‬‭strategy‬‭is‬‭broad‬‭reach‬‭-‬‭which‬‭includes‬‭winning‬‭brand‬‭preference‬‭from‬‭job‬‭seekers‬‭by‬‭ ffering all the jobs in one place, along with authentic company reviews, career guides, salary info and more.‬o‭Slide 1-4-67‬‭Broadly,‬ ‭this‬ ‭strategy‬ ‭is‬ ‭working.‬ ‭We‬ ‭are‬‭in‬‭more‬‭than‬‭60‬‭countries‬‭and‬‭are‬‭number‬‭1‬‭or‬‭number‬‭2‬‭in‬‭more‬t‭han 20 countries.‬‭Slide 1-4-68‬‭ e‬‭also‬‭hold‬‭a‬‭leading‬‭position‬‭in‬‭unaided‬‭consideration‬‭in‬‭all‬‭our‬‭top‬‭markets.‬‭This‬‭means,‬‭when‬‭we‬‭ask‬‭job‬W‭seekers‬‭across‬‭the‬‭labor‬‭force‬‭-‬‭both‬‭those‬‭looking‬‭for‬‭a‬‭new‬‭job‬‭and‬‭those‬‭not‬‭looking‬‭-‬‭what‬‭they‬‭would‬‭use‬‭for‬‭a‬‭job‬‭search,‬‭they‬‭say‬‭Indeed.‬‭In‬‭unaided‬‭consideration,‬‭we‬‭rank‬‭number‬‭1‬‭in‬‭US,‬‭Canada,‬‭UK,‬‭Germany,‬‭Netherlands, and Japan and our lead has been growing in every market since 2020.‬‭Slide 1-4-69‬‭Indeed‬ ‭is‬ ‭not‬ ‭just‬ ‭top‬ ‭of‬ ‭mind‬ ‭for‬ ‭job‬ ‭seekers‬ ‭in‬ ‭certain‬ ‭pockets‬ ‭-‬ ‭our‬ ‭strong‬ ‭unaided‬ ‭consideration‬ ‭holds‬‭ onsistently across all major industries.‬c‭Slide 1-4-70‬‭ nd‬‭we’ve‬‭been‬‭able‬‭to‬‭translate‬‭this‬‭strong‬‭awareness‬‭of‬‭Indeed‬‭into‬‭strong‬‭growth‬‭in‬‭unique‬‭visitors,‬‭which‬A‭have‬‭doubled‬‭over‬‭the‬‭last‬‭10‬‭years,‬‭with‬‭notable‬‭acceleration‬‭post‬‭COVID.‬‭We‬‭now‬‭have‬‭north‬‭of‬‭350‬‭million‬‭unique visitors each month.‬‭So what do all those visitors do?‬‭Slide 1-4-71‬‭ hile‬ ‭most‬ ‭come‬ ‭to‬ ‭Indeed‬ ‭to‬ ‭explore‬ ‭jobs,‬ ‭our‬ ‭depth‬ ‭in‬ ‭company‬ ‭and‬ ‭salary‬ ‭insights‬ ‭drives‬ ‭additional‬W‭engagement.‬ ‭Across‬ ‭Indeed‬ ‭and‬ ‭Glassdoor,‬ ‭we‬ ‭have‬ ‭nearly‬ ‭1‬ ‭billion‬ ‭company‬ ‭ratings‬ ‭and‬ ‭reviews‬ ‭and‬ ‭a‬‭similar number of salary data points and insights.‬‭This transcript is provided for the convenience of investors only.‬‭11‬‭Slide 1-4-72‬‭Beyond‬‭exploring‬‭jobs‬‭and‬‭insights,‬‭job‬‭seekers‬‭also‬‭start‬‭applications‬‭on‬‭Indeed.‬‭Last‬‭year‬‭the‬‭number‬‭of‬‭JS‬‭ ho started an application on Indeed grew by 20%, with broad interest across occupations.‬w‭Slide 1-4-73‬‭ ow‬ ‭job‬ ‭seekers‬ ‭don’t‬ ‭just‬ ‭apply‬ ‭to‬ ‭jobs‬ ‭on‬ ‭Indeed,‬ ‭they‬ ‭also‬ ‭share‬ ‭skills‬ ‭and‬‭preferences‬‭as‬‭part‬‭of‬‭their‬N‭profiles,‬‭allowing‬‭us‬‭to‬‭better‬‭tailor‬‭their‬‭job‬‭matches‬‭and‬‭overall‬‭experience‬‭on‬‭Indeed.‬‭Globally,‬‭we‬‭have‬‭525‬‭million verified profiles.‬‭Slide 1-4-74‬‭ nd‬ ‭job‬ ‭seekers‬ ‭are‬ ‭increasingly‬ ‭choosing‬ ‭to‬ ‭make‬ ‭their‬ ‭profiles‬ ‭visible‬ ‭to‬ ‭employers‬ ‭and‬ ‭available‬ ‭for‬A‭outreach‬‭-‬‭to‬‭the‬‭tune‬‭of‬‭290‬‭million‬‭and‬‭growing.‬‭This‬‭matters‬‭because‬‭job‬‭seekers‬‭are‬‭two‬‭times‬‭more‬‭likely‬‭to apply when they receive an invitation from an employer than if they look at a job on their own.‬‭Slide 1-4-75‬‭The‬ ‭next‬ ‭part‬ ‭of‬ ‭our‬ ‭strategy‬ ‭is‬ ‭to‬ ‭offer‬ ‭the‬ ‭best‬ ‭matching‬ ‭for‬ ‭job‬ ‭seekers,‬ ‭providing‬ ‭personalized‬ ‭job‬ ‭and‬‭ areer recommendations based on our understanding of their skills and preferences.‬c‭Slide 1-4-76‬‭Excellence in personalized matching requires several steps:‬‭We need to deeply understand occupations.‬‭We collect information from job seekers and jobs.‬‭We help employers validate skills.‬‭We offer personalized job recommendations.‬‭And we use every piece of data as part of a broader feedback loop to make our matching stronger over time.‬‭So let me share a little more about how we do this.‬‭Slide 1-4-77‬‭ ur‬ ‭industry-leading‬ ‭understanding‬ ‭of‬ ‭occupations‬ ‭fuels‬ ‭our‬‭two-sided‬‭AI‬‭and‬‭ML‬‭matching‬‭models.‬‭Across‬O‭900‬ ‭occupations,‬ ‭we‬ ‭extract‬ ‭more‬ ‭than‬ ‭10‬ ‭thousand‬ ‭unique‬ ‭attributes‬ ‭-‬ ‭things‬ ‭like‬ ‭skills,‬ ‭licenses,‬ ‭work‬‭settings, schedules, benefits and pay - many that are unique to each occupation.‬‭Slide 1-4-78‬‭ his‬‭occupation-specific‬‭understanding‬‭then‬‭powers‬‭most‬‭Indeed‬‭experiences.‬‭For‬‭example,‬‭if‬‭you‬‭search‬‭for‬T‭a‬‭registered‬‭nurse‬‭in‬‭Seattle,‬‭you‬‭will‬‭see‬‭many‬‭drop‬‭downs,‬‭with‬‭options‬‭to‬‭tailor‬‭your‬‭search‬‭with‬‭attributes‬‭that‬‭are‬‭specific‬‭to‬‭registered‬‭nursing‬‭jobs.‬‭So,‬‭if‬‭you‬‭are‬‭looking‬‭for‬‭an‬‭acute‬‭care,‬‭pediatric‬‭nurse‬‭job‬‭with‬‭an‬‭evening shift - we can help you find it.‬‭Now‬ ‭we‬ ‭don’t‬ ‭just‬ ‭extract‬ ‭information‬ ‭from‬ ‭jobs‬ ‭and‬ ‭profiles,‬ ‭we‬ ‭also‬ ‭collect‬ ‭a‬ ‭lot‬ ‭of‬ ‭information‬ ‭about‬‭job‬‭ eeker skills and preferences on Indeed while they are exploring jobs.‬s‭Slide 1-4-79‬‭This transcript is provided for the convenience of investors only.‬‭12‬‭You‬‭can‬‭see‬‭in‬‭this‬‭example‬‭-‬‭a‬‭job‬‭requires‬‭an‬‭RN‬‭license.‬‭We’re‬‭not‬‭sure‬‭if‬‭this‬‭job‬‭seeker‬‭has‬‭one‬‭-‬‭so‬‭we‬j‭ust ask them while they are looking at the job.‬‭Slide 1-4-80‬‭If they do, it turns green.‬‭Slide 1-4-81‬‭If not, it turns red.‬‭This‬ ‭approach‬ ‭allows‬ ‭us‬ ‭to‬ ‭gather‬ ‭unique‬ ‭information‬ ‭about‬ ‭job‬ ‭seekers,‬ ‭at‬ ‭scale.‬ ‭Last‬‭year‬‭alone,‬‭across‬‭ ualifications and preferences we collected more than 2 billion unique data points.‬q‭Slide 1-4-82‬‭ ow,‬‭gathering‬‭preferences‬‭around‬‭pay‬‭from‬‭job‬‭seekers‬‭-‬‭and‬‭getting‬‭pay‬‭information‬‭on‬‭jobs‬‭-‬‭is‬‭particularly‬N‭important‬ ‭for‬ ‭both‬ ‭matching‬ ‭and‬ ‭engagement.‬ ‭We‬‭see‬‭jobs‬‭with‬‭pay‬‭get‬‭30%‬‭more‬‭started‬‭applications‬‭per‬‭impression.‬ ‭And‬‭again,‬‭as‬‭of‬‭right‬‭now,‬‭only‬‭about‬‭half‬‭of‬‭US‬‭jobs‬‭have‬‭pay‬‭information‬‭provided‬‭directly‬‭by‬‭the employer. That’s up 10 percentage points versus last year, but there’s still more to do.‬‭Slide 1-4-83‬
I‭n‬ ‭addition‬ ‭to‬ ‭collecting‬ ‭self-reported‬ ‭skills,‬ ‭we‬ ‭also‬ ‭help‬ ‭job‬ ‭seekers‬ ‭prove‬‭they‬‭have‬‭them.‬‭We‬‭offer‬‭skills‬‭tests‬‭called‬‭Indeed‬‭Assessments‬‭for‬‭900‬‭skills.‬‭To‬‭date‬‭more‬‭than‬‭1‬‭billion‬‭assessments‬‭have‬‭been‬‭taken.‬‭We‬‭also‬‭offer‬‭options‬‭to‬‭add‬‭how‬‭many‬‭years‬‭of‬‭experience‬‭you‬‭have‬‭in‬‭a‬‭particular‬‭skill‬‭(which‬‭is‬‭not‬‭always‬‭clear‬‭from‬ ‭a‬ ‭traditional‬ ‭resume)‬ ‭and‬ ‭a‬‭way‬‭to‬‭convey‬‭skills‬‭gained‬‭through‬‭programs‬‭versus‬‭college‬‭or‬‭traditional‬‭work experience.‬‭Slide 1-4-84‬‭ ith‬‭this‬‭understanding‬‭of‬‭job‬‭seekers‬‭and‬‭jobs‬‭-‬‭we‬‭then‬‭focus‬‭on‬‭offering‬‭AI-driven‬‭recommendations‬‭to‬‭job‬W‭seekers,‬ ‭so‬ ‭they‬ ‭can‬ ‭find‬ ‭great‬ ‭fit‬ ‭jobs‬ ‭faster.‬ ‭When‬ ‭a‬ ‭job‬ ‭seeker‬ ‭is‬ ‭logged‬ ‭in,‬ ‭the‬ ‭homepage‬‭feed‬‭shows‬‭recommended‬‭jobs,‬‭based‬‭on‬‭everything‬‭we‬‭know‬‭about‬‭that‬‭job‬‭seeker.‬‭We‬‭also‬‭email‬‭recommended‬‭jobs,‬‭and‬ ‭use‬ ‭AI‬ ‭to‬ ‭explain‬ ‭why‬ ‭we‬ ‭think‬ ‭a‬ ‭certain‬ ‭job‬ ‭might‬ ‭be‬ ‭a‬ ‭good‬ ‭fit.‬ ‭Recommendations‬ ‭like‬ ‭this‬ ‭(versus‬‭search) now make up 60% of our monetized started applications, so it’s a very important part of our strategy.‬‭As‬ ‭part‬ ‭of‬ ‭creating‬ ‭personalized‬ ‭recommendations,‬ ‭we‬ ‭are‬ ‭also‬‭testing‬‭new‬‭GenAI‬‭experiences‬‭to‬‭help‬‭job‬‭ eekers explore job and career changes based on skills or other considerations.‬s‭Slide 1-4-85‬‭ ur‬ ‭first‬ ‭experiment‬ ‭in‬ ‭the‬ ‭US‬ ‭already‬ ‭shows‬ ‭a‬ ‭17‬ ‭percentage‬ ‭point‬ ‭improvement‬ ‭in‬ ‭conversion‬‭to‬‭started‬
O‭apply‬‭vs.‬‭an‬‭open‬‭ended‬‭search‬‭on‬‭Indeed.‬‭And‬‭we‬‭see‬‭so‬‭much‬‭potential‬‭here‬‭for‬‭creating‬‭new‬‭compelling‬‭experiences for job seekers.‬‭Slide 1-4-86‬‭ ow,‬‭with‬‭recommendations,‬‭of‬‭course‬‭we‬‭are‬‭trying‬‭to‬‭steer‬‭job‬‭seekers‬‭to‬‭jobs‬‭where‬‭they‬‭are‬‭more‬‭likely‬‭to‬N‭get‬ ‭hired.‬ ‭The‬ ‭green‬ ‭and‬ ‭red‬‭highlights‬‭are‬‭part‬‭of‬‭how‬‭we‬‭do‬‭this.‬‭And,‬‭when‬‭we‬‭see‬‭a‬‭job‬‭seeker‬‭start‬‭to‬‭apply‬‭to‬‭a‬‭job‬‭where‬‭they‬‭are‬‭missing‬‭core‬‭qualifications‬‭-‬‭we‬‭suggest‬‭they‬‭add‬‭supporting‬‭documentation‬‭and‬‭also suggest other jobs that might be a better fit.‬‭Slide 1-4-87‬‭ his‬‭last‬‭step‬‭-‬‭our‬‭feedback‬‭loop‬‭-‬‭is‬‭critical.‬‭We‬‭use‬‭all‬‭this‬‭data‬‭about‬‭job‬‭seekers‬‭to‬‭feed‬‭and‬‭tune‬‭our‬‭AI‬
T‭models‬ ‭and‬ ‭match‬ ‭recommendations‬ ‭over‬ ‭time.‬ ‭Personalized‬ ‭matching‬ ‭means‬ ‭we‬ ‭need‬ ‭to‬ ‭be‬ ‭constantly‬‭This transcript is provided for the convenience of investors only.‬‭13‬‭looking‬ ‭for‬ ‭feedback‬ ‭-‬ ‭just‬ ‭like‬ ‭a‬ ‭career‬ ‭advisor‬ ‭would‬ ‭-‬ ‭to‬ ‭make‬ ‭sure‬ ‭our‬ ‭recommendations‬ ‭are‬ ‭actually‬‭ elpful.‬h‭Slide 1-4-88‬‭The‬ ‭third‬ ‭part‬ ‭of‬ ‭our‬ ‭strategy‬ ‭is‬ ‭enabling‬ ‭faster‬ ‭connections‬ ‭on‬ ‭Indeed‬ ‭-‬ ‭with‬ ‭tools‬ ‭to‬ ‭help‬ ‭job‬ ‭seekers‬‭ howcase their skills, apply, interview, and ultimately get hired.‬s‭Slide 1-4-89‬‭Beyond‬‭matching,‬‭there‬‭are‬‭4‬‭elements‬‭that‬‭help‬‭drive‬‭faster‬‭connections‬‭on‬‭Indeed‬‭-‬‭our‬‭mobile‬‭app,‬‭Indeed‬‭ pply, Indeed Messaging and Indeed Interview.‬
A‭Slide 1-4-90‬‭ ur‬ ‭mobile‬ ‭app‬ ‭is‬ ‭our‬ ‭leading‬ ‭surface‬ ‭for‬ ‭engagement‬ ‭and‬ ‭revenue.‬ ‭Because‬ ‭job‬ ‭seekers‬ ‭on‬ ‭the‬‭app‬‭are‬O‭always‬ ‭logged‬ ‭in,‬ ‭personalization‬ ‭becomes‬ ‭easier.‬ ‭Native‬ ‭elements‬ ‭on‬ ‭the‬ ‭app‬ ‭allow‬ ‭us‬ ‭to‬ ‭deliver‬ ‭a‬ ‭more‬‭seamless and retentive experience, which should help us lower our job seeker acquisition costs over time.‬‭Slide 1-4-91‬
I‭ndeed‬ ‭Apply‬ ‭is‬ ‭another‬ ‭critical‬ ‭part‬ ‭of‬ ‭our‬ ‭strategy‬ ‭to‬ ‭streamline‬ ‭hiring,‬ ‭as‬ ‭it‬ ‭ensures‬ ‭a‬ ‭mobile-optimized‬‭application‬ ‭process.‬ ‭This‬ ‭is‬ ‭particularly‬ ‭important‬ ‭because‬ ‭75%‬ ‭of‬ ‭applications‬ ‭are‬ ‭submitted‬ ‭via‬ ‭mobile‬‭devices.‬‭Slide 1-4-92‬‭ o‬‭give‬‭an‬‭example‬‭of‬‭the‬‭speed‬‭and‬‭simplicity‬‭difference‬‭-‬‭I‬‭looked‬‭at‬‭2‬‭barista‬‭jobs‬‭live‬‭on‬‭Indeed‬‭right‬‭now‬T‭from‬‭different‬‭companies.‬‭The‬‭first‬‭barista‬‭job‬‭requires‬‭completing‬‭the‬‭application‬‭on‬‭the‬‭career‬‭site,‬‭off‬‭Indeed‬‭-‬‭which‬‭has‬‭many‬‭steps‬‭and‬‭takes‬‭8‬‭minutes‬‭to‬‭complete.‬‭The‬‭second‬‭has‬‭Indeed‬‭Apply‬‭and‬‭takes‬‭just‬‭a‬‭few‬‭clicks‬ ‭to‬ ‭complete,‬ ‭given‬ ‭the‬ ‭job‬ ‭seeker‬ ‭can‬ ‭use‬ ‭saved‬ ‭info‬ ‭from‬ ‭their‬ ‭Indeed‬ ‭profile.‬ ‭That’s‬ ‭a‬ ‭24X‬ ‭speed‬‭difference.‬‭Why‬‭does‬‭this‬‭matter?‬‭Well,‬‭because‬‭job‬‭seekers‬‭frequently‬‭just‬‭drop‬‭off‬‭when‬‭they‬‭encounter‬‭an‬‭apply flow that is too long or too hard to complete.‬‭Slide 1-4-93‬‭ ow,‬ ‭after‬ ‭the‬ ‭apply,‬ ‭we‬‭work‬‭to‬‭enable‬‭messaging‬‭on‬‭Indeed‬‭-‬‭which‬‭is‬‭usually‬‭the‬‭first‬‭human‬‭connection‬N‭between‬ ‭a‬ ‭job‬ ‭seeker‬ ‭and‬ ‭an‬ ‭employer‬ ‭after‬ ‭the‬ ‭apply.‬ ‭Last‬ ‭year,‬ ‭the‬ ‭number‬ ‭of‬ ‭job‬ ‭seekers‬ ‭who‬ ‭sent‬‭messages to employers on Indeed grew by 25%.‬‭Slide 1-4-94‬‭To‬ ‭help‬ ‭job‬ ‭seekers‬ ‭and‬ ‭employers‬ ‭communicate‬ ‭even‬ ‭faster,‬ ‭we‬ ‭are‬ ‭also‬ ‭starting‬ ‭to‬ ‭use‬ ‭AI-generated‬‭ rompts to get the ball rolling. What are the vast majority of messages about? Setting up an interview.‬p‭Slide 1-4-95‬
I‭nterview‬ ‭scheduling‬ ‭is‬ ‭one‬ ‭of‬ ‭the‬ ‭most‬ ‭manual‬ ‭and‬ ‭time‬ ‭consuming‬ ‭parts‬ ‭of‬‭hiring.‬‭On‬‭Indeed,‬‭we‬‭offer‬‭a‬‭number‬‭of‬‭solutions‬‭to‬‭help‬‭make‬‭this‬‭faster,‬‭including‬‭options‬‭to‬‭schedule‬‭interviews‬‭into‬‭our‬‭video‬‭solution‬‭-‬‭Indeed‬ ‭Interview.‬ ‭Last‬ ‭year,‬ ‭we‬ ‭completed‬ ‭8‬‭million‬‭interviews‬‭on‬‭Indeed‬‭-‬‭and‬‭we’ve‬‭done‬‭15‬‭million‬‭since‬‭launch.‬‭Our‬‭average‬‭time‬‭to‬‭first‬‭interview‬‭is‬‭four‬‭days,‬‭whereas‬‭many‬‭hiring‬‭processes‬‭take‬‭weeks‬‭to‬‭get‬‭to‬‭this point.‬‭Slide 1-4-96‬‭ our‬ ‭days‬ ‭seems‬ ‭fast,‬ ‭but‬ ‭we‬ ‭are‬ ‭working‬ ‭to‬ ‭make‬ ‭it‬ ‭even‬ ‭faster,‬ ‭by‬ ‭enabling‬ ‭jobs‬‭with‬‭direct-to‬‭interview‬F‭flows.‬‭In‬‭these‬‭flows,‬‭any‬‭JS‬‭that‬‭has‬‭the‬‭qualification‬‭for‬‭a‬‭job‬‭can‬‭immediately‬‭pick‬‭from‬‭pre-set‬‭slots‬‭to‬‭meet‬‭This transcript is provided for the convenience of investors only.‬‭14‬‭with‬‭the‬‭employer.‬‭Job‬‭seekers‬‭love‬‭this‬‭experience,‬‭because‬‭they‬‭know‬‭immediately‬‭whether‬‭they‬‭will‬‭have‬‭a‬‭ hance to convey to the employer why they want the job and what they can do!‬c
‭Slide 1-4-97‬‭So that is our three part strategy to help workers all over the world.‬‭Slide 1-4-98‬‭And to help bring our experience to life, here’s a short demo of how Indeed works.‬‭Slide 1-4-99‬‭I open the Indeed App, find a great fit job on my homepage at the top,‬‭Slide 1-4-100‬‭I review it, see in all the green it’s a good fit for me and decide to apply.‬‭Slide 1-4-101‬‭I can immediately review my application because my info was saved on Indeed.‬‭Slide 1-4-102‬‭I can submit my application,‬‭Slide 1-4-103‬‭check on its status,‬‭Slide 1-4-104‬‭message with employers,‬‭Slide 1-4-105‬‭and schedule an interview,‬‭Slide 1-4-106‬‭in a time slot that works for me.‬‭Slide 1-4-107‬‭When it’s time to join the interview I can do so right from my phone and if all goes well,‬‭Slide 1-4-108‬‭I will hopefully get the offer!‬‭Slide 1-4-109‬‭Every‬‭day‬‭we‬‭collect‬‭messages‬‭from‬‭job‬‭seekers‬‭who‬‭have‬‭found‬‭a‬‭job‬‭on‬‭Indeed.‬‭Many‬‭of‬‭these‬‭messages‬‭ re incredibly heartwarming.‬a‭Slide 1-4-110‬‭This transcript is provided for the convenience of investors only.‬‭15‬

‭There are nearly 20 million of these stories and you can check them out at gotajob.indeed.com‬‭Each‬‭person’s‬‭story‬‭for‬‭how‬‭they‬‭got‬‭a‬‭job‬‭on‬‭Indeed‬‭is‬‭a‬‭step‬‭toward‬‭our‬‭Indeed-wide‬‭goal‬‭to‬‭help‬‭100‬‭million‬‭ eople get jobs by 2030.‬p‭Slide 1-4-111‬‭So here’s what I hope you will takeaway from this presentation:‬‭Our vision is to become a trusted career companion for every worker.‬‭Our strategy focuses on offering broad reach, the best matching and faster connections.‬‭We’re providing personalized experiences using AI and ML, and our depth of job seeker understanding.‬‭And we will help 100 million people get hired by 2030.‬‭With that, I’ll turn it over to Raj who will talk about how we’re delivering value for employers.‬‭Thank you.‬‭Slide 1-5-112‬‭ aj:‬‭Good‬‭morning,‬‭everyone.‬‭I'm‬‭Raj‬‭Mukherjee,‬‭and‬‭I‬‭lead‬‭employer-facing‬‭products‬‭at‬‭Indeed.‬‭I’m‬‭thrilled‬R‭to‬ ‭be‬ ‭here‬ ‭with‬ ‭you‬‭today.‬‭I've‬‭been‬‭with‬‭Indeed‬‭for‬‭over‬‭7‬‭years‬‭and‬‭am‬‭more‬‭excited‬‭than‬‭ever‬‭about‬‭our‬‭future.‬‭On‬‭a‬‭personal‬‭level,‬‭it's‬‭always‬‭so‬‭rewarding‬‭whenever‬‭people‬‭thank‬‭me‬‭for‬‭helping‬‭them‬‭find‬‭a‬‭job‬‭when‬‭they‬f‭ind out I work at Indeed.‬‭Slide 1-5-113‬‭That’s why I’m here - to help hundreds of millions of people globally find their dream career opportunities.‬‭Slide 1-5-114‬‭ hris‬‭mentioned‬‭Indeed’s‬‭founding‬‭principles‬‭earlier.‬‭Maggie‬‭explained‬‭how‬‭putting‬‭job‬‭seekers‬‭first‬‭makes‬‭us‬C‭the‬‭leading‬‭place‬‭to‬‭find‬‭and‬‭get‬‭jobs.‬‭Everything‬‭I‬‭will‬‭talk‬‭about‬‭ties‬‭to‬‭our‬‭foundational‬‭principle‬‭of‬‭pay‬‭for‬‭performance and how we deliver value to employers.‬‭Slide 1-5-115‬‭And‬‭to‬‭do‬‭so,‬‭we’re‬‭building‬‭solutions‬‭to‬‭simplify‬‭each‬‭step‬‭of‬‭the‬‭hiring‬‭process,‬‭from‬‭posting‬‭a‬‭job‬‭through‬‭ aking a hire.‬m‭Slide 1-5-116‬‭ iring‬‭is‬‭challenging:‬‭it‬‭can‬‭be‬‭complex,‬‭slow,‬‭and‬‭impersonal.‬‭The‬‭average‬‭HR‬‭team‬‭uses‬‭over‬‭16‬‭different‬H‭systems,‬‭most‬‭of‬‭which‬‭don’t‬‭work‬‭with‬‭one‬‭another.‬‭As‬‭Deko‬‭mentioned‬‭earlier,‬‭it‬‭takes‬‭companies‬‭more‬‭than‬‭50 days on average to fill an open position. 78% of job seekers say they haven’t shown up for an interview.‬‭Slide 1-5-117‬‭ t‬‭Indeed,‬‭we’re‬‭here‬‭to‬‭make‬‭hiring‬‭simpler,‬‭faster,‬‭and‬‭more‬‭human.‬‭We‬‭make‬‭it‬‭simpler‬‭to‬‭post‬‭jobs,‬‭source‬A‭candidates,‬ ‭automate‬ ‭repetitive‬ ‭tasks,‬ ‭and‬ ‭enable‬ ‭meaningful‬ ‭human‬ ‭conversations,‬ ‭dramatically‬ ‭reducing‬‭time-to-hire.‬‭This transcript is provided for the convenience of investors only.‬‭16‬‭That’s‬‭why‬‭Indeed‬‭has‬‭become‬‭the‬‭hiring‬‭partner‬‭of‬‭choice‬‭for‬‭employers‬‭of‬‭all‬‭sizes,‬‭from‬‭start-ups‬‭to‬‭global‬‭ orporations.‬c‭And we know we can help millions more employers.‬‭Slide 1-5-118‬‭Our vision is to become the primary hiring partner for every employer worldwide.‬‭Slide 1-5-119‬‭To achieve this vision, our strategy hinges on three key pillars - the same as what Maggie shared earlier:‬‭Let’s‬‭start‬‭with‬‭how‬‭we‬‭are‬‭Expanding‬‭Reach‬‭to‬‭all‬‭employers‬‭globally,‬‭across‬‭SMBs‬‭and‬‭Large‬‭Enterprises,‬‭ nd growing supply for all types of jobs‬a‭Slide 1-5-120‬‭As‬ ‭a‬ ‭thriving‬ ‭2-sided‬ ‭marketplace,‬ ‭we‬ ‭engage‬ ‭hundreds‬ ‭of‬ ‭millions‬ ‭of‬ ‭job‬ ‭seekers‬‭and‬‭employers‬‭monthly.‬‭ ore than 3.5 million employers worldwide turn to Indeed’s marketplace to help them hire.‬
M‭Slide 1-5-121‬‭Let’s take a brief moment to understand the impact we have had on hiring.‬‭One‬ ‭of‬ ‭the‬ ‭big‬ ‭reasons‬ ‭employers‬ ‭come‬‭to‬‭Indeed‬‭is‬‭because‬‭we‬‭deliver‬‭over‬‭3‬‭times‬‭more‬‭hires‬‭than‬‭any‬‭ ther job site. In fact, more people get hired on Indeed than on all other job sites combined.‬o‭Slide 1-5-122‬‭Our‬‭ability‬‭to‬‭solve‬‭employer‬‭problems‬‭has‬‭made‬‭us‬‭the‬‭brand‬‭leader‬‭in‬‭unaided‬‭consideration‬‭among‬‭SMBs‬‭ cross the globe.‬a‭Our brand recognition with employers mirrors that with job seekers worldwide.‬‭Slide 1-5-123‬‭ e‬‭help‬‭small‬‭businesses‬‭like‬‭Get‬‭Up‬‭and‬‭Go‬‭Kayaking‬‭scale.‬‭They‬‭were‬‭looking‬‭to‬‭grow‬‭fast,‬‭and‬‭we‬‭helped‬W‭them‬ ‭do‬ ‭just‬ ‭that‬ ‭-‬ ‭contributing‬ ‭to‬‭over‬‭95%‬‭of‬‭their‬‭hires.‬‭As‬‭Justin,‬‭the‬‭owner,‬‭explained,‬‭Indeed‬‭provided‬‭more qualified candidates than any other job site - helping them scale their business quickly.‬‭Slide 1-5-124‬‭ e‬‭also‬‭lead‬‭in‬‭unaided‬‭consideration‬‭with‬‭large‬‭enterprises,‬‭with‬‭90%‬‭of‬‭Fortune‬‭500‬‭companies‬‭using‬‭our‬W‭platform‬ ‭to‬ ‭help‬ ‭them‬ ‭hire.‬ ‭This‬ ‭broad‬‭reach‬‭is‬‭a‬‭testament‬‭to‬‭our‬‭brand’s‬‭strength‬‭and‬‭the‬‭trust‬‭employers‬‭place in us.‬
‭As‬‭we‬‭continue‬‭to‬‭build‬‭solutions‬‭that‬‭make‬‭it‬‭faster‬‭and‬‭easier‬‭to‬‭hire‬‭quality‬‭candidates,‬‭we‬‭will‬‭continue‬‭to‬i‭ncrease our value, allowing us to expand our wallet share.‬‭We‬ ‭know‬ ‭employers,‬ ‭especially‬ ‭large‬ ‭employers,‬ ‭have‬ ‭many‬ ‭systems‬ ‭involved‬ ‭in‬ ‭hiring‬ ‭and‬ ‭people‬‭ anagement.‬m‭Slide 1-5-125‬‭ s‬ ‭ecosystem‬ ‭enablers,‬ ‭we‬ ‭collaborate‬ ‭with‬ ‭ATS‬ ‭partners‬ ‭to‬ ‭help‬ ‭large‬‭enterprises‬‭connect‬‭essential‬‭tools‬A‭and‬‭optimize‬‭their‬‭investments‬‭in‬‭HR‬‭Information‬‭Systems.‬‭We‬‭believe‬‭employers‬‭will‬‭get‬‭better‬‭matching‬‭and‬‭This transcript is provided for the convenience of investors only.‬‭17‬‭hiring‬ ‭results‬‭when‬‭data‬‭flows‬‭smoothly‬‭between‬‭their‬‭ATS‬‭and‬‭Indeed.‬‭It’s‬‭a‬‭win-win-win‬‭for‬‭employers,‬‭the‬‭ TSs, and Indeed.‬A‭Slide 1-5-126‬‭ ere’s‬‭an‬‭example‬‭of‬‭how‬‭our‬‭solutions‬‭benefit‬‭large‬‭enterprises.‬‭TruGreen,‬‭the‬‭largest‬‭lawn‬‭care‬‭company‬‭in‬H‭the‬‭US‬‭with‬‭thousands‬‭of‬‭employees,‬‭turned‬‭to‬‭Indeed‬‭for‬‭candidate‬‭volume,‬‭tapping‬‭the‬‭millions‬‭of‬‭active‬‭job‬‭seekers‬‭on‬‭the‬‭site‬‭daily.‬‭By‬‭leveraging‬‭Indeed‬‭Apply‬‭and‬‭integrating‬‭its‬‭ATS‬‭with‬‭Indeed,‬‭TruGreen‬‭reduced‬‭candidate drop-off by 85% and accelerated time to interview by up to 95%.‬‭TruGreen‬‭and‬‭Get‬‭Up‬‭and‬‭Go‬‭Kayaking‬‭are‬‭just‬‭two‬‭of‬‭many‬‭companies‬‭we‬‭have‬‭helped‬‭grow,‬‭and‬‭we‬‭know‬‭ e can help millions more.‬w‭Slide 1-5-127‬‭The‬ ‭next‬ ‭pillar‬ ‭of‬ ‭our‬ ‭strategy‬ ‭is‬ ‭Best‬‭Matching,‬‭which‬‭uses‬‭our‬‭extensive‬‭job‬‭seeker‬‭and‬‭employer‬‭data‬‭to‬‭ eliver AI-driven recommendations.‬d‭We believe the scale of employers and job seekers on Indeed is a key competitive advantage.‬‭ he‬‭data‬‭we‬‭collect‬‭from‬‭employer‬‭and‬‭job‬‭seeker‬‭interactions‬‭on‬‭Indeed‬‭enhances‬‭our‬‭matching‬‭algorithms,‬
T‭ultimately‬‭leading‬‭to‬‭more‬‭successful‬‭hires‬‭and‬‭reinforcing‬‭our‬‭competitive‬‭edge.‬‭I’ll‬‭walk‬‭you‬‭through‬‭ways‬‭we‬‭collect and leverage this data to power our AI matching engine and how that translates into employer value.‬‭ e‬ ‭first‬ ‭introduced‬ ‭Job‬ ‭Posting‬ ‭in‬ ‭2011‬ ‭followed‬ ‭by‬ ‭the‬ ‭introduction‬ ‭of‬ ‭our‬ ‭free-to-post‬ ‭product‬ ‭in‬ ‭2015,‬
W‭allowing‬ ‭employers‬ ‭to‬ ‭post‬ ‭their‬ ‭jobs‬ ‭directly‬ ‭on‬ ‭Indeed.‬ ‭Job‬ ‭postings‬ ‭have‬ ‭driven‬ ‭business‬ ‭growth‬ ‭and‬‭employer engagement.‬‭Let's see how easy it is for Roberta, a recruiter for a small hospital in Austin, Texas, to post a job on Indeed.‬‭Slide 1-5-128‬‭ oberta‬‭is‬‭seeking‬‭a‬‭Registered‬‭Nurse.‬‭In‬‭just‬‭a‬‭few‬‭clicks,‬‭she‬‭can‬‭add‬‭common‬‭occupation-specific‬‭details‬
R‭that‬‭job‬‭seekers‬‭want‬‭to‬‭see.‬‭Market-based‬‭suggestions‬‭help‬‭her‬‭understand‬‭what‬‭pay‬‭and‬‭benefits‬‭will‬‭be‬‭fair‬‭and‬‭competitive.‬‭Within‬‭seconds‬‭she‬‭can‬‭generate‬‭-‬‭and‬‭edit‬‭-‬‭an‬‭AI-recommended‬‭job‬‭description‬‭optimized‬‭to‬ ‭attract‬ ‭the‬ ‭best‬ ‭candidates.‬ ‭She‬ ‭can‬ ‭also‬ ‭specify‬ ‭must-haves,‬ ‭like‬ ‭an‬ ‭RN‬ ‭license,‬ ‭so‬ ‭she‬‭can‬‭only‬‭gets‬‭candidates that qualify. Once the job is ready, Roberta can start calibrating matches.‬‭ hen‬‭she‬‭sponsors‬‭the‬‭job,‬‭she‬‭can‬‭see‬‭active‬‭candidates‬‭with‬‭resumes‬‭on‬‭Indeed‬‭who‬‭match‬‭that‬‭job,‬‭and‬W‭start‬‭inviting‬‭them‬‭to‬‭connect‬‭right‬‭away.‬‭With‬‭the‬‭help‬‭of‬‭Generative‬‭AI,‬‭she‬‭can‬‭tailor‬‭her‬‭messages‬‭so‬‭job‬‭seekers‬ ‭will‬ ‭receive‬ ‭the‬ ‭personalized‬ ‭invitation‬ ‭they‬ ‭expect.‬ ‭On‬ ‭Indeed,‬ ‭Roberta‬ ‭can‬ ‭get‬ ‭connected‬ ‭with‬‭qualified candidates in a matter of hours - versus the days it could take elsewhere.‬‭Slide 1-5-129‬‭ ith‬ ‭over‬ ‭3.5‬ ‭million‬ ‭employers‬ ‭and‬ ‭30‬ ‭million‬ ‭jobs‬ ‭on‬ ‭our‬ ‭platform,‬ ‭combined‬ ‭with‬ ‭the‬‭350‬‭million‬‭unique‬W‭visitors,‬ ‭we‬ ‭have‬ ‭a‬ ‭thriving‬ ‭ecosystem‬ ‭with‬ ‭incredibly‬ ‭robust‬ ‭data‬ ‭for‬ ‭matching,‬ ‭ultimately‬ ‭accelerating‬‭meaningful connections between job seekers and employers.‬‭Slide 1-5-130‬‭ igh-quality‬ ‭jobs‬ ‭really‬ ‭matter‬ ‭to‬ ‭attract‬ ‭the‬ ‭right‬ ‭job‬ ‭seekers‬ ‭and‬ ‭drive‬ ‭significantly‬ ‭more‬‭applications.‬‭We‬
H‭have‬ ‭been‬ ‭adding‬ ‭these‬ ‭critical‬ ‭attributes‬ ‭to‬ ‭the‬ ‭majority‬ ‭of‬ ‭jobs‬ ‭on‬ ‭Indeed,‬ ‭especially‬ ‭hosted‬ ‭jobs.‬ ‭For‬‭example, we have doubled compensation information for US hosted jobs over the past 5 years.‬‭Slide 1-5-131‬‭This transcript is provided for the convenience of investors only.‬‭18‬

‭ ow‬ ‭about‬ ‭indexed‬ ‭jobs‬ ‭posted‬ ‭to‬ ‭Indeed‬ ‭from‬ ‭an‬ ‭ATS?‬ ‭As‬ ‭Chris‬ ‭mentioned,‬ ‭expanding‬ ‭the‬ ‭adoption‬ ‭of‬H
‭Indeed‬ ‭Apply‬ ‭for‬ ‭Indexed‬ ‭jobs‬ ‭has‬ ‭been‬ ‭key‬ ‭to‬ ‭our‬ ‭marketplace‬ ‭transformation,‬ ‭and‬ ‭employers‬ ‭benefit‬ ‭by‬‭seeing more started applications per job.‬‭Slide 1-5-132‬‭ nother‬ ‭ingredient‬‭to‬‭better‬‭matching‬‭is‬‭screener‬‭questions,‬‭which‬‭help‬‭employers‬‭focus‬‭on‬‭candidates‬‭who‬A‭meet‬ ‭all‬ ‭their‬ ‭requirements.‬ ‭Indeed‬ ‭builds‬ ‭tailored‬ ‭screener‬ ‭questions‬ ‭into‬ ‭the‬ ‭job‬ ‭posting‬ ‭and‬ ‭application‬‭experiences.‬ ‭For‬ ‭example,‬‭for‬‭a‬‭registered‬‭nurse‬‭job,‬‭Indeed‬‭will‬‭confirm‬‭that‬‭job‬‭seekers‬‭have‬‭a‬‭registered‬‭nurse license before applying. Jobs with screener questions result in 50% more hires on average.‬‭Slide 1-5-133‬‭ s‬ ‭Maggie‬ ‭mentioned,‬ ‭we‬ ‭also‬ ‭offer‬ ‭Indeed‬ ‭Assessments‬ ‭to‬ ‭help‬ ‭employers‬‭reliably‬‭screen‬‭candidates‬‭for‬A‭over‬ ‭900‬ ‭skills.‬ ‭Millions‬ ‭of‬ ‭employers‬ ‭have‬ ‭used‬ ‭these‬ ‭assessments‬ ‭with‬ ‭strong‬ ‭results:‬ ‭jobs‬ ‭using‬‭Assessments hire 49% more often, and employers who use them hire 16% faster.‬‭Slide 1-5-134‬‭Being‬ ‭the‬ ‭best‬ ‭in‬ ‭matching‬ ‭also‬ ‭means‬ ‭providing‬ ‭employers‬ ‭with‬ ‭tools‬ ‭to‬ ‭proactively‬ ‭recruit‬ ‭the‬ ‭best‬‭ andidates among millions of active job seekers and encouraging qualified candidates to apply.‬c‭Indeed‬‭enables‬‭employers‬‭to‬‭automate‬‭as‬‭much‬‭of‬‭the‬‭sourcing‬‭process‬‭as‬‭they‬‭desire‬‭and‬‭flexes‬‭to‬‭support‬‭ ll types of roles, from high-volume to highly specialized.‬a‭Slide 1-5-135‬
I‭ndeed‬‭Resume‬‭Search‬‭allows‬‭employers‬‭to‬‭source‬‭from‬‭hundreds‬‭of‬‭millions‬‭of‬‭searchable‬‭resumes‬‭through‬‭a‬‭subscription‬‭pricing‬‭model.‬‭Employers‬‭type‬‭in‬‭a‬‭query,‬‭get‬‭search‬‭results,‬‭and‬‭then‬‭reach‬‭out‬‭to‬‭candidates.‬‭As‬ ‭Maggie‬ ‭noted,‬ ‭job‬ ‭seekers‬ ‭who‬ ‭receive‬ ‭an‬ ‭outreach‬ ‭from‬ ‭Resume‬ ‭Search‬ ‭are‬ ‭2‬ ‭times‬ ‭more‬ ‭likely‬ ‭to‬‭connect with an employer than those who applied on their own.‬‭Slide 1-5-136‬‭ o‬ ‭save‬ ‭employers‬ ‭time,‬ ‭Indeed‬ ‭introduced‬ ‭AI-driven‬ ‭Matched‬ ‭Candidates‬ ‭in‬ ‭2021‬ ‭as‬ ‭a‬ ‭separate‬ ‭feature,‬T‭available‬ ‭only‬ ‭to‬ ‭paid‬ ‭Hosted‬ ‭Jobs.‬ ‭With‬ ‭Matched‬ ‭Candidates,‬ ‭there’s‬ ‭no‬ ‭need‬‭to‬‭search.‬‭Indeed‬‭finds‬‭the‬‭best candidates based on qualifications and responsiveness.‬‭ mployers‬ ‭can‬ ‭easily‬ ‭invite‬ ‭Matched‬ ‭Candidates‬ ‭to‬ ‭apply‬ ‭for‬ ‭their‬ ‭roles.‬ ‭And‬ ‭when‬ ‭invited,‬ ‭matched‬E‭candidates‬‭are‬‭17‬‭times‬‭more‬‭likely‬‭to‬‭apply‬‭-‬‭you‬‭heard‬‭me‬‭right,‬‭17‬‭times‬‭more‬‭likely‬‭to‬‭apply‬‭-‬‭than‬‭if‬‭they‬‭just‬‭found‬‭the‬‭job‬‭on‬‭their‬‭own.‬‭And‬‭now‬‭we‬‭are‬‭rolling‬‭out‬‭Matched‬‭Candidates‬‭to‬‭all‬‭paid‬‭hosted‬‭and‬‭indexed‬‭jobs.‬‭Resume‬ ‭Search‬ ‭and‬ ‭Matched‬ ‭Candidate‬ ‭Recommendations‬ ‭are‬ ‭very‬‭effective‬‭individually.‬‭We‬‭believe‬‭they‬‭ ill be even better together.‬w‭Slide 1-5-137‬‭We’ve‬ ‭combined‬ ‭them‬ ‭into‬ ‭a‬ ‭new‬ ‭product‬‭called‬‭Smart‬‭Sourcing,‬‭which‬‭weaves‬‭both‬‭features‬‭together‬‭and‬‭ llows employers to build a holistic talent pipeline with seamless search and recommendations.‬a‭Slide 1-5-138‬‭ ith‬‭Smart‬‭Sourcing,‬‭we’re‬‭using‬‭Generative‬‭AI‬‭in‬‭powerful‬‭ways‬‭to‬‭help‬‭employers‬‭evaluate‬‭candidates‬‭and‬W‭reduce‬‭time‬‭to‬‭source‬‭significantly.‬‭Candidate‬‭highlights‬‭provide‬‭an‬‭AI-generated‬‭summary‬‭to‬‭help‬‭employers‬‭easily‬‭determine‬‭whether‬‭candidates‬‭are‬‭a‬‭good‬‭fit‬‭for‬‭their‬‭role.‬‭For‬‭qualified‬‭candidates,‬‭employers‬‭can‬‭then‬‭use Smart Messages to quickly connect with AI-generated personalized outreach.‬‭This transcript is provided for the convenience of investors only.‬‭19‬‭ mart‬‭Sourcing‬‭also‬‭offers‬‭enterprise-grade‬‭capabilities‬‭like‬‭ATS‬‭integration‬‭and‬‭team‬‭collaboration,‬‭making‬‭it‬S‭attractive‬ ‭for‬ ‭larger‬ ‭companies.‬ ‭Smart‬ ‭Sourcing‬ ‭has‬ ‭been‬ ‭in‬ ‭beta‬ ‭and‬ ‭is‬ ‭set‬ ‭to‬ ‭launch‬ ‭in‬ ‭early‬ ‭April.‬ ‭The‬‭feedback‬‭is‬‭overwhelmingly‬‭positive!‬‭Early‬‭adopters‬‭are‬‭already‬‭raving‬‭about‬‭how‬‭quickly‬‭they're‬‭connecting‬‭with qualified candidates.‬‭Slide 1-5-139‬‭ e‬ ‭also‬ ‭offer‬ ‭Automated‬ ‭sourcing,‬ ‭a‬ ‭fully‬‭automated‬‭option‬‭only‬‭available‬‭for‬‭paid‬‭jobs.‬‭Launched‬‭in‬‭2019,‬
W‭Automated‬ ‭Sourcing‬ ‭revolutionizes‬ ‭recruitment‬ ‭by‬‭reaching‬‭out‬‭to‬‭job‬‭seekers‬‭whose‬‭skills‬‭and‬‭preferences‬‭align with an employer's needs.‬‭ ere’s‬ ‭an‬‭example‬‭of‬‭an‬‭automated‬‭sourcing‬‭outreach‬‭my‬‭daughter‬‭received‬‭as‬‭she‬‭is‬‭finishing‬‭high‬‭school‬H‭and‬ ‭is‬ ‭interested‬ ‭in‬ ‭part-time‬ ‭work.‬ ‭She‬ ‭excels‬ ‭at‬ ‭math‬ ‭-‬ ‭and‬ ‭her‬ ‭Indeed‬ ‭profile‬ ‭reflects‬ ‭this‬ ‭-‬ ‭so‬ ‭this‬‭recommended math tutor role is a great fit for her.‬‭Job‬‭seekers‬‭who‬‭receive‬‭automated‬‭sourcing‬‭outreach‬‭are‬‭2.5‬‭times‬‭more‬‭likely‬‭to‬‭apply‬‭to‬‭a‬‭job‬‭than‬‭those‬‭ ho only see it in search.‬w‭Slide 1-5-140‬‭ utomated‬ ‭sourcing‬ ‭is‬ ‭powered‬ ‭by‬ ‭the‬ ‭same‬ ‭internal‬ ‭matching‬ ‭engine‬ ‭that‬ ‭Maggie‬ ‭showed‬ ‭when‬ ‭she‬A‭discussed‬ ‭homepage‬ ‭recommendations.‬ ‭All‬ ‭the‬ ‭amazing‬ ‭data‬ ‭we‬ ‭collect‬ ‭from‬ ‭employers‬ ‭and‬ ‭job‬ ‭seekers‬‭powers these personalized outreaches.‬‭Slide 1-5-141‬‭We‬ ‭use‬ ‭advanced‬ ‭AI‬ ‭and‬ ‭ML‬ ‭to‬ ‭optimize‬ ‭these‬ ‭automated‬ ‭sourcing‬‭experiences,‬‭including‬‭proprietary‬‭and‬‭ pen-source tools. For example, we use generative AI to personalize automated sourcing outreaches.‬o‭Our‬ ‭first‬ ‭production‬ ‭version‬ ‭of‬ ‭genAI‬ ‭solutions‬ ‭for‬ ‭auto-sourcing‬ ‭has‬ ‭already‬ ‭yielded‬ ‭greater‬ ‭than‬ ‭20%‬i‭mprovements in started applications.‬‭Slide 1-5-142‬‭The‬ ‭final‬ ‭pillar‬ ‭is‬ ‭Faster‬ ‭Connections‬ ‭between‬ ‭employers‬ ‭and‬ ‭job‬ ‭seekers,‬ ‭using‬ ‭automation‬ ‭and‬ ‭AI‬ ‭to‬i‭ncrease responsiveness and reduce time to hire.‬‭Slide 1-5-143‬‭ peed‬‭to‬‭connection‬‭can‬‭make‬‭all‬‭the‬‭difference‬‭when‬‭competing‬‭for‬‭talent.‬‭Our‬‭data‬‭shows‬‭that‬‭candidates‬
S‭receiving‬‭an‬‭outreach‬‭within‬‭4‬‭hours‬‭of‬‭applying‬‭are‬‭95%‬‭more‬‭likely‬‭to‬‭lead‬‭to‬‭a‬‭hire‬‭than‬‭those‬‭receiving‬‭an‬‭outreach a week later.‬‭Slide 1-5-144‬‭To‬ ‭drive‬ ‭connections‬ ‭on‬ ‭Indeed‬‭we‬‭have‬‭added‬‭multiple‬‭modes‬‭of‬‭communication‬‭and‬‭used‬‭AI‬‭to‬‭speed‬‭up‬t‭he process for both employers and job seekers.‬‭Slide 1-5-145‬
I‭ndeed’s‬ ‭built-in‬ ‭Messaging‬ ‭feature‬ ‭makes‬ ‭it‬ ‭incredibly‬ ‭quick‬ ‭to‬ ‭connect‬ ‭on‬ ‭the‬ ‭Indeed‬ ‭platform.‬ ‭Since‬ ‭we‬‭launched‬ ‭Messaging‬ ‭in‬‭2019,‬‭there‬‭have‬‭been‬‭billions‬‭-‬‭yes,‬‭billions‬‭-‬‭of‬‭messages‬‭between‬‭employers‬‭and‬‭job‬ ‭seekers‬ ‭right‬ ‭on‬ ‭Indeed.‬ ‭Job‬ ‭Seekers‬ ‭typically‬ ‭reply‬ ‭within‬ ‭2‬ ‭hours‬‭when‬‭employers‬‭message‬‭them‬‭on‬‭Indeed, and with the introduction of a chat-based experience, it's gotten even faster this last year.‬‭Slide 1-5-146‬‭This transcript is provided for the convenience of investors only.‬‭20‬‭ o‬‭accelerate‬‭the‬‭time‬‭to‬‭interview,‬‭we‬‭introduced‬‭virtual‬‭interviews‬‭that‬‭can‬‭take‬‭place‬‭on‬‭Indeed‬‭a‬‭few‬‭years‬
T‭back‬‭and‬‭scaled‬‭it‬‭to‬‭over‬‭8‬‭million‬‭interviews‬‭last‬‭year.‬‭The‬‭benefit:‬‭Great‬‭candidate‬‭quality‬‭and‬‭44%‬‭faster‬‭hiring.‬‭I’m also excited to share two promising areas still early in the investment cycle related to faster connections.‬‭Slide 1-5-147‬‭ irst,‬‭we’re‬‭using‬‭automation‬‭to‬‭reduce‬‭the‬‭time‬‭between‬‭applying‬‭and‬‭getting‬‭a‬‭human-to-human‬‭connection.‬F‭An‬ ‭example‬ ‭of‬ ‭automation:‬ ‭employers‬ ‭can‬ ‭quickly‬ ‭send‬ ‭tailored‬ ‭messages‬ ‭to‬ ‭all‬‭qualified‬‭job‬‭seekers‬‭who‬‭meet‬ ‭screener‬ ‭questions,‬ ‭enabling‬ ‭them‬ ‭to‬ ‭move‬ ‭forward‬ ‭faster‬ ‭with‬ ‭the‬ ‭best-fit‬ ‭candidates.‬ ‭These‬‭automations‬ ‭are‬ ‭available‬ ‭only‬ ‭for‬ ‭paid‬ ‭jobs.‬ ‭We‬ ‭have‬ ‭seen‬ ‭a‬ ‭20X‬ ‭growth‬ ‭in‬ ‭the‬ ‭number‬ ‭of‬ ‭connections‬‭through automation just this year alone.‬‭Slide 1-5-148‬‭ nother‬‭early‬‭success‬‭is‬‭a‬‭new,‬‭streamlined‬‭iOS‬‭app‬‭focused‬‭on‬‭fast‬‭connections‬‭and‬‭fostering‬‭a‬‭responsive‬A‭marketplace.‬ ‭The‬ ‭great‬ ‭news‬ ‭is‬ ‭that‬ ‭employers‬ ‭receiving‬ ‭app‬ ‭push‬ ‭notifications‬ ‭respond‬ ‭20%‬ ‭faster.‬‭Introduced‬‭last‬‭spring,‬‭monthly‬‭users‬‭have‬‭tripled‬‭in‬‭the‬‭first‬‭6‬‭months.‬‭We‬‭expect‬‭even‬‭more‬‭adoption‬‭when‬‭we add Smart Sourcing capabilities and an Android version this Spring.‬‭Slide 1-5-149‬‭So that’s our three-part strategy to help employers around the world.‬‭Slide 1-5-150‬‭As‬‭Maggie‬‭mentioned,‬‭by‬‭2030,‬‭we‬‭will‬‭help‬‭100M‬‭get‬‭jobs.‬‭Which‬‭means‬‭we’re‬‭helping‬‭employers‬‭grow‬‭by‬‭ iring 100M people.‬h‭All‬ ‭of‬ ‭these‬ ‭solutions‬ ‭are‬ ‭built‬ ‭with‬ ‭employers‬ ‭and‬ ‭job‬‭seekers‬‭in‬‭mind,‬‭as‬‭we‬‭work‬‭to‬‭make‬‭hiring‬‭simpler,‬f‭aster, and more human. This is what I'd like you to take away from this presentation.‬‭Slide 1-5-151‬‭We intend to be the primary hiring partner for all employers globally.‬‭We plan to do this by:‬
‭Building solutions powered by AI and automation to address employers’ hiring challenges.‬‭Matching employers with the best candidates in our active two-sided marketplace.‬‭And‬ ‭finally,‬ ‭leveraging‬ ‭the‬‭vast‬‭scale‬‭of‬‭our‬‭data‬‭to‬‭power‬‭our‬‭matching‬‭engine,‬‭leading‬‭to‬‭more‬‭meaningful‬‭ onnections between employers and job seekers.‬c‭Now, I’ll send it back to Chris to share more about our monetization opportunity.‬‭Slide 1-6-152‬‭Chris:‬‭Thanks Raj.‬‭Once more, we have two strategic priorities.‬‭Slide 1-6-153‬‭This transcript is provided for the convenience of investors only.‬‭21‬‭First,‬ ‭improve‬ ‭the‬ ‭effectiveness‬ ‭of‬ ‭our‬ ‭marketplace‬ ‭in‬ ‭order‬ ‭to‬ ‭drive‬ ‭more‬ ‭hires,‬ ‭which‬ ‭Maggie‬ ‭&‬ ‭Raj‬ ‭just‬‭ overed.‬c‭Second, as we improve matching and drive more hires, we need to effectively monetize the marketplace.‬‭Slide 1-6-154‬‭The‬ ‭most‬ ‭common‬ ‭question‬ ‭we‬ ‭get‬ ‭here‬‭is‬‭“why‬‭don’t‬‭you‬‭just‬‭raise‬‭your‬‭prices?”.‬‭That’s‬‭a‬‭great‬‭question,‬‭ nd the answer goes back to our core value of pay for performance.‬a‭Slide 1-6-155‬‭ he‬‭key‬‭to‬‭Indeed’s‬‭success‬‭from‬‭the‬‭very‬‭start‬‭has‬‭been‬‭our‬‭alignment‬‭to‬‭our‬‭customers,‬‭and‬‭to‬‭job‬‭seekers.‬
T‭We‬‭get‬‭paid‬‭when‬‭we‬‭deliver‬‭value,‬‭which‬‭means‬‭we‬‭grow‬‭revenue‬‭when‬‭we‬‭deliver‬‭more‬‭value.‬‭We‬‭can’t‬‭just‬‭raise prices by, say 10%, without jeopardizing that alignment.‬‭However,‬‭there‬‭are‬‭multiple‬‭areas‬‭where‬‭we‬‭are‬‭charging‬‭less‬‭than‬‭the‬‭value‬‭we’re‬‭delivering,‬‭and‬‭that‬‭means‬‭ ignificant opportunity to improve monetization by better capturing the value we already deliver.‬s‭Slide 1-6-156‬‭ e‬‭started‬‭our‬‭journey‬‭from‬‭search‬‭engine‬‭to‬‭marketplace‬‭back‬‭in‬‭2011‬‭with‬‭the‬‭introduction‬‭of‬‭Hosted‬‭Jobs‬
W‭and‬ ‭Indeed‬ ‭Apply.‬ ‭Since‬ ‭then‬ ‭we‬ ‭have‬ ‭made‬ ‭extraordinary‬ ‭progress,‬ ‭with‬ ‭a‬ ‭45%‬ ‭CAGR‬ ‭over‬ ‭the‬ ‭past‬ ‭12‬
‭years.‬‭This‬‭is‬‭an‬‭ongoing‬‭transformation‬‭and‬‭if‬‭we‬‭look‬‭at‬‭Indeed‬‭Apply‬‭penetration,‬‭we‬‭are‬‭barely‬‭halfway‬‭through‬t‭his journey.‬‭Slide 1-6-157‬‭That continued journey represents a massive opportunity ahead.‬‭The‬ ‭key‬‭is‬‭that‬‭the‬‭marketplace‬‭total‬‭addressable‬‭market‬‭is‬‭significantly‬‭larger‬‭than‬‭the‬‭search‬‭engine‬‭TAM.‬‭ he global HR matching market is north of $300 billion.‬T‭ hen‬ ‭we‬ ‭look‬ ‭at‬ ‭the‬ ‭various‬ ‭segments‬ ‭that‬ ‭make‬ ‭up‬ ‭this‬ ‭market,‬ ‭the‬ ‭search‬ ‭engine‬ ‭opportunity‬ ‭is‬ ‭a‬W‭sub-segment‬ ‭of‬ ‭Job‬ ‭Advertising‬ ‭and‬ ‭Talent‬ ‭Sourcing.‬ ‭At‬ ‭$32‬ ‭billion,‬ ‭it’s‬ ‭less‬ ‭than‬ ‭10%‬ ‭of‬ ‭the‬ ‭total.‬ ‭The‬‭rest—recruitment‬ ‭automation,‬ ‭retained‬ ‭search,‬ ‭direct‬ ‭hire,‬ ‭and‬ ‭temp‬ ‭staffing—are‬ ‭all‬ ‭part‬ ‭of‬ ‭the‬ ‭larger‬‭marketplace opportunity.‬‭Slide 1-6-158‬‭The global marketplace TAM is 10 times the size of search.‬‭Our‬‭strategy‬‭to‬‭transform‬‭from‬‭search‬‭engine‬‭to‬‭a‬‭two-sided‬‭marketplace‬‭opens‬‭the‬‭doors‬‭to‬‭this‬‭significantly‬l‭arger opportunity.‬‭Slide 1-6-159‬‭We have a massive opportunity ahead along two simple dimensions:‬‭First, we’ll grow the take rate of existing customers.‬‭Second, we’ll expand our customer base with new employers.‬‭Slide 1-6-160‬‭This transcript is provided for the convenience of investors only.‬‭22‬‭Our‬‭first‬‭monetization‬‭lever‬‭is‬‭to‬‭grow‬‭take‬‭rate.‬‭Take‬‭rate‬‭is‬‭a‬‭measure‬‭of‬‭the‬‭cost‬‭per‬‭hire‬‭as‬‭a‬‭percentage‬‭of‬f‭irst year salary. If it costs $10,000 to deliver the hire of someone earning $100,000, that’s a 10% take rate.‬‭Today, for hires we measure on Indeed, the average take rate is less than 1%.‬‭Slide 1-6-161‬‭1%‬ ‭might‬ ‭seem‬ ‭reasonable,‬ ‭until‬ ‭we‬ ‭consider‬ ‭market‬ ‭pricing‬ ‭for‬ ‭traditional‬ ‭hiring‬ ‭platforms.‬ ‭Direct‬ ‭hire‬‭ lacement fees average roughly 20%, and executive search firms charge up to 40%.‬
p‭So‬‭we‬‭can‬‭grow‬‭our‬‭take‬‭rate‬‭considerably‬‭and‬‭still‬‭have‬‭the‬‭advantage‬‭of‬‭offering‬‭a‬‭significantly‬‭lower‬‭cost‬‭ er hire.‬p‭There are several levers to increase take rate on Indeed.‬‭Slide 1-6-162‬‭ ne‬‭of‬‭the‬‭biggest‬‭levers‬‭to‬‭grow‬‭take‬‭rate‬‭is‬‭to‬‭continue‬‭to‬‭grow‬‭the‬‭share‬‭of‬‭paid‬‭interactions‬‭on‬‭Indeed.‬‭Our‬
O‭core‬‭value‬‭of‬‭putting‬‭job‬‭seekers‬‭first‬‭means‬‭that‬‭we‬‭want‬‭to‬‭have‬‭all‬‭the‬‭jobs‬‭a‬‭job‬‭seeker‬‭would‬‭be‬‭interested‬‭in, regardless of whether or not the job is paid.‬‭ he‬ ‭majority‬ ‭of‬ ‭jobs‬ ‭on‬ ‭Indeed‬ ‭are‬ ‭what‬‭we‬‭call‬‭“organic,”‬‭or‬‭free.‬‭When‬‭a‬‭job‬‭seeker‬‭searches‬‭on‬‭Indeed,‬T‭they‬‭see‬‭a‬‭blend‬‭of‬‭free‬‭and‬‭paid‬‭jobs.‬‭Over‬‭time,‬‭we‬‭have‬‭grown‬‭our‬‭customer‬‭base,‬‭so‬‭we‬‭have‬‭more‬‭paid‬‭job inventory.‬‭ nd‬ ‭as‬ ‭our‬ ‭matching‬ ‭AI‬ ‭has‬ ‭improved,‬ ‭we‬ ‭have‬ ‭been‬ ‭able‬‭to‬‭dial‬‭up‬‭the‬‭percentage‬‭of‬‭matches‬‭from‬‭paid‬A‭jobs.‬ ‭As‬ ‭we‬ ‭continue‬ ‭to‬ ‭turn‬ ‭the‬ ‭knobs‬ ‭on‬ ‭free‬ ‭and‬‭paid‬‭matches,‬‭take‬‭rate‬‭will‬‭go‬‭up.‬‭This‬‭is‬‭an‬‭essential‬‭point‬‭of‬‭our‬‭alignment‬‭of‬‭values‬‭with‬‭job‬‭seekers‬‭and‬‭employers.‬‭For‬‭most‬‭ad‬‭supported‬‭platforms,‬‭the‬‭ads‬‭are‬‭a distraction for the users, a necessary evil.‬‭On‬ ‭Indeed,‬ ‭our‬ ‭“ads”‬ ‭are‬ ‭the‬ ‭reason‬ ‭job‬ ‭seekers‬ ‭visit‬ ‭—‬ ‭to‬‭get‬‭jobs.‬‭And‬‭even‬‭more‬‭importantly,‬‭paid‬‭jobs‬r‭ epresent an employer who is even more eager to fill a position than those that are free.‬‭Slide 1-6-163‬‭On‬‭average,‬‭sponsored‬‭jobs‬‭are‬‭40%‬‭more‬‭likely‬‭to‬‭lead‬‭to‬‭a‬‭hire.‬‭So‬‭we‬‭can‬‭continue‬‭to‬‭grow‬‭the‬‭mix‬‭of‬‭paid‬‭ s free, and still put job seekers first.‬v‭Slide 1-6-164‬‭Another‬‭key‬‭lever‬‭is‬‭to‬‭continue‬‭to‬‭grow‬‭ATS‬‭integrations‬‭for‬‭Indeed‬‭Apply.‬‭Enterprise‬‭clients‬‭are‬‭responsible‬f‭or a huge portion of all open jobs, and nearly all of them use an ATS to post their jobs.‬‭ s‬‭I‬‭mentioned‬‭earlier,‬‭Indeed‬‭Apply‬‭jobs‬‭on‬‭average‬‭spend‬‭twice‬‭as‬‭much‬‭per‬‭job,‬‭while‬‭delivering‬‭2.5‬‭times‬A‭as‬‭many‬‭hires.‬‭This‬‭means‬‭that‬‭our‬‭effective‬‭monetization‬‭of‬‭Enterprise‬‭customers‬‭is‬‭driven‬‭considerably‬‭by‬‭Indeed Apply adoption.‬‭Today, less than half of all jobs on Indeed are Indeed Apply-enabled.‬‭We‬‭have‬‭major‬‭new‬‭ATS‬‭integrations‬‭rolling‬‭out‬‭in‬‭2024,‬‭including‬‭with‬‭four‬‭of‬‭the‬‭largest‬‭ATSs‬‭in‬‭the‬‭world.‬‭ his will open up significant opportunities for Enterprise expansion.‬T‭Slide 1-6-165‬‭Another key lever for increasing take rate is effective monetization for high salary jobs.‬‭This transcript is provided for the convenience of investors only.‬‭23‬‭Throughout‬‭the‬‭HR‬‭industry,‬‭the‬‭higher‬‭the‬‭salary,‬‭the‬‭cost‬‭per‬‭hire‬‭goes‬‭up.‬‭But‬‭even‬‭more‬‭than‬‭that,‬‭the‬‭take‬r‭ ate also increases.‬‭ ou‬ ‭can‬ ‭see‬ ‭this‬ ‭clearly‬ ‭in‬ ‭the‬ ‭sample‬ ‭data‬ ‭here‬ ‭from‬ ‭industry‬ ‭sources.‬ ‭For‬ ‭hospitality‬ ‭roles,‬ ‭we‬ ‭see‬ ‭an‬Y‭average‬ ‭cost‬ ‭per‬‭hire‬‭of‬‭about‬‭$1,000‬‭for‬‭jobs‬‭that‬‭pay‬‭around‬‭$30,000,‬‭for‬‭an‬‭estimated‬‭take‬‭rate‬‭of‬‭3.5%.‬‭For‬‭technical‬‭and‬‭scientific‬‭roles‬‭with‬‭a‬‭$90,000‬‭salary,‬‭the‬‭take‬‭rate‬‭goes‬‭up‬‭to‬‭7%.‬‭Technical‬‭and‬‭scientific‬‭executive roles at $150,000 salary have an estimated take rate of 26%.‬‭Slide 1-6-166‬‭I mentioned before that Indeed’s average take rate is less than 1%.‬‭ ut‬ ‭if‬ ‭we‬ ‭look‬ ‭at‬ ‭our‬ ‭take‬ ‭rate‬ ‭by‬‭salary‬‭range,‬‭we‬‭see‬‭that‬‭our‬‭curve‬‭is‬‭in‬‭fact‬‭the‬‭opposite‬‭of‬‭the‬‭industry‬B‭trend.‬‭As‬‭salary‬‭increases,‬‭our‬‭take‬‭rate‬‭decreases.‬‭Jobs‬‭we‬‭fill‬‭with‬‭a‬‭salary‬‭of‬‭$100,000‬‭have‬‭half‬‭the‬‭take‬‭rate of jobs with a salary of $50,000.‬‭Slide 1-6-167‬‭ his‬‭is‬‭one‬‭big‬‭area‬‭where‬‭we‬‭are‬‭charging‬‭far‬‭less‬‭than‬‭the‬‭value‬‭we‬‭are‬‭delivering.‬‭We‬‭can‬‭turn‬‭the‬‭knobs‬
T‭on‬‭value‬‭based‬‭pricing‬‭—‬‭charging‬‭more‬‭for‬‭higher‬‭salary‬‭jobs‬‭—‬‭and‬‭directly‬‭increase‬‭take‬‭rate.‬‭We‬‭have‬‭a‬‭significant opportunity to close this gap, and we think we can drive even more value for these jobs over time.‬‭Slide 1-6-168‬‭ he‬ ‭final‬ ‭lever‬ ‭for‬‭increasing‬‭take‬‭rate‬‭is‬‭to‬‭continue‬‭the‬‭strategy‬‭of‬‭moving‬‭more‬‭employers‬‭from‬‭search‬‭to‬T‭marketplace‬ ‭products.‬ ‭We‬ ‭are‬ ‭growing‬ ‭Indeed‬ ‭Apply‬ ‭integrations,‬ ‭and‬ ‭launching‬ ‭Smart‬ ‭Sourcing‬ ‭as‬ ‭Raj‬‭explained earlier. Long term, we will continue to innovate monetization models that are “closer to the hire”.‬I‭ndeed‬ ‭Flex‬ ‭and‬ ‭Indeed‬ ‭Hire‬ ‭are‬ ‭early‬ ‭stage‬ ‭experiments.‬ ‭They‬ ‭represent‬ ‭more‬ ‭value‬ ‭to‬ ‭employers—we‬‭deliver‬‭hires‬‭and‬‭completed‬‭shifts.‬‭They‬‭also‬‭represent‬‭a‬‭significantly‬‭higher‬‭take‬‭rate‬‭today‬‭of‬‭5%‬‭-‬‭10%,‬‭and‬‭address a significantly larger TAM. You’ll hear more about Indeed Flex from Rob Zandbergen later today.‬‭While‬ ‭we‬ ‭are‬ ‭focusing‬‭on‬‭growing‬‭the‬‭take‬‭rate‬‭from‬‭existing‬‭customers,‬‭of‬‭course,‬‭we‬‭are‬‭also‬‭focused‬‭on‬‭ rowing our customer base.‬g‭Slide 1-6-169‬‭As‬ ‭Raj‬ ‭shared,‬ ‭we‬ ‭have‬ ‭strong‬ ‭market‬ ‭awareness,‬ ‭preference‬ ‭and‬ ‭share‬‭in‬‭markets‬‭around‬‭the‬‭world.‬‭But‬t‭here are numerous opportunities to grow our customer base.‬‭At a high level, we have three key areas of focus.‬‭ irst‬‭is‬‭our‬‭continued‬‭investment‬‭in‬‭international‬‭markets.‬‭70%‬‭of‬‭our‬‭revenue‬‭today‬‭comes‬‭from‬‭the‬‭US,‬‭but‬F‭70%‬‭of‬‭global‬‭TAM‬‭is‬‭outside‬‭of‬‭the‬‭US.‬‭Japan‬‭is‬‭a‬‭key‬‭market‬‭for‬‭Indeed‬‭and‬‭Recruit,‬‭and‬‭you‬‭will‬‭hear‬‭more‬‭about our efforts there from Kitamura-san and Yamaguchi-san later today.‬‭Next,‬ ‭our‬ ‭SMB‬ ‭business‬ ‭is‬ ‭powered‬ ‭by‬‭hosted‬‭jobs,‬‭which‬‭is‬‭driven‬‭by‬‭self-serve‬‭signups.‬‭By‬‭continuing‬‭to‬‭ implify and optimize the onboarding process, we can drive significant new spending conversions of SMBs.‬s‭Finally,‬ ‭we‬ ‭have‬ ‭substantial‬ ‭headroom‬ ‭to‬ ‭grow‬ ‭enterprise‬ ‭penetration.‬ ‭Our‬ ‭investments‬ ‭in‬ ‭Indeed‬ ‭Apply‬i‭ntegrations will continue to open up new opportunities with Enterprise employers.‬‭Slide 1-6-170‬‭We have significant headroom to expand our current monetization across these two dimensions.‬‭We’ll grow take rate by growing the mix of paid and free matches.‬‭This transcript is provided for the convenience of investors only.‬‭24‬‭Growing Indeed Apply for enterprise employers.‬‭Growing value-based pricing for high salary jobs.‬‭Growing adoption of “closer to the hire” solutions.‬‭And, of course we’ll grow new customers.‬‭These two strategies will work together to drive overall revenue growth.‬‭Slide 1-6-171‬‭Our‬ ‭transformation‬ ‭from‬ ‭search‬ ‭engine‬ ‭to‬ ‭marketplace‬ ‭is‬ ‭well‬‭underway.‬‭But‬‭with‬‭Indeed‬‭Apply‬‭adoption‬‭at‬l‭ess than half, we are still in the early innings of this evolution.‬‭Slide 1-6-172‬‭As‬‭we‬‭continue‬‭this‬‭strategy,‬‭we‬‭will‬‭drive‬‭more‬‭value‬‭for‬‭job‬‭seekers‬‭and‬‭employers,‬‭and‬‭unlock‬‭more‬‭of‬‭the‬‭ early $300 billion marketplace TAM.‬n‭Slide 1-6-173‬‭Overall, the key takeaways for Indeed are:‬‭One,‬‭our‬‭core‬‭principles‬‭of‬‭“Job‬‭seeker‬‭first”‬‭and‬‭“Pay‬‭for‬‭performance”‬‭have‬‭fueled‬‭our‬‭position‬‭as‬‭the‬‭global‬l‭eader in hires.‬‭Two,‬‭ongoing‬‭AI‬‭innovation‬‭is‬‭fueling‬‭our‬‭progress‬‭to‬‭transform‬‭from‬‭a‬‭job‬‭search‬‭engine‬‭into‬‭a‬‭matching‬‭and‬‭ iring marketplace.‬h‭Three,‬ ‭we‬ ‭have‬ ‭significant‬ ‭levers‬ ‭to‬ ‭grow‬ ‭our‬ ‭take‬ ‭rate‬ ‭and‬ ‭customer‬ ‭base‬ ‭to‬ ‭effectively‬ ‭monetize‬ ‭our‬‭ arketplace, and address a much larger HR matching TAM.‬m‭No doubt we have a lot of work ahead of us, but the opportunity to grow hires and revenue is inspiring‬‭Slide 1-6-174‬‭ hen‬‭I‬‭joined‬‭Indeed‬‭in‬‭October‬‭2010,‬‭we‬‭had‬‭130‬‭people,‬‭with‬‭just‬‭45‬‭in‬‭our‬‭Austin‬‭office‬‭where‬‭I‬‭work.‬‭Two‬W‭weeks‬‭after‬‭joining,‬‭we‬‭moved‬‭into‬‭a‬‭new‬‭office‬‭space.‬‭In‬‭true‬‭startup‬‭fashion,‬‭we‬‭met‬‭on‬‭a‬‭saturday‬‭morning‬‭with coffee, bagels, and yes, our own power tools.‬‭Slide 1-6-175‬‭We assembled desks, installed power and cabling, and stocked the kitchen.‬‭But‬ ‭as‬ ‭fun‬ ‭as‬‭this‬‭was,‬‭I‬‭had‬‭been‬‭working‬‭in‬‭startups‬‭for‬‭15‬‭years‬‭at‬‭that‬‭point,‬‭and‬‭at‬‭130‬‭people,‬‭Indeed‬‭ as actually the biggest company I had ever joined.‬w‭Slide 1-6-176‬‭I was inspired by the mission and the people, but honestly, I was a bit worried that I’d missed all the fun.‬‭Looking back now of course it’s clear that we were just getting started.‬‭Slide 1-6-177‬‭This transcript is provided for the convenience of investors only.‬‭25‬‭When‬ ‭I‬ ‭look‬ ‭at‬ ‭all‬ ‭the‬ ‭opportunities‬ ‭ahead‬ ‭of‬ ‭us‬ ‭today,‬ ‭I‬ ‭can‬ ‭say‬ ‭with‬ ‭absolute‬ ‭conviction‬ ‭that‬‭we‬‭are‬‭just‬‭ etting started.‬g‭Thank you.‬‭Slide 1-7-178‬‭Yoshi:‬ ‭My‬ ‭name‬ ‭is‬ ‭Yoshi,‬ ‭and‬ ‭I‬ ‭am‬ ‭the‬ ‭Executive‬ ‭Vice‬ ‭President‬ ‭and‬ ‭Head‬ ‭of‬ ‭the‬ ‭Matching‬ ‭&‬ ‭Solutions‬‭ usiness unit at Recruit Holdings.‬
B‭ ince‬ ‭joining‬ ‭Recruit‬ ‭about‬‭27‬‭years‬‭ago,‬‭I‬‭have‬‭primarily‬‭been‬‭involved‬‭in‬‭the‬‭company's‬‭operations‬‭within‬S‭Japan.‬ ‭I‬ ‭would‬ ‭like‬ ‭to‬ ‭provide‬ ‭an‬ ‭update‬ ‭on‬ ‭the‬ ‭progress‬‭of‬‭Simplify‬‭Hiring‬‭in‬‭Japan,‬‭a‬‭strategy‬‭that‬‭spans‬‭across all three Strategic Business Units.‬‭Slide 1-7-179‬‭ irst,‬‭let‬‭me‬‭discuss‬‭the‬‭current‬‭state‬‭of‬‭the‬‭HR‬‭matching‬‭market‬‭in‬‭Japan.‬‭As‬‭shared‬‭in‬‭earlier‬‭presentations,‬F‭the‬‭global‬‭HR‬‭matching‬‭market‬‭is‬‭valued‬‭at‬‭approximately‬‭$327‬‭billion‬‭US‬‭dollars.‬‭Within‬‭this,‬‭Japan‬‭holds‬‭the‬‭position as the second largest market in the world, following the United States.‬‭Slide 1-7-180‬‭Deko‬ ‭mentioned‬ ‭that,‬ ‭as‬ ‭a‬ ‭common‬ ‭issue‬ ‭globally,‬ ‭searching‬ ‭for‬ ‭a‬ ‭job‬ ‭remains‬ ‭challenging‬ ‭and‬ ‭the‬r‭ ecruitment process is inefficient. Japan faces similar issues.‬‭The‬ ‭HR‬ ‭matching‬ ‭market‬ ‭in‬ ‭Japan‬ ‭has‬ ‭many‬ ‭unique‬ ‭characteristics,‬ ‭and‬ ‭it‬ ‭is‬ ‭crucial‬ ‭to‬ ‭understand‬ ‭these‬‭ haracteristics in order to effectively deliver on our strategy to Simplify Hiring.‬c‭Slide 1-7-181‬‭First, Japan has been experiencing a serious labor shortage.‬‭Slide 1-7-182‬‭ s‬ ‭Japan‬ ‭faces‬ ‭an‬ ‭aging‬ ‭population‬ ‭and‬ ‭declining‬ ‭birthrate,‬ ‭the‬ ‭working-age‬ ‭population‬ ‭has‬ ‭continued‬ ‭to‬A
‭decrease‬ ‭over‬ ‭the‬ ‭past‬ ‭20‬ ‭years.‬ ‭By‬ ‭2040,‬ ‭it‬ ‭is‬ ‭expected‬ ‭that‬ ‭there‬‭will‬‭be‬‭a‬‭shortage‬‭of‬‭approximately‬‭11‬‭million people in the labor supply compared to labor demand.‬‭I‬‭am‬‭convinced‬‭Simplifying‬‭Hiring‬‭is‬‭critically‬‭important‬‭in‬‭Japan.‬‭For‬‭job‬‭seekers,‬‭it‬‭provides‬‭support‬‭to‬‭make‬i‭t faster and easier to find a job. For employers, it significantly streamlines the recruitment process itself.‬‭Slide 1-7-183‬‭Second, there is a low rate of people changing jobs.‬‭Slide 1-7-184‬I‭n‬ ‭recent‬ ‭years,‬ ‭Japan‬ ‭has‬ ‭made‬ ‭progress‬ ‭in‬ ‭transforming‬ ‭its‬ ‭distinctive‬ ‭employment‬ ‭systems,‬ ‭including‬‭moving‬‭away‬‭from‬‭lifetime‬‭employment.‬‭However,‬‭according‬‭to‬‭a‬‭survey‬‭by‬‭Indeed,‬‭Japan‬‭has‬‭a‬‭lower‬‭rate‬‭of‬‭job‬ ‭change‬ ‭compared‬ ‭to‬ ‭other‬ ‭countries:‬ ‭less‬ ‭than‬ ‭60%‬ ‭of‬ ‭respondents‬ ‭in‬ ‭Japan‬ ‭reported‬ ‭switching‬ ‭jobs,‬‭whereas this rate exceeds 90% in countries like the US and the UK.‬‭ or‬ ‭those‬ ‭who‬ ‭have‬ ‭never‬ ‭changed‬ ‭jobs‬ ‭and‬ ‭do‬ ‭not‬ ‭have‬ ‭much‬ ‭knowledge‬ ‭about‬ ‭how‬ ‭to‬ ‭do‬‭so,‬‭finding‬‭a‬
F‭suitable‬ ‭job‬ ‭from‬ ‭the‬ ‭many‬ ‭available‬ ‭options‬ ‭is‬ ‭not‬ ‭easy.‬ ‭Even‬ ‭for‬ ‭those‬ ‭with‬ ‭experience,‬ ‭changing‬ ‭a‬ ‭job‬‭requires‬‭a‬‭lot‬‭of‬‭effort‬‭and‬‭time.‬‭Although‬‭many‬‭people‬‭"wish‬‭to‬‭change‬‭jobs,"‬‭the‬‭actual‬‭percentage‬‭that‬‭do‬‭so‬‭the following year remains just over 10%.‬‭This transcript is provided for the convenience of investors only.‬‭26‬

‭ mong‬‭the‬‭reasons‬‭for‬‭not‬‭changing‬‭jobs,‬‭one‬‭in‬‭three‬‭people‬‭cited‬‭lack‬‭of‬‭time,‬‭and‬‭not‬‭finding‬‭the‬‭desired‬A‭job‬‭was‬‭also‬‭among‬‭the‬‭top‬‭reasons.‬‭Therefore,‬‭we‬‭recognize‬‭the‬‭importance‬‭of‬‭making‬‭the‬‭process‬‭of‬‭finding‬‭the right job faster and easier.‬‭Slide 1-7-185‬‭Next, let’s look at the market fragmentation of Japan.‬‭Slide 1-7-186‬‭ any‬ ‭employers,‬ ‭including‬ ‭us,‬ ‭have‬ ‭developed‬ ‭services‬ ‭to‬ ‭support‬ ‭matching‬ ‭within‬ ‭specific‬ ‭categories‬ ‭in‬M
‭order‬ ‭to‬ ‭meet‬ ‭the‬ ‭diverse‬ ‭needs‬ ‭of‬ ‭job‬ ‭seekers,‬ ‭dividing‬‭job‬‭boards‬‭by:‬‭employment‬‭type‬‭such‬‭as‬‭full-time,‬‭part-time,‬ ‭and‬ ‭temporary‬ ‭work;‬ ‭by‬ ‭timing‬ ‭such‬ ‭as‬‭new‬‭graduates‬‭and‬‭career‬‭changes;‬‭as‬‭well‬‭as‬‭by‬‭region‬‭such as Tokyo and Osaka.‬‭As‬‭a‬‭result,‬‭there‬‭are‬‭approximately‬‭28,000‬‭employment‬‭agencies,‬‭about‬‭44,400‬‭temporary‬‭staffing‬‭agencies,‬‭ nd numerous job boards in Japan.‬a‭In‬‭the‬‭highly‬‭fragmented‬‭HR‬‭matching‬‭market,‬‭job‬‭seekers‬‭are‬‭able‬‭to‬‭search‬‭for‬‭job‬‭listings‬‭on‬‭job‬‭boards‬‭that‬‭ re filtered based on their desired work style.‬a‭This‬‭provides‬‭job‬‭seekers‬‭the‬‭advantage‬‭of‬‭easily‬‭finding‬‭job‬‭listings‬‭that‬‭match‬‭their‬‭needs,‬‭and‬‭it‬‭gives‬‭hiring‬‭ ompanies the benefit of being able to target their job advertisements to specific groups.‬c‭However,‬ ‭this‬ ‭segmentation‬ ‭tends‬ ‭to‬ ‭limit‬ ‭job‬ ‭seekers'‬ ‭opportunities‬ ‭to‬ ‭realize‬ ‭their‬ ‭potential‬ ‭or‬ ‭to‬ ‭find‬ ‭job‬l‭istings that might suit them better.‬‭ or‬ ‭employers,‬ ‭choosing‬ ‭between‬ ‭multiple‬ ‭job‬ ‭boards,‬ ‭setting‬ ‭budgets,‬ ‭and‬ ‭creating‬ ‭job‬ ‭listings‬ ‭in‬ ‭various‬F‭individual‬‭formats‬‭can‬‭make‬‭recruitment‬‭tasks‬‭inefficient‬‭due‬‭to‬‭the‬‭limited‬‭reach‬‭to‬‭potential‬‭candidates‬‭and‬‭the complexity involved.‬‭ hile‬‭maintaining‬‭the‬‭benefits‬‭of‬‭traditional‬‭segmented‬‭HR‬‭matching‬‭services,‬‭we‬‭are‬‭leveraging‬‭our‬‭unique‬W‭data‬‭and‬‭technology‬‭to‬‭respond‬‭to‬‭changes‬‭in‬‭work‬‭styles‬‭and‬‭skills-based‬‭matching.‬‭We‬‭are‬‭exploring‬‭ways‬‭to evolve so that a diverse range of job seekers and jobs can be matched more efficiently.‬‭Slide 1-7-187‬‭ he‬‭Recruit‬‭Group‬‭has‬‭been‬‭involved‬‭in‬‭the‬‭HR‬‭matching‬‭business‬‭within‬‭Japan‬‭for‬‭over‬‭60‬‭years,‬‭since‬‭its‬T‭inception.‬ ‭It‬ ‭started‬ ‭with‬ ‭job‬ ‭advertisement‬ ‭magazines‬ ‭aimed‬ ‭at‬ ‭college‬ ‭students‬ ‭and‬ ‭has‬ ‭continuously‬‭evolved‬ ‭by‬ ‭anticipating‬ ‭changes‬ ‭in‬ ‭society‬ ‭and‬ ‭industries.‬ ‭By‬ ‭disrupting‬ ‭ourselves,‬ ‭we‬ ‭have‬ ‭repeatedly‬‭created new business models, transitioning from print to online media, and then to matching platforms.‬‭Since‬‭Indeed‬‭began‬‭its‬‭operations‬‭in‬‭Japan,‬‭Indeed‬‭offers‬‭added‬‭value‬‭that‬‭simplifies‬‭the‬‭processes‬‭for‬‭both‬j‭ob seekers and employers.‬‭Slide 1-7-188‬‭Going forward, we plan to further advance Simplify Hiring in Japan across the three Strategic Business Units.‬‭ s‬ ‭part‬ ‭of‬ ‭this‬ ‭effort,‬ ‭at‬ ‭the‬ ‭end‬ ‭of‬ ‭January‬ ‭this‬ ‭year,‬ ‭Indeed‬‭has‬‭started‬‭the‬‭nationwide‬‭rollout‬‭in‬‭Japan‬‭of‬A‭Indeed‬ ‭PLUS,‬ ‭a‬ ‭job‬ ‭distribution‬ ‭platform‬ ‭that‬ ‭efficiently‬ ‭matches‬ ‭job‬ ‭seekers‬ ‭and‬‭employers.‬‭Indeed‬‭PLUS‬‭combines‬‭the‬‭power‬‭of‬‭our‬‭HR‬‭Technology‬‭platform‬‭with‬‭the‬‭data‬‭and‬‭insights‬‭of‬‭our‬‭various‬‭Japan-based‬‭HR‬‭solutions‬ ‭like‬ ‭Townwork‬ ‭and‬ ‭Rikunabi‬ ‭NEXT.‬ ‭These‬ ‭job‬ ‭boards‬ ‭in‬ ‭HR‬ ‭Solutions‬ ‭are‬ ‭now‬ ‭linked‬ ‭to‬ ‭Indeed‬‭PLUS.‬‭Slide 1-7-189‬‭This transcript is provided for the convenience of investors only.‬‭27‬

‭In‬ ‭HR‬ ‭Solutions,‬ ‭we‬ ‭have‬ ‭traditionally‬ ‭operated‬‭several‬‭paid‬‭job‬‭boards‬‭such‬‭as‬‭Rikunabi‬‭NEXT,‬‭Townwork‬‭ nd others, using an advertising fee-based "Pay Per Post" model.‬a‭ s‬‭they‬‭link‬‭to‬‭Indeed‬‭PLUS,‬‭the‬‭job‬‭boards‬‭in‬‭HR‬‭Solutions‬‭will‬‭transition‬‭to‬‭a‬‭"Pay‬‭Per‬‭Click"‬‭model,‬‭which‬‭is‬A‭an‬ ‭auction-based‬ ‭pay‬ ‭for‬ ‭performance‬ ‭model.‬ ‭This‬ ‭change‬ ‭will‬ ‭enhance‬ ‭the‬ ‭transparency‬ ‭of‬‭cost-effectiveness for employers compared to the Pay Per Post model.‬‭We‬ ‭believe‬ ‭HR‬ ‭Solutions‬ ‭in‬ ‭Matching‬ ‭&‬ ‭Solutions‬ ‭is‬ ‭able‬ ‭to‬ ‭transform‬ ‭into‬ ‭an‬ ‭HR‬ ‭technology‬ ‭business‬t‭hrough the evolution of business models and pricing models.‬‭Slide 1-7-190‬‭ or‬‭the‬‭twelve‬‭months‬‭ended‬‭December‬‭2023,‬‭HR‬‭Solutions‬‭revenue‬‭was‬‭approximately‬‭310‬‭billion‬‭yen,‬‭with‬F‭job‬ ‭boards‬‭in‬‭the‬‭full-time‬‭and‬‭part-time‬‭job‬‭recruitment‬‭areas‬‭alone‬‭accounting‬‭for‬‭approximately‬‭115‬‭billion‬‭yen.‬‭Meanwhile, Indeed's revenue within Japan for the same period was approximately 68 billion yen.‬‭ he‬ ‭launch‬ ‭of‬ ‭Indeed‬ ‭PLUS‬ ‭is‬ ‭expected‬ ‭to‬ ‭attract‬ ‭new‬ ‭business‬ ‭clients‬‭and‬‭increase‬‭the‬‭average‬‭revenue‬
T‭from‬‭existing‬‭clients.‬‭As‬‭a‬‭result,‬‭HR‬‭Technology‬‭revenue‬‭in‬‭Japan‬‭is‬‭anticipated‬‭to‬‭grow‬‭further.‬‭This‬‭growth‬‭is supported by the Indeed PLUS value proposition of streamlining hiring processes.‬‭From‬ ‭here,‬ ‭I‬‭would‬‭like‬‭to‬‭pass‬‭it‬‭over‬‭to‬‭Masamichi,‬ ‭SVP‬‭of‬‭Product‬‭for‬‭HR‬‭Solutions.‬‭He‬‭will‬‭give‬‭you‬‭an‬‭ pdate on Indeed PLUS and how it simplifies hiring in Japan.‬u‭Slide 1-7-191‬‭Masamichi:‬‭Hi,‬ ‭I’m‬ ‭Masamichi‬ ‭from‬ ‭the‬ ‭Product‬ ‭Management‬ ‭team‬ ‭at‬ ‭HR‬ ‭Solutions.‬ ‭I’ve‬ ‭been‬ ‭working‬ ‭in‬‭ roduct Strategy in HR Solutions since 2018.‬
P‭Slide 1-7-192‬‭Indeed‬‭PLUS‬‭is‬‭a‬‭job‬‭distribution‬‭platform‬‭developed‬‭over‬‭several‬‭years‬‭through‬‭close‬‭collaboration‬‭between‬I‭ndeed and HR Solutions.‬‭Slide 1-7-193‬‭ hen‬‭employers‬‭post‬‭a‬‭job‬‭through‬‭an‬‭applicant‬‭tracking‬‭system,‬‭known‬‭as‬‭an‬‭ATS,‬‭linked‬‭to‬‭Indeed‬‭PLUS,‬
W‭the‬‭job‬‭is‬‭automatically‬‭distributed‬‭to‬‭the‬‭most‬‭suitable‬‭job‬‭boards‬‭within‬‭the‬‭Indeed‬‭PLUS‬‭network‬‭based‬‭on‬‭the job description.‬‭ his‬ ‭allows‬ ‭job‬ ‭seekers‬ ‭to‬ ‭choose‬ ‭from‬ ‭a‬ ‭wider‬ ‭range‬ ‭of‬ ‭jobs,‬ ‭and‬ ‭employers‬ ‭can‬ ‭expect‬‭to‬‭hire‬‭the‬‭most‬T‭suitable‬ ‭talent‬ ‭more‬ ‭quickly‬ ‭and‬ ‭efficiently,‬ ‭from‬ ‭a‬ ‭larger‬ ‭pool‬ ‭of‬ ‭candidates.‬ ‭Attracting‬ ‭a‬ ‭larger‬ ‭pool‬ ‭of‬‭candidates is a critical challenge in the Japan labor market where there is a serious labor shortage.‬‭ s‬‭Kitamura-san‬‭mentioned‬‭earlier,‬‭most‬‭job‬‭boards‬‭in‬‭HR‬‭Solutions‬‭have‬‭become‬‭job‬‭boards‬‭linked‬‭to‬‭Indeed‬A‭PLUS.‬ ‭We‬ ‭expect‬ ‭the‬ ‭number‬ ‭of‬ ‭job‬ ‭boards‬ ‭linked‬ ‭to‬ ‭Indeed‬ ‭PLUS‬ ‭will‬ ‭increase‬ ‭as‬ ‭third-party‬ ‭job‬‭boards‬‭outside‬ ‭Recruit‬ ‭Group‬ ‭join‬ ‭this‬ ‭network‬ ‭to‬ ‭provide‬ ‭more‬ ‭opportunities‬ ‭to‬ ‭the‬ ‭job‬ ‭seekers‬ ‭who‬‭use‬‭their‬‭job‬‭boards.‬‭Additionally,‬‭Airwork‬‭ATS‬‭and‬‭JobOp,‬‭which‬‭are‬‭ATSs‬‭operated‬‭by‬‭Recruit‬‭Group,‬‭are‬‭already‬‭linked‬‭to‬‭Indeed‬‭ LUS. Other than ATSs operated by our group, 26 ATSs are already planned to be linked to Indeed PLUS.‬P‭ or‬‭ATS‬‭providers,‬‭linking‬‭to‬‭Indeed‬‭PLUS‬‭is‬‭expected‬‭to‬‭expand‬‭the‬‭range‬‭of‬‭job‬‭advertising‬‭platforms‬‭where‬F‭jobs‬ ‭can‬‭be‬‭posted‬‭and,‬‭consequently,‬‭reach‬‭a‬‭broader‬‭audience‬‭of‬‭job‬‭seekers,‬‭without‬‭incurring‬‭additional‬‭costs. Therefore, we anticipate an increase in ATSs linked to Indeed PLUS in the future.‬‭This transcript is provided for the convenience of investors only.‬‭28‬‭From‬ ‭here,‬ ‭I‬ ‭will‬ ‭discuss‬ ‭the‬‭features‬‭of‬‭Indeed‬‭PLUS‬‭from‬‭three‬‭perspectives:‬‭data‬‭standardization,‬‭reach,‬‭ nd matching.‬a‭Slide 1-7-194‬‭The first perspective is data standardization.‬‭Slide 1-7-195‬‭ raditional‬ ‭job‬ ‭advertisements‬ ‭were‬ ‭created‬ ‭according‬ ‭to‬ ‭the‬ ‭format‬ ‭of‬ ‭each‬‭individual‬‭job‬‭board,‬‭making‬‭it‬T‭time-consuming‬‭and‬‭labor‬‭intensive‬‭for‬‭job‬‭seekers‬‭to‬‭compare‬‭multiple‬‭job‬‭listings‬‭with‬‭different‬‭formats‬‭and‬‭content including application requirements.‬‭ imilarly,‬‭employers‬‭had‬‭to‬‭review‬‭applicants'‬‭documents‬‭in‬‭the‬‭different‬‭formats‬‭of‬‭each‬‭job‬‭board,‬‭leading‬‭to‬S‭an‬ ‭inefficient‬‭recruitment‬‭process.‬‭Job‬‭postings‬‭created‬‭by‬‭an‬‭ATS‬‭linked‬‭to‬‭Indeed‬‭PLUS‬‭become‬‭easier‬‭to‬‭compare‬‭as‬‭the‬‭job‬‭descriptions‬‭and‬‭other‬‭recruitment‬‭details‬‭are‬‭standardized,‬‭allowing‬‭job‬‭seekers‬‭to‬‭more‬‭easily find jobs that suit them.‬‭Slide 1-7-196‬‭ n‬‭Indeed‬‭PLUS‬‭job‬‭boards,‬‭a‬‭service‬‭called‬‭"Resume"‬‭has‬‭been‬‭introduced‬‭that‬‭allows‬‭for‬‭the‬‭easy‬‭creation‬O‭of‬‭resumes‬‭in‬‭a‬‭cross-service‬‭format.‬‭With‬‭"Resume,"‬‭job‬‭seeker‬‭information‬‭is‬‭standardized‬‭and‬‭structured‬‭in‬‭a‬ ‭way‬ ‭that‬ ‭AI‬ ‭can‬ ‭more‬ ‭easily‬ ‭understand,‬ ‭facilitating‬ ‭recruitment‬ ‭based‬ ‭on‬ ‭experience‬ ‭and‬ ‭skills.‬ ‭This‬‭enables employers to recruit the most suitable talent accurately and quickly.‬‭Slide 1-7-197‬‭The second perspective is Reach.‬‭Slide 1-7-198‬‭ ccording‬‭to‬‭a‬‭survey‬‭by‬‭Indeed,‬‭more‬‭than‬‭90%‬‭of‬‭job‬‭seekers‬‭in‬‭Japan‬‭feel‬‭that‬‭there‬‭might‬‭be‬‭job‬‭listings‬
A‭better‬ ‭suited‬ ‭for‬ ‭them‬ ‭out‬ ‭there.‬ ‭Furthermore,‬ ‭more‬ ‭than‬ ‭half‬ ‭of‬ ‭employers‬ ‭feel‬ ‭that‬ ‭they‬ ‭do‬ ‭not‬ ‭receive‬‭enough applicants unless they use multiple job sites.‬‭Slide 1-7-199‬‭Indeed PLUS job boards enable job seekers to effectively find the right job from a wider range of options.‬‭ nd‬ ‭by‬ ‭posting‬ ‭jobs‬ ‭through‬ ‭ATSs‬ ‭linked‬ ‭to‬ ‭Indeed‬ ‭PLUS,‬ ‭employers‬ ‭can‬‭reach‬‭up‬‭to‬‭70%‬‭of‬‭users‬‭at‬‭the‬A‭major‬ ‭job‬ ‭boards‬ ‭in‬ ‭Japan,‬ ‭increasing‬ ‭their‬ ‭chances‬ ‭of‬ ‭receiving‬ ‭more‬ ‭applications‬ ‭from‬ ‭job‬ ‭seekers‬ ‭that‬‭better match their needs.‬‭Slide 1-7-200‬‭The last perspective is Matching.‬‭Slide 1-7-201‬‭ he‬ ‭algorithm‬ ‭of‬ ‭Indeed‬ ‭PLUS‬ ‭continuously‬ ‭optimizes‬ ‭itself‬ ‭using‬ ‭machine‬ ‭learning‬ ‭based‬ ‭on‬ ‭data‬ ‭from‬T‭Indeed‬ ‭PLUS‬ ‭which‬ ‭includes‬ ‭job‬ ‭ad‬ ‭distribution,‬ ‭searches‬ ‭and‬ ‭recommendations‬ ‭on‬ ‭job‬ ‭boards,‬ ‭and‬‭advertisement budget allocation for employers.‬‭Our‬ ‭group's‬ ‭matching‬ ‭engine,‬ ‭which‬ ‭constantly‬ ‭evolves‬ ‭through‬ ‭machine‬ ‭learning‬ ‭and‬ ‭AI,‬ ‭will‬ ‭make‬ ‭the‬‭ atching between employers and job seekers faster and easier.‬m‭This transcript is provided for the convenience of investors only.‬‭29‬‭Here,‬ ‭we‬ ‭will‬ ‭explain‬ ‭specific‬ ‭use‬ ‭cases‬ ‭of‬ ‭Indeed‬ ‭PLUS‬ ‭from‬ ‭the‬ ‭perspective‬ ‭of‬ ‭both‬ ‭job‬ ‭seekers‬ ‭and‬‭ mployers.‬
e‭Slide 1-7-202‬‭First,‬‭let‬‭me‬‭introduce‬‭how‬‭job‬‭seekers‬‭are‬‭utilizing‬‭Indeed‬‭PLUS.‬‭Since‬‭October‬‭of‬‭last‬‭year,‬‭we‬‭have‬‭been‬t‭esting Indeed PLUS in limited regions.‬I‭n‬ ‭these‬ ‭test‬ ‭regions,‬ ‭the‬ ‭number‬ ‭of‬ ‭job‬ ‭listings‬ ‭viewable‬ ‭on‬ ‭Rikunabi‬ ‭NEXT‬ ‭increased‬ ‭after‬ ‭the‬ ‭rollout‬ ‭of‬‭Indeed‬ ‭PLUS‬ ‭-‬ ‭leading‬ ‭to‬ ‭a‬ ‭growth‬ ‭rate‬ ‭of‬ ‭job‬ ‭listings‬ ‭that‬ ‭was‬ ‭approximately‬ ‭twice‬ ‭that‬ ‭of‬ ‭areas‬ ‭not‬‭participating in the test.‬‭ hese‬ ‭results‬ ‭indicate‬ ‭that‬ ‭job‬ ‭seekers‬ ‭are‬ ‭now‬ ‭able‬ ‭to‬ ‭access‬ ‭an‬ ‭increasing‬ ‭number‬ ‭of‬ ‭job‬ ‭listings‬ ‭with‬T‭Indeed‬‭PLUS.‬‭Therefore,‬‭from‬‭a‬‭job‬‭seeker's‬‭perspective,‬‭they‬‭can‬‭now‬‭select‬‭from‬‭more‬‭job‬‭openings‬‭than‬‭ever before, without changing their job search methods or habits.‬‭Slide 1-7-203‬‭ dditionally,‬‭Indeed‬‭PLUS‬‭has‬‭AI-driven‬‭recommendations‬‭that‬‭deliver‬‭recommended‬‭jobs‬‭via‬‭email‬‭based‬‭on‬A‭information‬ ‭from‬ ‭job‬ ‭seekers’‬ ‭resumes‬ ‭and‬ ‭job‬ ‭search‬ ‭activities,‬ ‭and‬ ‭an‬ ‭“Approach”‬ ‭feature‬ ‭that‬ ‭allows‬‭employers to send scout emails to job seekers.‬‭With‬ ‭these‬ ‭features,‬ ‭job‬ ‭seekers‬ ‭will‬ ‭encounter‬ ‭a‬ ‭wider‬ ‭variety‬ ‭of‬ ‭listings‬ ‭than‬ ‭ever‬ ‭before‬ ‭and‬ ‭get‬‭ pportunities to consider jobs they had never previously thought of.‬o
‭Next, let’s look at how employers are utilizing Indeed PLUS.‬‭Slide 1-7-204‬‭ ‬‭construction‬‭company,‬‭which‬‭was‬‭impacted‬‭by‬‭a‬‭serious‬‭labor‬‭shortage‬‭in‬‭the‬‭construction‬‭industry,‬‭used‬‭to‬A‭take‬‭a‬‭long‬‭time‬‭to‬‭find‬‭and‬‭hire‬‭appropriate‬‭employees.‬‭Even‬‭after‬‭4‬‭weeks‬‭of‬‭advertising‬‭on‬‭Rikunabi‬‭NEXT‬‭they only had 6 applications and none of them met the company's hiring criteria.‬‭However,‬ ‭after‬ ‭switching‬ ‭to‬ ‭Indeed‬ ‭PLUS‬ ‭in‬‭January,‬‭the‬‭company‬‭received‬‭106‬‭applications‬‭and‬‭hired‬‭two‬‭ ew employees in 4 weeks.‬nI‭n‬‭addition,‬‭there‬‭have‬‭been‬‭cases‬‭where‬‭it‬‭used‬‭to‬‭take‬‭two‬‭days‬‭to‬‭decide‬‭where‬‭to‬‭post‬‭a‬‭job‬‭ad‬‭and‬‭what‬‭the‬‭posting‬‭plan‬‭should‬‭be.‬‭But‬‭with‬‭Indeed‬‭PLUS,‬‭the‬‭process‬‭is‬‭automated‬‭and‬‭the‬‭time‬‭taken‬‭to‬‭post‬‭a‬‭job‬‭has been reduced to just a few minutes.‬‭ s‬ ‭you‬ ‭can‬ ‭see,‬ ‭Indeed‬ ‭PLUS‬ ‭makes‬ ‭the‬ ‭hiring‬ ‭process‬ ‭faster‬ ‭and‬ ‭easier,‬ ‭and‬ ‭we‬ ‭continue‬ ‭to‬ ‭receive‬A‭feedback‬‭that‬‭the‬‭matching‬‭accuracy‬‭has‬‭improved‬‭with‬‭an‬‭increase‬‭in‬‭applications‬‭from‬‭suitable‬‭candidates‬‭that lead to hires.‬‭ e‬‭believe‬‭that‬‭by‬‭increasing‬‭collaboration‬‭with‬‭job‬‭boards‬‭and‬‭ATSs‬‭other‬‭than‬‭our‬‭own‬‭in‬‭the‬‭future,‬‭Indeed‬W‭PLUS‬ ‭will‬ ‭advance‬ ‭Simplify‬ ‭Hiring‬ ‭in‬ ‭Japan‬ ‭-‬ ‭allowing‬ ‭job‬ ‭seekers‬ ‭to‬‭select‬‭suitable‬‭jobs‬‭more‬‭quickly‬‭and‬‭enabling employers to streamline their recruitment processes, among other benefits.‬‭Therefore,‬ ‭in‬ ‭HR‬ ‭Solutions‬ ‭in‬ ‭Matching‬ ‭&‬ ‭Solutions,‬ ‭our‬ ‭efforts‬ ‭to‬ ‭Simplify‬ ‭Hiring‬ ‭in‬ ‭Japan‬ ‭will‬ ‭focus‬ ‭on‬‭ ollaborating with Indeed Japan and promoting the widespread adoption of Indeed PLUS.‬c‭Yoshi:‬‭As‬‭a‬‭global‬‭leader‬‭in‬‭the‬‭HR‬‭matching‬‭market,‬‭one‬‭of‬‭our‬‭key‬‭strategies‬‭is‬‭to‬‭rapidly‬‭advance‬‭Simplify‬‭ iring.‬
H‭As‬ ‭we‬ ‭discussed‬ ‭today,‬ ‭we‬ ‭will‬ ‭evolve‬ ‭HR‬ ‭Solutions‬ ‭in‬ ‭Japan‬ ‭through‬ ‭collaboration‬ ‭with‬ ‭Indeed‬ ‭and‬ ‭by‬l‭everaging our unique data, machine learning, and AI technology.‬‭This transcript is provided for the convenience of investors only.‬‭30‬‭ s‬ ‭the‬ ‭labor‬ ‭market‬ ‭in‬ ‭Japan‬ ‭is‬‭undergoing‬‭significant‬‭changes,‬‭we‬‭are‬‭committed‬‭to‬‭matching‬‭job‬‭seekers‬A‭and‬ ‭employers‬ ‭more‬ ‭efficiently.‬ ‭By‬ ‭leveraging‬ ‭our‬ ‭diverse‬ ‭service‬ ‭offering,‬ ‭we‬ ‭will‬ ‭not‬ ‭be‬ ‭limited‬ ‭by‬ ‭the‬‭constraints‬ ‭of‬ ‭existing‬ ‭recruitment‬ ‭mechanisms,‬ ‭allowing‬ ‭us‬ ‭to‬ ‭help‬ ‭job‬ ‭seekers‬ ‭find‬ ‭suitable‬ ‭jobs‬ ‭and‬‭employers to recruit the talent they desire.‬‭This concludes my presentation.‬‭Next, Rob will give you an update on Staffing.‬‭Slide 1-8-207‬‭Rob:‬‭Hello,‬‭my‬‭name‬‭is‬‭Rob‬‭Zandbergen,‬‭I’m‬‭Head‬‭of‬‭the‬‭staffing‬‭business‬‭for‬‭Recruit‬‭Holdings.‬‭I‬‭have‬‭been‬‭ orking in the staffing industry for more than 20 years. And since 2018, I have been the CEO of RGF Staffing.‬w‭Today, I’d like to tell you about our ”Simplify Hiring” initiatives.‬‭Slide 1-8-208‬‭It‬‭is‬‭our‬‭mission‬‭to‬‭make‬‭employing‬‭easy.‬‭That‬‭is‬‭what‬‭gets‬‭us‬‭out‬‭of‬‭bed‬‭every‬‭morning.‬‭The‬‭temporary‬‭labor‬‭ arket is complex and far from efficient, for both employers as well as for employees.‬m‭Our‬‭people,‬‭who‬‭work‬‭in‬‭all‬‭our‬‭renowned‬‭local‬‭brands‬‭across‬‭the‬‭globe,‬‭put‬‭an‬‭enormous‬‭effort‬‭every‬‭day‬‭to‬‭ upport hundreds of thousands of employees and thousands of employers in organizing their work.‬s‭Helping‬ ‭to‬ ‭make‬ ‭employing‬ ‭easier‬ ‭for‬ ‭them!‬ ‭This‬ ‭is‬ ‭how‬ ‭we‬ ‭contribute‬ ‭to‬ ‭the‬ ‭prosperity‬ ‭of‬ ‭local‬ ‭working‬‭ ommunities in all the regions we’re in.‬c
‭Slide 1-8-209‬‭The core of our work is placing people in temporary jobs.‬‭In‬‭2022,‬‭in‬‭any‬‭given‬‭week,‬‭an‬‭average‬‭of‬‭275,000‬‭people‬‭were‬‭working‬‭on‬‭assignments‬‭at‬‭our‬‭customers‬‭in‬‭a‬‭ ide variety of professions and industries.‬w‭In‬ ‭RGF‬ ‭Staffing,‬ ‭we‬ ‭employ‬ ‭a‬ ‭total‬ ‭of‬ ‭close‬ ‭to‬ ‭20,000‬ ‭employees.‬ ‭Currently,‬ ‭we‬ ‭have‬ ‭a‬ ‭presence‬ ‭in‬ ‭11‬
‭ ountries spread over 4 continents – Asia, Australia, Europe and North America.‬c‭In‬‭2022,‬‭we‬‭achieved‬‭annual‬‭revenue‬‭close‬‭to‬‭1.6‬‭trillion‬‭yen.‬‭Our‬‭Adjusted‬‭EBITDA‬‭grew‬‭to‬‭over‬‭100‬‭billion‬‭ en.‬y‭In‬ ‭addition‬ ‭we‬ ‭are‬ ‭also‬ ‭very‬ ‭focused‬ ‭on‬ ‭continuously‬ ‭increasing‬ ‭productivity.‬ ‭We‬ ‭measure‬ ‭this‬ ‭through‬‭ onversion ratio, which is calculated as adjusted EBITDA as a percentage of gross profit.‬c‭In 2022, our conversion ratio was 36%, which was the highest in the staffing industry.‬‭Slide 1-8-210‬‭ ere‬‭you‬‭see‬‭the‬‭ranking‬‭of‬‭the‬‭largest‬‭temp‬‭staffing‬‭players‬‭worldwide.‬‭Let’s‬‭start‬‭on‬‭the‬‭left,‬‭where‬‭revenues‬H‭are‬ ‭ranked‬ ‭in‬ ‭the‬ ‭bar‬ ‭chart‬ ‭and‬ ‭RGF‬ ‭Staffing‬ ‭ranked‬ ‭fourth.‬ ‭Our‬ ‭revenue‬ ‭was‬ ‭roughly‬ ‭half‬ ‭of‬‭the‬‭average‬‭revenue of numbers two and three. When looking at EBITDA, on the right, we see a different picture.‬‭RGF‬ ‭Staffing’s‬‭adjusted‬‭EBITDA‬‭is‬‭close‬‭to‬‭number‬‭two.‬‭This‬‭reflects‬‭our‬‭focus‬‭on‬‭continuous‬‭improvement‬‭ nd operational excellence, which has brought us to an exceptionally high level of productivity.‬a‭ e‬ ‭can‬ ‭see‬‭this‬‭in‬‭the‬‭chart‬‭in‬‭the‬‭middle.‬‭It‬‭shows‬‭that‬‭RGF‬‭Staffing’s‬ ‭conversion‬‭ratio‬‭was‬‭36%‬‭in‬‭2022,‬W‭more‬‭than‬‭double‬‭the‬‭average‬‭of‬‭our‬‭peers.‬‭This‬‭is‬‭an‬‭important‬‭performance‬‭indicator‬‭within‬‭our‬‭staffing‬‭unit‬‭that we continuously measure and aim to improve.‬‭This transcript is provided for the convenience of investors only.‬‭31‬‭Our‬ ‭dedication‬ ‭to‬ ‭continuous‬ ‭improvements‬ ‭and‬ ‭pursuit‬ ‭of‬ ‭operational‬ ‭excellence‬ ‭has‬ ‭made‬ ‭our‬ ‭operating‬‭ ost levels highly competitive.‬c‭Slide 1-8-211‬‭ ompared‬ ‭to‬ ‭industry‬ ‭peers,‬ ‭RGF‬ ‭Staffing‬ ‭has‬ ‭the‬ ‭most‬ ‭competitive‬ ‭cost‬ ‭ratio.‬ ‭In‬ ‭2022,‬ ‭SG&A‬ ‭as‬ ‭a‬C‭percentage‬ ‭of‬ ‭revenue,‬ ‭amounted‬ ‭to‬ ‭approximately‬ ‭11%.‬ ‭Among‬ ‭competitors,‬ ‭this‬ ‭percentage‬ ‭was‬ ‭much‬‭higher, estimated to be between approximately 14 and 19%.‬‭Over the years we have consistently been able to grow our adjusted EBITDA.‬‭Slide 1-8-212‬‭At‬‭first,‬‭also‬‭driven‬‭by‬‭acquisitions‬‭to‬‭establish‬‭a‬‭global‬‭position,‬‭but‬‭since‬‭our‬‭last‬‭material‬‭acquisition‬‭of‬‭USG‬‭ eople in 2016, adjusted EBITDA growth was mainly driven by organic growth and increased productivity.‬P‭Even‬‭though‬‭we‬‭have‬‭not‬‭made‬‭any‬‭acquisitions‬‭in‬‭the‬‭past‬‭five‬‭years,‬‭our‬‭adjusted‬‭EBITDA‬‭has‬‭increased‬‭by‬‭ pproximately 40% during this period.‬a‭Slide 1-8-213‬‭Also towards the future, we will focus on continuously increasing productivity and efficiency.‬‭In‬‭the‬‭past‬‭years‬‭we‬‭did‬‭this‬‭as‬‭a‬‭stand-alone‬‭business‬‭unit.‬‭However,‬‭for‬‭our‬‭next‬‭steps,‬‭we‬‭will‬‭leverage‬‭the‬t‭echnology developed within Recruit, such as an unparalleled matching engine.‬‭ e‬ ‭are‬ ‭now‬ ‭in‬ ‭the‬ ‭unique‬ ‭position‬ ‭of‬ ‭having‬ ‭access‬ ‭to‬ ‭the‬ ‭capabilities‬ ‭and‬ ‭technologies‬ ‭within‬ ‭our‬ ‭entire‬W‭Recruit‬‭group.‬‭With‬‭this,‬‭we‬‭will‬‭increase‬‭our‬‭focus‬‭on‬‭leveraging‬‭data‬‭and‬‭further‬‭automating‬‭our‬‭end-to-end‬‭process‬ ‭through‬‭incremental‬‭innovations.‬‭These‬‭innovations‬‭will‬‭lead‬‭to‬‭even‬‭greater‬‭competitiveness‬‭and‬‭a‬‭distinctive, excellent experience for customers and temporary workers.‬‭We aspire to be the number one, most innovative platform in the staffing market.‬‭Slide 1-8-214‬‭Our markets offer plenty of opportunities for growth.‬‭ he‬ ‭temporary‬ ‭staffing‬ ‭market‬ ‭is‬ ‭approximately‬ ‭40%‬ ‭of‬ ‭the‬ ‭HR‬ ‭Matching‬ ‭total‬ ‭addressable‬ ‭market.‬ ‭This‬T‭makes‬ ‭it‬‭the‬‭largest‬‭segment‬‭with‬‭a‬‭size‬‭of‬‭128‬‭billion‬‭US‬‭dollars‬‭in‬‭terms‬‭of‬‭gross‬‭margin.‬‭The‬‭countries‬‭in‬‭which‬ ‭RGF‬ ‭Staffing‬ ‭is‬‭present‬‭cover‬‭approximately‬‭3‬‭quarters‬‭of‬‭the‬‭total‬‭staffing‬‭market,‬‭equal‬‭to‬‭a‬‭market‬‭size of approximately 100 billion USD.‬‭This‬‭market‬‭is‬‭still‬‭very‬‭fragmented.‬‭The‬‭largest‬‭players‬‭have‬‭only‬‭a‬‭few‬‭percent‬‭market‬‭share‬‭and‬‭there‬‭are‬‭ any players in the market with low productivity levels and limited technological capabilities.‬m‭We believe out-innovating competitors will enable RGF Staffing to take market share in its existing markets.‬I‭n‬ ‭addition‬ ‭within‬ ‭our‬ ‭current‬ ‭markets,‬ ‭Temporary‬ ‭Staffing‬ ‭penetration‬ ‭is‬ ‭still‬ ‭limited.‬ ‭The‬ ‭Temp‬ ‭staffing‬‭workforce‬ ‭represents‬ ‭approximately‬ ‭2.5%‬ ‭of‬ ‭the‬ ‭total‬ ‭workforce.‬ ‭Automation‬ ‭and‬‭the‬‭use‬‭of‬‭technology‬‭will‬‭make‬ ‭the‬ ‭temporary‬ ‭market‬ ‭more‬ ‭efficient‬ ‭and‬ ‭more‬ ‭attractive.‬ ‭We‬ ‭believe‬ ‭the‬ ‭penetration‬ ‭can‬ ‭grow‬ ‭and‬‭increase the overall addressable market in the longer term.‬‭Slide 1-8-215‬‭Today’s‬‭staffing‬‭processes‬‭are‬‭still‬‭inefficient‬‭and‬‭complex.‬‭The‬‭staffing‬‭business‬‭still‬‭has‬‭many‬‭labor‬‭intensive‬‭ nd complex processes with a lot of human interactions and manual work.‬a‭This transcript is provided for the convenience of investors only.‬‭32‬

‭Slide 1-8-216‬
I‭n‬ ‭our‬ ‭core‬ ‭staffing‬ ‭operations,‬ ‭there‬ ‭are‬ ‭still‬ ‭many‬ ‭opportunities‬ ‭to‬ ‭further‬ ‭improve‬ ‭processes‬ ‭through‬ ‭the‬‭effective‬‭use‬‭of‬‭data‬‭and‬‭AI.‬‭Our‬‭current‬‭high‬‭level‬‭of‬‭productivity‬‭is‬‭largely‬‭related‬‭to‬‭well-organized‬‭traditional‬‭business operations.‬‭ hen‬‭we‬‭consider‬‭the‬‭current‬‭state‬‭of‬‭automation‬‭and‬‭digital‬‭channels,‬‭there‬‭is‬‭still‬‭a‬‭long‬‭way‬‭to‬‭go.‬‭A‬‭lot‬‭of‬W‭manual‬‭effort‬‭is‬‭still‬‭required‬‭at‬‭various‬‭steps‬‭in‬‭the‬‭process.‬‭We‬‭focus‬‭on‬‭accelerating‬‭the‬‭process‬‭from‬‭job‬‭opening to employment at our local companies by leveraging technology.‬‭For‬‭example:‬‭Improve‬‭the‬‭speed‬‭and‬‭quality‬‭of‬‭matching,‬‭increase‬‭retention‬‭of‬‭workers‬‭and‬‭automate‬‭manual‬‭ rocesses.‬p‭Basically,‬ ‭we‬ ‭are‬ ‭gradually‬ ‭transferring‬ ‭the‬ ‭core‬ ‭business‬ ‭towards‬ ‭automated‬ ‭and‬ ‭AI‬ ‭supported‬ ‭processes‬‭ ith less human interactions.‬w‭Slide 1-8-217‬‭ s‬ ‭part‬ ‭of‬ ‭Recruit‬ ‭Group‬ ‭with‬ ‭our‬ ‭HR‬ ‭Technology‬ ‭and‬ ‭Matching‬‭&‬‭Solutions‬‭SBUs,‬‭we‬‭believe‬‭we‬‭are‬‭in‬‭a‬A‭good‬ ‭position‬ ‭to‬ ‭‘out-innovate’‬ ‭traditional‬ ‭staffing‬ ‭competitors‬ ‭and‬ ‭make‬ ‭a‬ ‭meaningful‬ ‭contribution‬ ‭to‬ ‭the‬‭further development of a more efficient and more flexible labor market.‬‭Within‬‭Recruit‬‭we‬‭have‬‭a‬‭whole‬‭range‬‭of‬‭innovative‬‭companies‬‭and‬‭billions‬‭of‬‭insights‬‭to‬‭draw‬‭upon‬‭to‬‭bring‬t‭emp workers and companies together.‬‭This offers the opportunity to leverage and scale digital and analytical solutions across our group.‬‭Slide 1-8-218‬‭Through our collective efforts and innovations, we can boost speed in the process and accuracy of matching.‬‭ irstly,‬‭we‬‭have‬‭Indeed‬‭Flex,‬‭as‬‭Chris‬‭already‬‭mentioned.‬‭This‬‭is‬‭a‬‭joint‬‭initiative‬‭of‬‭Indeed‬‭and‬‭RGF‬‭Staffing,‬F‭which‬‭offers‬‭temporary‬‭staffing‬‭services‬‭from‬‭a‬‭digital‬‭marketplace.‬‭After‬‭starting‬‭this‬‭initiative‬‭in‬‭2019,‬‭Indeed‬‭Flex has been operational in the US for some time now.‬‭ econdly,‬ ‭we‬ ‭started‬ ‭working‬ ‭to‬ ‭leverage‬ ‭the‬ ‭best‬ ‭matching‬ ‭technology.‬ ‭We‬ ‭explore‬ ‭the‬ ‭use‬ ‭of‬ ‭matching‬S‭technologies‬‭and‬‭knowledge‬‭to‬‭make‬‭matches‬‭better‬‭and‬‭faster.‬‭We‬‭do‬‭this‬‭step-by-step‬‭through‬‭many‬‭local‬‭initiatives.‬‭Lastly, as a third layer, we work together to further develop automation of our workflow.‬‭So,‬‭we‬‭act‬‭on‬‭several‬‭levels‬‭at‬‭the‬‭same‬‭time.‬‭As‬‭an‬‭example,‬‭let’s‬‭watch‬‭a‬‭short‬‭video‬‭in‬‭which‬‭Milly‬‭explains‬‭ ow Indeed Flex helps her find work easily.‬h‭<video start>‬‭Milly‬‭:‬ ‭I‬ ‭decided‬ ‭to‬ ‭use‬ ‭Indeed‬ ‭Flex‬ ‭because‬ ‭I‬ ‭was‬ ‭in‬ ‭between‬ ‭jobs‬ ‭at‬ ‭that‬ ‭time,‬ ‭and‬ ‭my‬ ‭friend‬‭suggested‬I‭ndeed Flex just to fill in that gap. So, I tried a few shifts. I really loved it.‬I‭‬ ‭find‬ ‭the‬ ‭app‬ ‭really,‬ ‭really‬ ‭easy‬ ‭to‬ ‭use.‬ ‭Even‬‭when‬‭I’m‬‭explaining‬‭the‬‭app‬‭to‬‭somebody‬‭else,‬‭it‬‭takes‬‭them‬‭seconds‬ ‭to‬ ‭understand‬ ‭it‬ ‭because‬ ‭it’s‬ ‭just‬ ‭very,‬ ‭very‬ ‭straightforward.‬ ‭I‬ ‭like‬ ‭the‬‭fact‬‭that‬‭it’s‬‭very‬‭innovative.‬‭Every‬ ‭few‬ ‭months‬ ‭there’s‬ ‭a‬ ‭new‬‭update.‬‭It‬‭even‬‭makes‬‭it‬‭even‬‭easier‬‭to‬‭use.‬‭For‬‭instance,‬‭lately‬‭there‬‭has‬‭been‬ ‭an‬ ‭update‬ ‭about‬ ‭flexible‬ ‭earnings,‬ ‭so‬ ‭you‬ ‭can‬ ‭claim‬ ‭part‬ ‭of‬ ‭your‬‭income‬‭right‬‭after‬‭you’ve‬‭done‬‭your‬‭shift.‬‭This transcript is provided for the convenience of investors only.‬‭33‬‭ ‬ ‭couple‬ ‭of‬ ‭years‬ ‭ago,‬ ‭I‬ ‭decided‬ ‭to‬ ‭branch‬ ‭out‬ ‭on‬ ‭my‬ ‭own‬ ‭and‬ ‭I‬ ‭started‬ ‭my‬ ‭own‬ ‭travel‬ ‭website,‬ ‭So‬ ‭it’s‬A‭seasonal‬ ‭work.‬ ‭December‬ ‭is‬ ‭very‬ ‭busy,‬ ‭and‬ ‭then‬ ‭when‬ ‭it‬‭comes‬‭to‬‭February,‬‭it’s‬‭less‬‭busy.‬‭So‬‭that’s‬‭when‬‭Indeed‬‭Flex‬‭comes‬‭in.‬‭When‬‭I‬‭have‬‭less‬‭traction‬‭within‬‭my‬‭business,‬‭I‬‭get‬‭to‬‭do‬‭a‬‭shift‬‭within‬‭Indeed‬‭Flex‬‭to‬‭supplement my income.‬‭ ne‬‭thing‬‭I‬‭love‬‭the‬‭most‬‭about‬‭Indeed‬‭Flex‬‭is‬‭the‬‭fact‬‭that‬‭even‬‭though‬‭you’re‬‭not‬‭part‬‭of‬‭a‬‭team,‬‭it’s‬‭not‬‭the‬O‭case.‬‭Because‬‭when‬‭you‬‭turn‬‭up‬‭to‬‭a‬‭shift,‬‭even‬‭if‬‭it’s‬‭a‬‭very‬‭new‬‭employer,‬‭you‬‭see‬‭other‬‭Indeed‬‭Flex‬‭people‬‭that‬ ‭you’ve‬ ‭seen‬ ‭before‬ ‭and‬ ‭you’ve‬ ‭actually‬ ‭built‬ ‭a‬‭relationship‬‭with.‬‭So‬‭you’re‬‭never‬‭really‬‭alone‬‭in‬‭a‬‭shift.‬‭And that’s the one thing I love the most about Indeed Flex.‬‭<video end>‬‭ ob‬‭:‬‭You‬‭heard‬‭from‬‭Milly‬‭how‬‭she‬‭turns‬‭to‬‭Indeed‬‭Flex‬‭during‬‭low‬‭seasons‬‭to‬‭boost‬‭her‬‭income‬‭and‬‭support‬R‭her‬ ‭venture.‬ ‭I‬ ‭really‬ ‭like‬ ‭her‬ ‭story.‬ ‭It‬ ‭is‬ ‭just‬ ‭one‬ ‭of‬ ‭many‬ ‭examples‬‭in‬‭which‬‭a‬‭marketplace‬‭model‬‭can‬‭help‬‭organize work and offer opportunities.‬‭Also,‬ ‭we‬ ‭are‬ ‭working‬ ‭on‬ ‭several‬ ‭initiatives‬ ‭to‬ ‭leverage‬ ‭the‬ ‭best‬ ‭matching‬ ‭technology‬ ‭and‬ ‭automate‬ ‭our‬‭ rocesses to improve workflows.‬p‭Slide 1-8-221‬‭ or‬ ‭example,‬ ‭tests‬ ‭are‬ ‭currently‬ ‭underway‬ ‭at‬ ‭one‬ ‭of‬ ‭our‬ ‭major‬ ‭Japanese‬ ‭operating‬ ‭companies‬ ‭to‬ ‭start‬F‭implementing‬ ‭Recruit’s‬‭AI-based‬‭matching‬‭engine.‬‭In‬‭my‬‭nearly‬‭25‬‭years‬‭of‬‭experience‬‭in‬‭staffing,‬‭this‬‭is‬‭an‬‭exciting, innovative step forward. So far, the early results are very encouraging.‬‭ he‬ ‭data‬ ‭shows‬ ‭that‬‭the‬‭number‬‭of‬‭applications‬‭increased‬‭by‬‭90%‬‭after‬‭the‬‭implementation‬‭of‬‭the‬‭AI-based‬T‭matching‬ ‭engine.‬ ‭These‬ ‭are‬ ‭certainly‬‭promising‬‭initial‬‭results,‬‭especially‬‭considering‬‭that‬‭we‬‭are‬‭already‬‭far‬‭more productive than the competition.‬‭This brings me to the end of my presentation. Let's close with some key takeaways:‬‭Slide 1-8-222‬‭Our growth has been driven by our commitment to operational excellence and increased productivity.‬‭The‬‭large,‬‭highly‬‭fragmented‬‭temporary‬‭staffing‬‭market‬‭covers‬‭only‬‭a‬‭very‬‭small‬‭part‬‭of‬‭the‬‭working‬‭population‬‭ nd is prime for growth and disruption from a tech-led provider.‬a‭We‬ ‭are‬ ‭uniquely‬ ‭positioned‬ ‭to‬ ‭transform‬ ‭temporary‬ ‭staffing‬ ‭with‬ ‭the‬ ‭use‬ ‭of‬ ‭technology‬ ‭and‬ ‭collaboration‬‭ cross Recruit.‬a‭Our‬ ‭initial‬ ‭cross-Recruit‬ ‭initiatives‬ ‭have‬ ‭shown‬ ‭promise,‬ ‭and‬ ‭we‬ ‭see‬ ‭many‬‭opportunities‬‭to‬‭further‬‭increase‬‭ roductivity and temp work efficiency, the key to our future.‬p‭Now I will hand it over to Deko to provide a recap of the day.‬‭ eko‬‭:‬ ‭Thank‬ ‭you‬ ‭for‬ ‭your‬ ‭time‬ ‭today.‬ ‭We‬ ‭hope‬ ‭you‬ ‭have‬ ‭gained‬ ‭a‬ ‭better‬ ‭understanding‬ ‭of‬ ‭the‬ ‭long‬ ‭term‬D‭opportunity‬ ‭in‬ ‭the‬ ‭HR‬ ‭Matching‬ ‭market‬ ‭and‬ ‭how‬ ‭Recruit‬ ‭is‬ ‭well‬ ‭positioned‬ ‭to‬ ‭use‬ ‭its‬ ‭data‬ ‭and‬ ‭technology‬‭across our entire organization to help job seekers and employers.‬‭ ooking‬‭ahead,‬‭we‬‭are‬‭optimistic‬‭that‬‭the‬‭next‬‭decade‬‭will‬‭witness‬‭advancements‬‭in‬‭technology,‬‭especially‬‭AI,‬
L‭that‬‭will‬‭transform‬‭the‬‭job‬‭search‬‭experience‬‭into‬‭something‬‭completely‬‭different‬‭from‬‭what‬‭it‬‭is‬‭today.‬‭We‬‭are‬‭committed to leading this transformation and will do so with a deep sense of responsibility.‬‭This transcript is provided for the convenience of investors only.‬‭34‬‭A‬ ‭job‬ ‭is‬ ‭important‬ ‭for‬ ‭everybody.‬ ‭Our‬ ‭goal‬ ‭is‬ ‭to‬ ‭ensure‬ ‭that‬‭everyone‬‭can‬‭find‬‭not‬‭just‬‭a‬‭job,‬‭but‬‭a‬‭job‬‭that‬‭ parks passion and changes lives.‬s‭<Q&A Session>‬‭ att:‬ ‭Hi,‬ ‭everyone.‬ ‭Thank‬ ‭you‬ ‭for‬‭joining‬‭us‬‭for‬‭the‬‭Q&A‬‭portion‬‭of‬‭our‬‭Simplify‬‭Hiring‬‭Investor‬‭Update.‬‭I'm‬
M‭joined‬‭on‬‭the‬‭stage‬‭by‬‭Deko,‬‭Maggie,‬‭Chris,‬‭Raj,‬‭and‬‭Rob.‬‭You've‬‭heard‬‭a‬‭lot‬‭today‬‭about‬‭our‬‭strategic‬‭vision‬‭and our product innovation, and we're eager to take your questions.‬‭ lease‬‭submit‬‭your‬‭questions‬‭in‬‭the‬‭box‬‭on‬‭your‬‭screen,‬‭and‬‭don't‬‭forget‬‭to‬‭put‬‭your‬‭name‬‭and‬‭company‬‭so‬P‭they‬‭can‬‭be‬‭attributed‬‭to‬‭you.‬‭As‬‭a‬‭reminder,‬‭we'll‬‭be‬‭reporting‬‭results‬‭in‬‭May,‬‭so‬‭please‬‭reserve‬‭any‬‭financial‬‭guidance or outlook-related questions until then. So with that, let's get started.‬‭We've‬‭already‬‭received‬‭a‬‭lot‬‭of‬‭questions,‬‭as‬‭expected,‬‭about‬‭AI,‬‭so‬‭let's‬‭start‬‭with‬‭a‬‭question‬‭there‬‭for‬‭you,‬‭ eko.‬
D‭What are the greatest opportunities you see for AI to Simplify Hiring across all of Recruit's businesses?‬‭ eko‬‭:‬‭Okay.‬‭The‬‭greatest‬‭opportunities.‬‭Let‬‭me‬‭talk‬‭a‬‭little‬‭bit‬‭about‬‭the‬‭travel‬‭booking‬‭industry.‬‭20‬‭years‬‭ago‬‭I‬
D‭was‬ ‭building‬ ‭a‬ ‭travel‬ ‭booking‬ ‭website.‬ ‭And‬ ‭at‬ ‭that‬ ‭time,‬‭the‬‭market,‬‭the‬‭vast‬‭majority‬‭was‬‭owned‬‭by‬‭offline‬‭travel‬ ‭agencies,‬ ‭offline‬ ‭businesses.‬ ‭Of‬ ‭course,‬ ‭newer‬ ‭technologies‬ ‭like‬ ‭faster‬ ‭internet‬ ‭connections‬ ‭and‬‭smartphones‬‭and‬‭better‬‭matching‬‭algorithms,‬‭so‬‭we‬‭all‬‭know‬‭that‬‭today,‬‭travel‬‭booking‬‭industry‬‭vast‬‭majority‬‭is done by online bookings.‬‭ hen‬‭when‬‭I‬‭think‬‭about‬‭HR‬‭matching‬‭business‬‭or‬‭industry,‬‭today‬‭still‬‭vast‬‭majority‬‭is‬‭done‬‭by‬‭offline‬‭agencies‬T‭or‬‭offline‬‭businesses.‬‭When‬‭I‬‭was‬‭thinking‬‭the‬‭reason‬‭why‬‭it's‬‭still‬‭mainly‬‭offline‬‭is,‬‭HR‬‭matching‬‭is‬‭just‬‭simply‬‭way‬ ‭more‬ ‭difficult‬ ‭and‬ ‭more‬ ‭complicated‬ ‭compared‬ ‭to‬ ‭travel‬ ‭booking,‬ ‭hotel‬ ‭bookings.‬ ‭It's‬ ‭more‬ ‭like‬ ‭a‬‭one-to-one‬ ‭matching.‬ ‭It‬ ‭should‬ ‭be‬ ‭customized‬ ‭for‬ ‭job‬ ‭seekers,‬ ‭employers,‬ ‭for‬ ‭each‬ ‭job,‬ ‭everything‬ ‭is‬ ‭so‬‭different.‬‭But‬‭finally,‬‭finally,‬‭AI‬‭technologies,‬‭especially‬‭large‬‭language‬‭model‬‭is‬‭becoming‬‭to‬‭be‬‭a‬‭real‬‭one.‬‭We're‬‭seeing‬‭ reat test results. I'm so excited to see it. It's almost like every week now.‬g‭ or‬‭example,‬‭we‬‭are‬‭running‬‭a‬‭recruiting‬‭agency‬‭business,‬‭offline‬‭recruiting‬‭agency‬‭business‬‭with‬‭thousands‬F‭of‬ ‭thousands‬ ‭of‬ ‭recruiters‬ ‭in‬ ‭Japan‬ ‭and‬ ‭we‬ ‭started‬ ‭to‬ ‭provide‬‭online‬‭job‬‭matching‬‭algorithm‬‭to‬‭recommend‬‭jobs‬‭for‬‭offline‬‭recruiters.‬‭We're‬‭seeing‬‭better‬‭results,‬‭better‬‭number‬‭of‬‭hires,‬‭and‬‭better‬‭satisfaction‬‭from‬‭job‬‭seekers.‬ ‭It's‬ ‭great.‬‭Today‬‭AI‬‭is‬‭better‬‭to‬‭recommend‬‭one‬‭job‬‭out‬‭of‬‭1,000‬‭jobs‬‭than‬‭probably‬‭human‬‭beings.‬‭Human beings, recruiters, are probably better to explain why this job is recommended for you.‬‭ e're‬‭going‬‭to‬‭keep‬‭improving‬‭this‬‭test‬‭and‬‭I‬‭think‬‭this‬‭is‬‭a‬‭great‬‭example‬‭why‬‭we‬‭are‬‭uniquely‬‭positioned‬‭to‬W‭innovate‬‭this‬‭industry‬‭and‬‭we're‬‭going‬‭to‬‭keep‬‭improving‬‭large‬‭language‬‭models‬‭and‬‭AI‬‭models‬‭with‬‭data‬‭for‬‭the‬ ‭next‬ ‭5‬ ‭years‬ ‭or‬ ‭10‬ ‭years.‬ ‭I'm‬ ‭sure‬ ‭10‬ ‭years‬ ‭later‬ ‭how‬ ‭people‬ ‭are‬ ‭finding‬ ‭jobs‬‭will‬‭be‬‭a‬‭totally‬‭different‬‭experience‬‭compared‬‭with‬‭today.‬‭That's‬‭what‬‭I'm‬‭excited‬‭about,‬‭and‬‭this‬‭will‬‭be‬‭one‬‭out‬‭of‬‭few‬‭decades-type‬‭of opportunity, which I think is a great opportunity.‬‭Matt:‬ ‭Great.‬ ‭We‬ ‭also‬ ‭get‬ ‭a‬ ‭lot‬ ‭of‬ ‭questions‬ ‭not‬ ‭only‬ ‭about‬ ‭the‬ ‭opportunities,‬ ‭but‬ ‭also‬ ‭about‬ ‭the‬ ‭risks‬‭ ssociated with AI. Chris, here's one from Jun Kato at CLSA.‬a‭"How‬ ‭long‬ ‭is‬ ‭AI‬ ‭going‬ ‭to‬ ‭be‬ ‭your‬ ‭friend‬ ‭before‬ ‭becoming‬ ‭a‬‭threat?‬‭What‬‭is‬‭the‬‭biggest‬‭risk‬‭for‬‭the‬‭Simplify‬‭ iring business model?"‬H‭Chris:‬ ‭So,‬ ‭I‬ ‭think‬ ‭as‬ ‭Deko‬ ‭said,‬ ‭there's‬ ‭plenty‬‭to‬‭be‬‭excited‬‭about.‬‭In‬‭terms‬‭of‬‭threats,‬‭I'm‬‭not‬‭sure‬‭exactly‬‭ hich part of this Jun was asking, but I'll give two answers.‬w‭ here's‬‭the‬‭question‬‭of‬‭what‬‭disruptors‬‭might‬‭come‬‭along‬‭and‬‭disrupt‬‭us.‬‭Obviously‬‭no‬‭matter‬‭how‬‭successful‬T‭you're‬‭as‬‭a‬‭company,‬‭you‬‭have‬‭to‬‭imagine‬‭that‬‭there‬‭are‬‭other‬‭people‬‭working‬‭as‬‭hard‬‭as‬‭we‬‭are.‬‭But‬‭then‬‭the‬‭This transcript is provided for the convenience of investors only.‬‭35‬

‭second‬‭question‬‭that‬‭is‬‭important‬‭is,‬‭what‬‭is‬‭the‬‭impact‬‭on‬‭the‬‭world‬‭of‬‭employment?‬‭If‬‭we're‬‭a‬‭business‬‭that‬‭ elps people get jobs and AI ends up destroying a bunch of jobs, what does that mean to us?‬h‭ ooking‬ ‭first‬ ‭from‬ ‭a‬ ‭disruptor‬ ‭perspective,‬ ‭clearly‬ ‭we‬ ‭spent,‬ ‭I‬ ‭think,‬ ‭a‬ ‭good‬ ‭amount‬ ‭of‬ ‭time‬ ‭today‬ ‭in‬ ‭the‬L‭presentation‬ ‭talking‬ ‭about‬ ‭the‬ ‭fact‬ ‭that‬ ‭Indeed‬ ‭has‬ ‭an‬ ‭incredibly‬ ‭unique‬ ‭set‬ ‭of‬ ‭data,‬ ‭both‬ ‭in‬ ‭its‬ ‭breadth‬‭because‬‭it‬‭covers‬‭the‬‭entire‬‭labor‬‭market‬‭in‬‭60‬‭different‬‭countries‬‭around‬‭the‬‭world.Also‬‭in‬‭the‬‭depth,‬‭we‬‭have‬‭an‬ ‭extraordinary‬ ‭amount‬ ‭of‬ ‭information‬ ‭about‬ ‭job‬ ‭seeker‬ ‭intent,‬ ‭preferences,‬ ‭behavior,‬ ‭and‬ ‭employers‬ ‭and‬‭everything that connects the two sides and these outcomes.‬‭ I‬ ‭really‬ ‭is‬ ‭powered‬ ‭by‬ ‭the‬ ‭breadth‬ ‭and‬ ‭depth‬ ‭of‬ ‭data.‬‭Obviously,‬‭we‬‭are‬‭paying‬‭a‬‭whole‬‭lot‬‭of‬‭attention‬‭to‬A‭what‬ ‭else‬ ‭is‬ ‭going‬ ‭on‬ ‭out‬ ‭there,‬ ‭but‬ ‭we‬ ‭think‬ ‭we‬ ‭are‬ ‭uniquely‬ ‭positioned‬ ‭to‬ ‭use‬ ‭that‬ ‭data‬ ‭to‬ ‭drive‬ ‭these‬‭amazing innovations.‬I‭‬‭think‬‭the‬‭really‬‭interesting‬‭question‬‭is‬‭what‬‭is‬‭AI‬‭going‬‭to‬‭do‬‭to‬‭the‬‭world‬‭of‬‭employment?‬‭You‬‭can‬‭go‬‭back‬‭to‬‭the‬‭18th‬‭century‬‭in‬‭England‬‭when‬‭the‬‭Luddites‬‭smashed‬‭looms‬‭because‬‭they‬‭were‬‭worried‬‭that‬‭the‬‭weaving‬‭jobs were going to go away.‬‭ or‬‭every‬‭single‬‭new‬‭technology‬‭innovation‬‭over‬‭the‬‭last‬‭couple‬‭of‬‭hundred‬‭years,‬‭we've‬‭asked‬‭the‬‭same‬‭set‬F‭of‬ ‭questions.‬ ‭If‬ ‭you‬ ‭look‬ ‭at‬ ‭where‬ ‭we‬ ‭are‬ ‭today,‬ ‭we‬ ‭by-and-large‬ ‭work‬‭fewer‬‭hours‬‭in‬‭safer‬‭conditions‬‭and‬‭enjoy‬ ‭a‬ ‭higher‬ ‭quality‬ ‭of‬‭life‬‭than‬‭at‬‭any‬‭time‬‭in‬‭history‬‭before.‬‭More‬‭jobs‬‭are‬‭created,‬‭technology‬‭has‬‭done‬‭great things for humanity.‬‭ owever,‬‭at‬‭each‬‭of‬‭those‬‭introductions‬‭of‬‭new‬‭technological‬‭disruptions,‬‭there‬‭have‬‭been‬‭people‬‭who've‬‭lost‬H‭their‬‭jobs‬‭and‬‭in‬‭some‬‭cases‬‭a‬‭whole‬‭lot‬‭of‬‭them.‬‭Now,‬‭it‬‭used‬‭to‬‭be‬‭that‬‭it‬‭took‬‭multiple‬‭generations,‬‭and‬‭now‬‭with‬ ‭the‬ ‭internet‬ ‭and‬ ‭then‬ ‭with‬ ‭AI,‬ ‭those‬ ‭cycles‬ ‭of‬ ‭disruption‬ ‭are‬ ‭happening‬ ‭faster‬ ‭and‬ ‭faster.‬ ‭What‬‭we‬‭as‬‭Indeed‬ ‭and‬ ‭Recruit‬ ‭really‬ ‭think‬ ‭about‬ ‭it.‬ ‭What‬ ‭is‬ ‭our‬ ‭responsibility?‬ ‭How‬ ‭can‬ ‭we‬ ‭play‬ ‭a‬‭part‬‭in‬‭helping‬‭out‬‭here?‬‭ here's‬ ‭two‬ ‭sorts‬ ‭of‬ ‭unique‬ ‭things‬ ‭that‬ ‭we‬ ‭are‬ ‭focused‬ ‭on.‬ ‭One‬ ‭is‬‭we‬‭have‬‭this‬‭incredible‬‭set‬‭of‬‭data.‬‭Our‬
T‭Indeed‬ ‭Hiring‬ ‭Lab,‬ ‭which‬‭is‬‭our‬‭team‬‭of‬‭economists,‬‭are‬‭watching‬‭constantly‬‭and‬‭publishing‬‭research‬‭about‬‭the‬ ‭potential‬ ‭impact‬ ‭of‬ ‭AI‬ ‭on‬ ‭the‬ ‭workforce.‬ ‭But‬ ‭we're‬ ‭really‬ ‭also‬ ‭watching‬ ‭new‬ ‭skills‬ ‭and‬‭jobs‬‭as‬‭they‬‭are‬‭appearing,‬ ‭other‬ ‭ones‬ ‭that‬ ‭are‬ ‭going‬ ‭away.‬ ‭We‬ ‭want‬ ‭to‬ ‭be‬ ‭able‬ ‭to‬ ‭identify‬ ‭when‬ ‭these‬ ‭disruptions‬ ‭are‬‭happening and do that as quickly as possible.‬‭ hen‬‭we‬‭want‬‭to‬‭help‬‭people‬‭find‬‭new‬‭opportunities‬‭as‬‭quickly‬‭as‬‭possible.‬‭We've‬‭put‬‭a‬‭huge‬‭amount‬‭of‬‭work.‬
T‭We‬ ‭have‬ ‭a‬ ‭number‬ ‭of‬‭big,‬‭public‬‭ESG‬‭goals‬‭that‬‭we've‬‭published‬‭for‬‭the‬‭year‬‭2030.‬‭The‬‭most‬‭relevant‬‭one‬‭here‬ ‭is‬ ‭to‬ ‭cut‬ ‭the‬ ‭amount‬ ‭of‬ ‭time‬ ‭it‬ ‭takes‬ ‭for‬ ‭someone‬ ‭to‬ ‭find‬ ‭a‬ ‭job‬ ‭by‬ ‭50%.‬ ‭That‬ ‭is‬‭something‬‭that‬‭we're‬‭committed‬‭to‬‭as‬‭a‬‭business‬‭because‬‭it's‬‭going‬‭to‬‭be‬‭beneficial‬‭to‬‭society.‬‭If‬‭people‬‭lose‬‭their‬‭jobs‬‭and‬‭we‬‭can‬‭help place them as quickly as possible, that's going to help alleviate some of these challenges.‬‭ ut‬‭the‬‭unique‬‭thing‬‭about‬‭Indeed‬‭and‬‭Recruit,‬‭I‬‭think,‬‭is‬‭that‬‭our‬‭ESG‬‭work‬‭is‬‭really‬‭core‬‭to‬‭the‬‭business.‬‭If‬
B‭we‬‭can‬‭reduce‬‭the‬‭amount‬‭of‬‭time‬‭it‬‭takes‬‭for‬‭people‬‭to‬‭find‬‭a‬‭job‬‭by‬‭50%,‬‭that's‬‭going‬‭to‬‭help‬‭society,‬‭but‬‭also‬‭it's‬ ‭going‬ ‭to‬ ‭help‬ ‭every‬ ‭employer‬ ‭who's‬ ‭trying‬ ‭to‬ ‭hire‬ ‭on‬ ‭Indeed‬‭and‬‭will‬‭help‬‭us‬‭grow‬‭the‬‭business‬‭and‬‭be‬‭more successful.‬‭Matt:‬‭Well,‬‭you're‬‭both‬‭really‬‭obviously‬‭excited‬‭about‬‭the‬‭ability‬‭of‬‭AI‬‭to‬‭accelerate‬‭our‬‭Simplify‬‭Hiring‬‭strategic‬‭ illar.‬p‭ et's‬ ‭move‬ ‭on‬ ‭to‬ ‭another‬ ‭topic.‬ ‭This‬ ‭question‬ ‭is‬ ‭for‬ ‭you,‬ ‭Maggie,‬ ‭about‬ ‭knowledge‬ ‭workers.‬ ‭This‬ ‭is‬ ‭from‬L‭Minami‬‭Munakata‬‭from‬‭Goldman‬‭Sachs.‬‭"My‬‭personal‬‭view‬‭is‬‭cultivating‬‭executive‬‭and‬‭white‬‭collar‬‭workers‬‭is‬‭key‬‭for‬‭Indeed‬‭to‬‭gain‬‭further‬‭market‬‭share.‬‭Do‬‭you‬‭agree‬‭with‬‭this‬‭opinion?‬‭If‬‭so,‬‭what‬‭are‬‭the‬‭key‬‭functions‬‭or services you need to have to serve these segments?"‬‭ aggie:‬ ‭Yeah,‬ ‭so‬ ‭the‬‭first‬‭thing‬‭I‬‭would‬‭say‬‭is‬‭we‬‭definitely‬‭have‬‭knowledge‬‭workers‬‭on‬‭our‬‭platform.‬‭Chris‬M‭mentioned‬‭our‬‭audience‬‭is‬‭broadly‬‭representative‬‭of‬‭the‬‭labor‬‭force.‬‭Minami,‬‭you‬‭may‬‭remember‬‭a‬‭slide‬‭that‬‭I‬‭showed‬ ‭that‬ ‭was‬ ‭talking‬ ‭about‬ ‭top‬ ‭occupations‬ ‭by‬ ‭apply‬ ‭starts,‬ ‭and‬ ‭it‬ ‭included‬ ‭things‬ ‭like‬ ‭operations‬ ‭and‬‭management,‬ ‭finance‬ ‭and‬ ‭accounting,‬ ‭technology,‬ ‭healthcare,‬ ‭so‬ ‭it's‬‭definitely‬‭true‬‭that‬‭knowledge‬‭workers‬‭This transcript is provided for the convenience of investors only.‬‭36‬‭are‬ ‭important‬ ‭to‬ ‭our‬‭existing‬‭strategy.‬‭They're‬‭a‬‭big‬‭part‬‭of‬‭our‬‭existing‬‭audience‬‭and‬‭they‬‭are‬‭critical‬‭to‬‭our‬f‭uture growth.‬‭ pecific‬‭things‬‭we're‬‭doing‬‭that‬‭are‬‭important‬‭for‬‭knowledge‬‭workers:‬‭If‬‭you‬‭think‬‭about‬‭our‬‭efforts‬‭to‬‭get‬‭data‬S‭about‬‭jobs,‬‭knowledge‬‭workers‬‭are‬‭really‬‭interested‬‭in‬‭knowing‬‭things‬‭like‬‭what‬‭is‬‭the‬‭culture‬‭of‬‭a‬‭company?‬‭Do I have to wear a suit to work? What's the pay going to be? Can I have any flexibility? Can I work remotely?‬‭ ur‬ ‭efforts‬ ‭with‬ ‭profile‬ ‭are‬ ‭also‬ ‭really‬ ‭important‬ ‭for‬ ‭knowledge‬ ‭workers‬ ‭because‬‭we're‬‭trying‬‭to‬‭understand‬O‭their‬ ‭skills,‬‭their‬‭preferences.‬‭Knowledge‬‭workers‬‭have‬‭a‬‭lot‬‭of‬‭transferable‬‭skills.‬‭When‬‭we're‬‭trying‬‭to‬‭think‬‭about‬‭how‬‭to‬‭help‬‭them‬‭navigate‬‭our‬‭career‬‭journey,‬‭we‬‭need‬‭to‬‭understand‬‭what‬‭they're‬‭solving‬‭for,‬‭what‬‭they‬‭care about.‬‭ hen‬‭we‬‭need‬‭to‬‭acknowledge,‬‭knowledge‬‭workers‬‭do‬‭have‬‭lower‬‭turnover‬‭rates,‬‭and‬‭so‬‭we‬‭do‬‭try‬‭to‬‭engage‬T‭them‬‭in‬‭other‬‭forums‬‭off‬‭Indeed.‬‭A‬‭part‬‭of‬‭that‬‭is‬‭our‬‭partnership‬‭with‬‭Glassdoor,‬‭which‬‭has‬‭a‬‭lot‬‭of‬‭knowledge‬‭workers engaging on it, both with community and content.‬‭ hen‬ ‭we‬ ‭have‬‭partnerships‬‭with‬‭companies‬‭like‬‭Stack‬‭Overflow‬‭to‬‭specifically‬‭target‬‭tech‬‭workers‬‭and‬‭bring‬T‭them‬‭into‬‭our‬‭experience.‬‭Knowledge‬‭workers‬‭are‬‭important‬‭for‬‭our‬‭business,‬‭they're‬‭important‬‭for‬‭our‬‭growth,‬‭and we do have multiple specific strategies to target them and serve them.‬‭Deko:‬‭Wait, wait. Can I add one?‬‭Matt:‬‭Please, thank you.‬‭Deko:‬ ‭Indeed‬ ‭grew‬ ‭10‬ ‭times‬ ‭in‬ ‭10‬ ‭years‬ ‭or‬ ‭something‬ ‭and‬ ‭the‬ ‭vast‬ ‭majority‬ ‭of‬ ‭our‬‭employees‬‭were‬‭hired‬t‭hrough Indeed. I think it's probably working.‬‭Matt:‬‭It's true. Thank you for that.‬‭ aj,‬‭this‬‭next‬‭question‬‭is‬‭for‬‭you‬‭and‬‭it's‬‭about‬‭something‬‭you‬‭presented‬‭about‬‭the‬‭enterprise‬‭opportunity.‬‭You‬
R‭talked‬ ‭a‬ ‭lot‬ ‭about‬ ‭that‬ ‭there‬ ‭are‬ ‭90%‬ ‭of‬ ‭Fortune‬ ‭500‬ ‭companies‬ ‭already‬ ‭utilizing‬ ‭Indeed.‬ ‭Here‬ ‭we‬ ‭have‬‭a‬‭question‬ ‭from‬ ‭Tetsuro‬ ‭Tsusaka‬ ‭at‬ ‭Morgan‬ ‭Stanley‬ ‭about‬ ‭that‬ ‭opportunity.‬ ‭"Where‬ ‭are‬ ‭you‬ ‭now‬ ‭in‬ ‭terms‬ ‭of‬‭client‬ ‭penetration‬ ‭and/or‬ ‭wallet‬ ‭share‬ ‭of‬ ‭total‬‭recruiting‬‭budget?‬‭What‬‭are‬‭the‬‭areas‬‭where‬‭Indeed‬‭is‬‭strong‬‭today and areas you need more effort or are not as penetrated yet?"‬‭ aj:‬‭So‬‭as‬‭you‬‭know‬‭in‬‭sales,‬‭the‬‭first‬‭thing‬‭is‬‭to‬‭get‬‭your‬‭foot‬‭in‬‭the‬‭door.‬‭That's‬‭really‬‭a‬‭hard‬‭thing‬‭to‬‭do‬‭and‬R‭we‬‭have‬‭done‬‭that‬‭with‬‭more‬‭than‬‭90%‬‭of‬‭Fortune‬‭500‬‭companies‬‭now‬‭using‬‭Indeed.‬‭Now,‬‭we‬‭can‬‭certainly‬‭get‬ ‭that‬ ‭to‬ ‭100%‬ ‭and‬ ‭we‬ ‭are‬ ‭on‬ ‭it,‬ ‭but‬ ‭really‬ ‭it's‬ ‭about‬ ‭deepening‬ ‭the‬ ‭relationship‬ ‭with‬ ‭these‬‭Fortune‬‭500‬‭companies that we already have relationships with.‬‭ or‬ ‭example,‬ ‭you‬ ‭heard‬ ‭me‬ ‭talk‬ ‭about‬ ‭Smart‬ ‭Sourcing,‬ ‭and‬ ‭that's‬ ‭an‬ ‭opportunity‬ ‭for‬ ‭us‬ ‭to‬ ‭go‬ ‭to‬ ‭these‬F‭companies‬ ‭and‬ ‭help‬ ‭them‬ ‭educate‬ ‭how‬ ‭they‬ ‭can‬ ‭use‬ ‭the‬ ‭Smart‬ ‭Sourcing‬ ‭solution‬ ‭to‬ ‭make‬ ‭hiring‬ ‭simpler,‬‭faster, and better.‬‭ ow‬ ‭let‬ ‭me‬ ‭talk‬ ‭about,‬ ‭very‬ ‭clearly,‬ ‭our‬ ‭marketplace‬ ‭transformation‬ ‭and‬ ‭how‬ ‭that‬ ‭ties‬ ‭to‬ ‭our‬ ‭enterprise‬N‭opportunity.‬‭First‬‭of‬‭all,‬‭when‬‭you‬‭think‬‭about‬‭marketplace‬‭opportunity,‬‭Chris‬‭already‬‭talked‬‭about‬‭this‬‭concept‬‭of Indeed applyable jobs as being a critical part of our marketplace.‬
I‭ndeed‬ ‭applyable‬‭jobs‬‭by‬‭definition‬‭are‬‭great‬‭for‬‭job‬‭seekers‬‭because‬‭they‬‭can‬‭reuse‬‭their‬‭information‬‭when‬‭they‬‭apply.‬‭They're‬‭also‬‭really‬‭good‬‭for‬‭employers‬‭because‬‭they‬‭can‬‭hire‬‭faster,‬‭they‬‭can‬‭hire‬‭better,‬‭and‬‭they‬‭get‬‭a‬‭lot‬‭more‬‭applies.‬‭It's‬‭also‬‭great‬‭for‬‭Indeed‬‭because‬‭employers‬‭tend‬‭to‬‭spend‬‭a‬‭lot‬‭more‬‭when‬‭they‬‭use‬‭Indeed applyable jobs.‬‭ uess‬ ‭what?‬ ‭Most‬ ‭of‬ ‭the‬ ‭large‬ ‭enterprises‬ ‭don't‬ ‭have‬ ‭Indeed‬ ‭applyable‬ ‭jobs.‬ ‭They‬ ‭have‬ ‭a‬ ‭large‬ ‭share‬ ‭of‬G
‭non-Indeed‬‭applyable‬‭jobs‬‭and‬‭we‬‭are‬‭on‬‭a‬‭journey‬‭to‬‭transform‬‭all‬‭of‬‭those‬‭jobs‬‭to‬‭become‬‭Indeed‬‭applyable‬‭and that's what we are really doing with our ATS transformation. That's number one.‬‭This transcript is provided for the convenience of investors only.‬‭37‬‭ umber‬ ‭two,‬ ‭Maggie‬ ‭just‬ ‭described,‬ ‭we‬ ‭have‬ ‭a‬ ‭lot‬ ‭of‬ ‭opportunity‬ ‭with‬ ‭knowledge‬ ‭workers‬ ‭and‬ ‭Chris‬N‭mentioned‬ ‭how‬ ‭we‬ ‭can‬ ‭increase‬ ‭take‬ ‭rate‬ ‭with‬ ‭our‬ ‭strategy‬ ‭around‬ ‭how‬ ‭we‬ ‭go‬ ‭and‬ ‭deliver‬ ‭more‬ ‭value‬ ‭to‬‭employers.‬ ‭That's‬ ‭what‬ ‭we're‬‭really‬‭doing‬‭right‬‭now‬‭with‬‭large‬‭enterprises.‬‭That's‬‭our‬‭second‬‭strategy,‬‭keep‬‭increasing our take rate and by delivering more value to large enterprises.‬‭ ast‬ ‭but‬‭not‬‭the‬‭least,‬‭we‬‭actually‬‭believe‬‭as‬‭part‬‭of‬‭a‬‭larger‬‭Recruit‬‭family,‬‭it's‬‭really‬‭one‬‭plus‬‭one‬‭plus‬‭one‬L‭equals‬ ‭three‬ ‭or‬ ‭greater‬ ‭than‬ ‭three,‬ ‭and‬‭so‬‭that's‬‭what‬‭we‬‭really‬‭focused‬‭on.‬‭How‬‭do‬‭we‬‭bring‬‭in‬‭everything‬‭from‬ ‭job‬ ‭advertising‬ ‭to‬ ‭staffing‬ ‭to‬ ‭bear‬ ‭and‬ ‭help‬ ‭large‬ ‭employers‬ ‭hire‬ ‭all‬ ‭types‬ ‭of‬ ‭workers‬ ‭that‬‭they‬‭need?‬‭That's really what it is, Matt.‬‭ att:‬‭Great.‬‭This‬‭next‬‭question‬‭is‬‭a‬‭question‬‭you‬‭touched‬‭on‬‭a‬‭little‬‭bit‬‭during‬‭your‬‭presentation,‬‭Chris,‬‭and‬‭it's‬M‭about‬ ‭raising‬ ‭prices.‬ ‭"You've‬ ‭shown‬ ‭us‬ ‭so‬ ‭many‬ ‭ways‬ ‭that‬ ‭you've‬ ‭improved‬ ‭outcomes‬ ‭for‬ ‭job‬‭seekers‬‭and‬‭employers. Why can't you just raise prices?"‬‭Chris:‬‭Yeah, so we get this question a lot and I did,‬‭I think, address it pretty directly in the presentation earlier.‬‭ ut‬‭look,‬‭I‬‭think‬‭the‬‭key‬‭is‬‭we‬‭have‬‭a‬‭lot‬‭of‬‭opportunity‬‭to‬‭increase‬‭what‬‭we're‬‭getting‬‭in‬‭return‬‭for‬‭the‬‭value‬B‭that‬‭we're‬‭delivering.‬‭What‬‭we‬‭don't‬‭want‬‭to‬‭do‬‭is‬‭just‬‭raise‬‭prices‬‭indiscriminately‬‭everywhere.‬‭We‬‭could‬‭raise‬‭prices, and that would be a short-term win.‬‭ s‬‭a‬‭business,‬‭what‬‭we're‬‭really‬‭focused‬‭on‬‭is‬‭long-term‬‭sustainable‬‭growth.‬‭So‬‭what‬‭we‬‭want‬‭to‬‭do‬‭is,‬‭look‬‭at‬A‭the‬ ‭areas‬ ‭where‬ ‭we're‬ ‭delivering‬ ‭a‬ ‭whole‬ ‭lot‬ ‭more‬ ‭value.‬ ‭We‬ ‭talked‬ ‭about‬ ‭the‬ ‭take‬ ‭rate,‬ ‭and‬ ‭just‬ ‭as‬ ‭a‬‭reminder, take rate is the cost per hire divided by the estimated full-year salary.‬‭ ake‬‭rate‬‭across‬‭Indeed,‬‭on‬‭average‬‭right‬‭now‬‭is‬‭less‬‭than‬‭1%.‬‭When‬‭we‬‭think‬‭about‬‭how‬‭much‬‭room‬‭there‬‭is,‬T‭how‬‭much‬‭headroom,‬‭so‬‭industry‬‭average,‬‭let's‬‭say‬‭around‬‭20%,‬‭there's‬‭a‬‭lot‬‭of‬‭room‬‭between‬‭1%‬‭and‬‭20%.‬‭If we can get that 1% up to 1.5% to 2%, it’s a really significant opportunity.‬I‭t's‬‭really‬‭important‬‭that‬‭we‬‭do‬‭that‬‭in‬‭a‬‭way‬‭that‬‭keeps‬‭us‬‭aligned‬‭to‬‭our‬‭customers‬‭and‬‭keeps‬‭us‬‭aligned‬‭to‬‭job‬‭seekers.‬‭So‬‭I'll‬‭just‬‭remind‬‭again,‬‭I‬‭think‬‭I‬‭said‬‭it‬‭seven‬‭or‬‭eight‬‭times‬‭in‬‭the‬‭presentation,‬‭but‬‭the‬‭pay‬‭for‬‭performance‬ ‭core‬ ‭value‬ ‭that‬ ‭we‬ ‭have‬ ‭is‬ ‭really‬‭essential‬‭to‬‭our‬‭business.‬‭It‬‭allows‬‭us‬‭to‬‭stay‬‭deeply‬‭aligned‬‭with‬‭our‬‭customers,‬‭establish‬‭that‬‭trust‬‭and‬‭that‬‭relationship‬‭over‬‭long-term‬‭and‬‭then‬‭that‬‭leads‬‭to‬‭sustainable‬‭long-term growth.‬‭ att:‬ ‭That's‬ ‭really‬ ‭helpful.‬ ‭So‬ ‭shifting‬ ‭gears‬ ‭to‬ ‭you,‬ ‭Rob.‬ ‭This‬ ‭question‬ ‭is‬ ‭about‬ ‭synergies‬ ‭actually‬‭across‬
M‭Staffing‬‭and‬‭the‬‭other‬‭businesses‬‭within‬‭Recruit.‬‭So‬‭can‬‭you‬‭provide‬‭some‬‭details‬‭on‬‭the‬‭synergies‬‭between‬‭RGF Staffing and the other strategic business units at Recruit?‬‭ ob:‬‭Of‬‭course.‬‭Sure.‬‭I‬‭think‬‭Raj‬‭already‬‭explained‬‭one‬‭plus‬‭one‬‭plus‬‭one‬‭should‬‭be‬‭more‬‭than‬‭three,‬‭and‬‭it’s‬R‭more‬‭than‬‭three.‬‭I‬‭think‬‭when‬‭I‬‭started‬‭all‬‭business‬‭units,‬‭and‬‭we‬‭have‬‭three,‬‭did‬‭our‬‭own‬‭thing‬‭basically,‬‭and‬‭we‬‭did‬‭do‬‭great,‬‭but‬‭then‬‭of‬‭course‬‭we‬‭started‬‭to‬‭work‬‭together‬‭and‬‭we‬‭will‬‭do‬‭even‬‭greater.‬‭If‬‭I‬‭give‬‭you‬‭one‬‭example, I can give a few examples.‬‭ or‬‭example,‬‭in‬‭Japan‬‭we‬‭have‬‭a‬‭lot‬‭of‬‭labor‬‭shortage.‬‭That's‬‭really‬‭a‬‭huge‬‭problem‬‭for‬‭Japan.‬‭So‬‭we‬‭started‬F‭the‬‭project‬‭where‬‭we‬‭use‬‭the‬‭matching‬‭technology‬‭of‬‭Indeed,‬‭with‬‭that‬‭matching‬‭technology,‬‭we‬‭were‬‭able‬‭to‬‭get 90% more applicants out of our databases, and we have huge databases.‬‭ o‬ ‭when‬ ‭you‬ ‭have‬ ‭90%‬ ‭more‬ ‭applicants,‬ ‭and‬‭really‬‭that‬‭is‬‭a‬‭great‬‭and‬‭huge‬‭and‬‭fantastic‬‭number,‬‭we‬‭can‬S‭have‬‭far‬‭more,‬‭let's‬‭say‬‭people‬‭working‬‭for‬‭us.‬‭So‬‭we‬‭help‬‭Japan‬‭from‬‭a‬‭social‬‭perspective,‬‭but‬‭of‬‭course‬‭we‬‭also‬‭help‬‭ourselves.‬‭And‬‭this‬‭is‬‭really‬‭a‬‭great‬‭example‬‭where‬‭we‬‭show‬‭the‬‭strength‬‭of‬‭Recruit‬‭because‬‭we‬‭do‬‭have‬‭the‬‭people,‬‭we‬‭do‬‭have‬‭the‬‭data,‬‭we‬‭do‬‭have‬‭the‬‭skills‬‭that‬‭it‬‭needs‬‭to‬‭work‬‭together.‬‭And‬‭again,‬‭we‬‭did‬‭do great individually, but we will do even greater when we combine our strengths.‬‭Matt:‬‭So that's great explanation of how we're really…‬‭Rob:‬‭I can give far more examples, but that's enough‬‭for now.‬‭This transcript is provided for the convenience of investors only.‬‭38‬‭Matt:‬‭I‬‭think‬‭it's‬‭a‬‭great‬‭explanation‬‭of‬‭how‬‭we're‬‭simplifying‬‭hiring‬‭across‬‭all‬‭of‬‭our‬‭businesses‬‭at‬‭Recruit,‬‭all‬t‭he HR businesses.‬‭ o‬ ‭here‬ ‭Deko,‬ ‭we‬ ‭have‬‭a‬‭question‬‭for‬‭you,‬‭one‬‭that‬‭we‬‭always‬‭get.‬‭This‬‭one's‬‭about‬‭M&A.‬‭So‬‭how‬‭do‬‭you‬S‭approach‬ ‭M&A?‬ ‭What‬ ‭are‬ ‭the‬ ‭areas‬ ‭of‬ ‭the‬ ‭business‬ ‭where‬ ‭an‬ ‭acquisition‬ ‭would‬ ‭accelerate‬ ‭your‬ ‭ability‬ ‭to‬‭Simplify Hiring?‬‭ eko:‬ ‭So‬ ‭first‬ ‭of‬ ‭all,‬ ‭we‬ ‭are‬ ‭very‬ ‭open‬ ‭to‬ ‭all‬ ‭conversations‬ ‭with‬ ‭all‬ ‭parties‬ ‭and‬ ‭there‬ ‭are‬ ‭many‬ ‭good‬D‭companies‬‭building‬‭great‬‭technologies.‬‭So‬‭we're‬‭open‬‭to‬‭talk‬‭with‬‭everybody.‬‭But‬‭the‬‭important‬‭thing‬‭for‬‭us‬‭is‬‭we just don't want to buy revenue or EBITDA.‬‭ e‬‭just‬‭want‬‭to‬‭innovate‬‭this‬‭HR‬‭matching‬‭industry.‬‭That's‬‭the‬‭most‬‭important‬‭thing.‬‭That's‬‭the‬‭vision.‬‭That's‬W‭the‬ ‭goal‬ ‭for‬ ‭us.‬ ‭So‬ ‭we‬‭need‬‭to‬‭have‬‭a‬‭leadership‬‭team‬‭or‬‭founders‬‭who‬‭can‬‭have‬‭a‬‭really‬‭same‬‭passion‬‭to‬‭achieve this mission or vision. That is the most important thing. So that's how I'm thinking about M&A.‬‭Matt:‬‭Okay. So let's move on to a topic that I know‬‭is on every investor's mind.‬
I‭t's‬ ‭about‬ ‭take‬ ‭rate,‬ ‭and‬ ‭this‬ ‭one's‬ ‭for‬ ‭you‬ ‭Chris.‬ ‭So‬ ‭in‬ ‭light‬ ‭of‬‭Indeed's‬‭planned‬‭monetization‬‭strategies‬‭to‬‭increase‬‭take‬‭rate,‬‭could‬‭you‬‭share‬‭which‬‭initiatives‬‭will‬‭most‬‭significantly‬‭impact‬‭revenue‬‭in‬‭the‬‭coming‬‭year‬‭and which can be most easily implemented?‬‭ hris:‬ ‭That's‬ ‭a‬ ‭great‬ ‭question‬ ‭and‬ ‭I‬ ‭think‬‭it's‬‭really‬‭important‬‭for‬‭us‬‭to‬‭have‬‭a‬‭wide‬‭variety‬‭of‬‭levers.‬‭We're‬C‭investing‬‭in‬‭a‬‭number‬‭of‬‭different‬‭areas.‬‭Some‬‭of‬‭these‬‭will‬‭bear‬‭fruit‬‭in‬‭this‬‭year.‬‭Some‬‭of‬‭them‬‭will‬‭take‬‭more‬‭time and deliver more value in the coming years.‬
I‭‬‭think‬‭that‬‭the‬‭simplest‬‭way‬‭to‬‭talk‬‭about‬‭where‬‭the‬‭clearest‬‭short-term‬‭impact‬‭will‬‭come‬‭from‬‭the‬‭things‬‭that‬‭we‬ ‭have‬ ‭been‬ ‭doing‬ ‭for‬ ‭some‬ ‭time.‬ ‭So‬ ‭the‬ ‭areas‬ ‭that‬ ‭I‬ ‭mentioned,‬ ‭further‬ ‭Indeed‬ ‭Apply‬ ‭integration‬ ‭and‬‭penetration into enterprises and then the mix of free and paid listings on Indeed.‬‭ o‬ ‭with‬ ‭Indeed‬ ‭Apply,‬ ‭we‬ ‭talked‬ ‭quite‬ ‭a‬ ‭bit‬ ‭during‬ ‭the‬ ‭presentation‬ ‭about‬ ‭how‬ ‭it's‬ ‭really‬ ‭a‬ ‭linchpin‬ ‭of‬ ‭our‬S‭marketplace‬‭transformation.‬‭The‬‭key‬‭to‬‭Indeed‬‭Apply‬‭is‬‭that‬‭it‬‭is‬‭better‬‭for‬‭job‬‭seekers.‬‭The‬‭apply‬‭rates‬‭are‬‭5‬‭times‬ ‭what‬ ‭they‬ ‭are‬‭for‬‭non-Indeed‬‭applyable‬‭jobs,‬‭it's‬‭great‬‭for‬‭employers.‬‭The‬‭hire‬‭rate‬‭is‬‭2.5‬‭times‬‭more,‬‭and those jobs on average spend twice as much per job. So it's good for Indeed.‬‭ s‬‭I‬‭talked‬‭about‬‭and‬‭Raj‬‭talked‬‭about,‬‭we‬‭have‬‭integrations‬‭with‬‭4‬‭of‬‭the‬‭largest‬‭ATSs‬‭in‬‭the‬‭world‬‭rolling‬‭out‬A‭this‬‭year.‬‭And‬‭one‬‭of‬‭the‬‭things‬‭that's‬‭really‬‭great‬‭is‬‭that‬‭we‬‭have‬‭an‬‭established‬‭playbook‬‭for‬‭how‬‭when‬‭we‬‭get‬‭an‬‭ATS‬‭integration,‬‭how‬‭we‬‭go‬‭to‬‭an‬‭enterprise‬‭and‬‭explain,‬‭here's‬‭the‬‭data‬‭that‬‭we‬‭have,‬‭here's‬‭why‬‭it's‬‭going‬‭to‬‭be‬‭beneficial‬‭to‬‭you.‬‭It's‬‭going‬‭to‬‭help‬‭you‬‭hire.‬‭We‬‭feel‬‭pretty‬‭confident‬‭that‬‭that‬‭is‬‭going‬‭to‬‭bear‬‭fruit‬‭this year.‬‭ he‬‭other‬‭one‬‭is‬‭that‬‭mix‬‭of‬‭free‬‭and‬‭paid‬‭listings‬‭on‬‭Indeed.‬‭So‬‭when‬‭we‬‭first‬‭started‬‭as‬‭a‬‭business,‬‭as‬‭a‬‭pure‬T‭search‬‭engine,‬‭our‬‭model‬‭was‬‭actually‬‭very‬‭similar‬‭to‬‭other‬‭search‬‭engines.‬‭We‬‭had‬‭free‬‭listings‬‭in‬‭the‬‭middle.‬‭We‬‭had‬‭a‬‭section‬‭at‬‭the‬‭top‬‭with‬‭a‬‭couple‬‭of‬‭paid‬‭listings.‬‭We‬‭had‬‭two‬‭or‬‭three‬‭at‬‭the‬‭bottom.‬‭There‬‭wasn't‬‭a‬‭whole lot of flexibility in terms of how we were able to manage that mix.‬‭ s‬ ‭we‬ ‭matured,‬ ‭we‬ ‭got‬ ‭more‬ ‭and‬ ‭more‬ ‭inventory‬ ‭and‬ ‭our‬ ‭matching‬ ‭improved‬ ‭such‬ ‭that‬ ‭we‬ ‭could‬ ‭actually‬A‭show‬‭better‬‭sponsored‬‭or‬‭paid‬‭jobs.‬‭And‬‭we've‬‭moved‬‭over‬‭the‬‭last‬‭several‬‭years‬‭to‬‭a‬‭blended‬‭model‬‭now.‬‭So‬‭when‬‭you‬‭look‬‭at‬‭a‬‭list‬‭of‬‭jobs‬‭on‬‭Indeed,‬‭some‬‭of‬‭them‬‭will‬‭be‬‭organic,‬‭some‬‭of‬‭them‬‭will‬‭be‬‭paid.‬‭We‬‭have‬‭a‬‭huge‬ ‭amount‬ ‭of‬ ‭flexibility‬ ‭there.‬ ‭We've‬ ‭been‬ ‭able‬ ‭to‬ ‭dramatically‬ ‭increase‬ ‭the‬ ‭number‬ ‭of‬ ‭jobs‬ ‭that‬ ‭we're‬‭showing and that job seekers are interacting with.‬‭ nd‬‭we‬‭can‬‭continue‬‭to‬‭do‬‭that‬‭as‬‭long‬‭as,‬‭like‬‭I‬‭said,‬‭we're‬‭doing‬‭this‬‭in‬‭a‬‭long-term‬‭sustainable‬‭way.‬‭But‬‭the‬A‭key‬ ‭here,‬ ‭the‬ ‭most‬ ‭important‬ ‭piece‬ ‭is‬ ‭that‬ ‭sponsored‬ ‭jobs,‬ ‭paid‬ ‭jobs‬‭are‬‭actually‬‭measurably‬‭better‬‭for‬‭job‬‭seekers.‬‭They‬‭represent‬‭an‬‭employer‬‭who‬‭is‬‭willing‬‭to‬‭put‬‭money‬‭behind‬‭a‬‭job‬‭because‬‭they‬‭think‬‭that‬‭this‬‭is‬‭something‬‭that‬‭they‬‭really‬‭need‬‭to‬‭fill.‬‭And‬‭as‬‭a‬‭result,‬‭we‬‭see‬‭that‬‭those‬‭jobs‬‭are‬‭40%‬‭more‬‭likely‬‭to‬‭lead‬‭to‬‭a‬‭hire. So we can do this in a way that is good for job seekers, good for employers, and good for Indeed.‬‭This transcript is provided for the convenience of investors only.‬‭39‬‭ att:‬ ‭Okay.‬ ‭So‬ ‭Maggie,‬ ‭this‬ ‭next‬ ‭question‬ ‭is‬ ‭for‬ ‭you‬ ‭and‬ ‭it's‬ ‭really‬ ‭about‬ ‭the‬ ‭importance‬ ‭of‬ ‭profiles‬ ‭for‬M‭matching‬ ‭that‬ ‭you‬ ‭talked‬ ‭about‬‭in‬‭your‬‭presentation.‬‭So,‬‭can‬‭you‬‭please‬‭explain‬‭the‬‭distinction‬‭between‬‭job‬‭seeker‬ ‭profiles‬ ‭and‬ ‭resumes,‬ ‭especially‬ ‭regarding‬ ‭the‬ ‭525‬ ‭million‬ ‭profiles‬ ‭versus‬ ‭the‬ ‭290‬ ‭million‬ ‭profiles‬‭available for outreach?‬‭ aggie:‬ ‭Yes.‬ ‭So‬ ‭the‬ ‭way‬ ‭to‬ ‭think‬ ‭about‬ ‭the‬ ‭525‬ ‭million‬ ‭is.‬‭Those‬‭are‬‭our‬‭job‬‭seeker‬‭accounts‬‭that‬‭have‬‭a‬M‭verified‬ ‭email‬ ‭address,‬ ‭but‬ ‭really‬ ‭they‬ ‭are‬ ‭the‬ ‭heart‬ ‭of‬ ‭our‬ ‭relationship‬ ‭with‬ ‭job‬ ‭seekers.‬ ‭This‬ ‭is‬ ‭where‬‭we‬‭collect‬ ‭our‬ ‭understanding‬ ‭of‬ ‭their‬ ‭qualifications,‬ ‭their‬ ‭preferences,‬ ‭what‬ ‭they‬‭like,‬‭what‬‭they‬‭don't‬‭like,‬‭what‬‭jobs they want, what types of jobs they don't want.‬‭ nd‬‭what's‬‭really‬‭important‬‭to‬‭us‬‭as‬‭part‬‭of‬‭our‬‭job‬‭seeker‬‭first‬‭principle‬‭is‬‭making‬‭sure‬‭job‬‭seekers‬‭know‬‭that‬A‭information‬ ‭is‬ ‭theirs,‬ ‭it's‬‭transparent,‬‭they‬‭can‬‭edit‬‭it‬‭anytime‬‭they‬‭want.‬‭And‬‭that's‬‭why‬‭we‬‭give‬‭job‬‭seekers‬‭the option to opt into the employer outreach.‬‭ o‬‭the‬‭290‬‭million‬‭is‬‭the‬‭subset‬‭of‬‭the‬‭525‬‭that‬‭has‬‭said,‬‭"Yes,‬‭I‬‭want‬‭my‬‭profile‬‭to‬‭be‬‭visible‬‭and‬‭available‬‭for‬S‭employers."‬‭And‬‭it‬‭doesn't‬‭just‬‭help‬‭employers‬‭who‬‭are‬‭using‬‭Smart‬‭Sourcing.‬‭It‬‭helps‬‭job‬‭seekers‬‭because‬‭as‬‭you‬‭saw‬‭in‬‭our‬‭presentations,‬‭when‬‭job‬‭seekers‬‭are‬‭matched‬‭to‬‭employers,‬‭when‬‭employers‬‭reach‬‭out‬‭to‬‭job‬‭seekers,‬‭the‬‭job‬‭seekers‬‭are‬‭more‬‭likely‬‭to‬‭apply,‬‭more‬‭likely‬‭to‬‭connect‬‭with‬‭employers,‬‭more‬‭likely‬‭to‬‭get‬‭a‬‭better outcome.‬‭ nd‬‭I‬‭think‬‭the‬‭important‬‭piece‬‭about‬‭resume‬‭that‬‭I‬‭want‬‭to‬‭underscore‬‭is‬‭the‬‭resume‬‭in‬‭the‬‭context‬‭of‬‭a‬‭profile‬A‭essentially‬ ‭becomes‬ ‭an‬ ‭artifact.‬ ‭To‬ ‭the‬ ‭extent‬ ‭that‬ ‭a‬ ‭resume‬ ‭is‬ ‭a‬ ‭piece‬ ‭of‬ ‭paper‬‭we've‬‭put‬‭into‬‭a‬‭PDF‬‭that‬‭we've‬ ‭put‬‭online,‬‭it's‬‭an‬‭artifact.‬‭It‬‭isn't‬‭a‬‭full‬‭representation‬‭of‬‭you‬‭as‬‭an‬‭employee‬‭of‬‭what‬‭you‬‭can‬‭do.‬‭The‬‭profile‬ ‭is‬ ‭intended‬ ‭to‬ ‭be‬ ‭much‬ ‭more‬ ‭holistic,‬‭much‬‭more‬‭comprehensive.‬‭And‬‭that's‬‭really‬‭why‬‭we‬‭see‬‭it‬‭as‬‭more of the heart of our relationship with job seekers.‬‭Matt:‬‭That's really helpful.‬‭ hris:‬‭Can‬‭I‬‭just‬‭jump‬‭in‬‭and‬‭just‬‭add‬‭one‬‭thing‬‭that‬‭is‬‭also‬‭I‬‭think‬‭easy‬‭to‬‭miss‬‭here.‬‭But‬‭the‬‭fact‬‭that‬‭there's‬C‭a‬ ‭difference‬ ‭between‬ ‭those‬ ‭two‬ ‭is‬ ‭because‬ ‭we're‬ ‭giving‬ ‭job‬ ‭seekers‬ ‭agency.‬ ‭We're‬ ‭giving‬‭them‬‭the‬‭choice‬‭about‬‭whether‬‭or‬‭not‬‭they‬‭want‬‭to‬‭appear‬‭in‬‭public‬‭search.‬‭And‬‭we‬‭do‬‭that‬‭because‬‭of‬‭that‬‭core‬‭principle‬‭that‬‭we‬ ‭talked‬ ‭about‬ ‭of‬ ‭putting‬ ‭job‬ ‭seekers‬ ‭first.‬ ‭So‬ ‭we‬ ‭could‬ ‭very‬ ‭easily‬ ‭have‬ ‭made‬ ‭all‬ ‭525‬ ‭million‬ ‭of‬ ‭those‬‭searchable, but we want job seekers to opt in.‬‭ nd‬‭what‬‭that‬‭really‬‭means‬‭is‬‭not‬‭only‬‭do‬‭they‬‭have‬‭the‬‭choice,‬‭but‬‭they're‬‭basically‬‭saying,‬‭"I‬‭am‬‭interested,"‬A‭which‬‭means‬‭that‬‭when‬‭people‬‭come‬‭and‬‭use‬‭Smart‬‭Sourcing‬‭and‬‭they're‬‭looking‬‭for‬‭job‬‭seekers,‬‭these‬‭are‬‭people‬‭who‬‭are‬‭opting‬‭into‬‭this‬‭process.‬‭They're‬‭not‬‭people‬‭who‬‭happen‬‭to‬‭be‬‭signed‬‭up‬‭for‬‭something‬‭else‬‭and‬‭might‬‭or‬‭might‬‭not‬‭be‬‭interested‬‭or‬‭responsive.‬‭So‬‭that‬‭distinction‬‭is‬‭actually‬‭really‬‭important‬‭because‬‭of‬‭who we are and those core principles.‬‭Matt:‬‭Okay. So Deko, this question here is about something‬‭I know you spent a lot of time on.‬‭ o,‬‭synergies‬‭across‬‭our‬‭three‬‭SBUs,‬‭and‬‭this‬‭is‬‭from‬‭an‬‭investor‬‭on‬‭the‬‭call.‬‭So‬‭today‬‭you‬‭showed‬‭how‬‭the‬S‭three‬‭SBUs‬‭have‬‭a‬‭similar‬‭philosophy‬‭and‬‭in‬‭fact‬‭working‬‭together‬‭to‬‭bring‬‭solutions‬‭to‬‭clients.‬‭Do‬‭you‬‭see‬‭a‬‭lot‬‭more‬‭collaboration‬‭potential‬‭ahead?‬‭Would‬‭it‬‭start‬‭blurring‬‭the‬‭boundaries‬‭between‬‭these‬‭SBUs‬‭a‬‭lot‬‭more‬‭in a few years time?‬‭ eko:‬‭Okay.‬‭But‬‭my‬‭simple‬‭answer‬‭is‬‭yes.‬‭We‬‭want‬‭to‬‭push‬‭more‬‭collaborations‬‭because‬‭it's‬‭just‬‭simple.‬‭We‬
D‭are‬ ‭seeing‬ ‭almost‬ ‭like‬ ‭a‬ ‭jump-ish‬‭innovation‬‭of‬‭new‬‭technologies‬‭like‬‭Deep‬‭Neural‬‭Network‬‭or‬‭AI‬‭matching.‬‭This‬ ‭is‬ ‭a‬ ‭huge‬ ‭change.‬ ‭And‬ ‭instead‬ ‭of‬ ‭having‬ ‭Staffing‬ ‭SBU‬ ‭or‬ ‭M&S,‬ ‭job‬ ‭board‬ ‭for‬ ‭part-time‬ ‭workers‬ ‭and‬‭Indeed,‬‭different‬‭teams‬‭are‬‭working‬‭on‬‭improving‬‭AI‬‭matching.‬‭It's‬‭just‬‭probably‬‭not‬‭a‬‭great‬‭way‬‭to‬‭invest‬‭into‬‭our future and to innovate the HR industry.‬‭ f‬‭course,‬‭besides‬‭no‬‭HR‬‭business,‬‭but‬‭the‬‭vast‬‭majority‬‭of‬‭our‬‭business,‬‭if‬‭it's‬‭related‬‭to‬‭HR,‬‭human‬‭resource‬O‭matching,‬‭meaning‬‭how‬‭to‬‭improve‬‭the‬‭matching‬‭between‬‭job‬‭seekers‬‭and‬‭each‬‭job.‬‭So‬‭I‬‭think‬‭we're‬‭going‬‭to‬‭keep‬‭pushing‬‭the‬‭investment‬‭into‬‭the‬‭improvement‬‭of‬‭matching,‬‭and‬‭we're‬‭going‬‭to‬‭keep‬‭connecting‬‭different‬‭businesses with this core value as Recruit Holdings. That's how I'm thinking.‬‭This transcript is provided for the convenience of investors only.‬‭40‬

‭Matt:‬‭Great.‬‭So‬‭here,‬‭this‬‭question‬‭is‬‭for‬‭you‬‭Raj,‬‭and‬‭this‬‭one's‬‭about‬‭our‬‭pricing‬‭model‬‭pay‬‭per‬‭application,‬‭ hich we sunset earlier in the year.‬w‭So‬ ‭Raj,‬ ‭what‬ ‭are‬ ‭your‬ ‭key‬ ‭learnings‬ ‭from‬ ‭pay‬ ‭per‬‭application‬‭pricing‬‭tests,‬‭and‬‭how‬‭will‬‭these‬‭experiences‬‭ hape your future pricing strategies?‬s‭ aj:‬ ‭So‬ ‭pay‬‭per‬‭application‬‭was‬‭a‬‭large-scale‬‭test‬‭that‬‭we‬‭started‬‭running‬‭about‬‭two‬‭and‬‭a‬‭half‬‭years‬‭back.‬
R‭And‬ ‭the‬ ‭idea‬ ‭here‬ ‭is‬ ‭very‬ ‭simple.‬ ‭When‬ ‭someone‬ ‭posts‬ ‭a‬ ‭job,‬ ‭we‬ ‭gave‬ ‭employers‬ ‭an‬ ‭option‬ ‭to‬ ‭pay‬ ‭per‬‭application as opposed to paying per daily budget, which used to be the default option.‬‭ nd‬ ‭what‬ ‭that‬ ‭meant,‬ ‭employers‬ ‭would‬ ‭get‬ ‭applications‬ ‭and‬ ‭they‬ ‭would‬ ‭be‬ ‭able‬ ‭to‬ ‭determine‬ ‭after‬ ‭they‬A‭received‬ ‭the‬ ‭application‬ ‭whether‬ ‭this‬ ‭met‬ ‭their‬ ‭standards‬ ‭or‬ ‭not.‬ ‭And‬ ‭they‬ ‭could‬ ‭decide‬ ‭to‬ ‭reject‬ ‭that‬‭application if they didn't want to have that application as part of their portfolio.‬‭ o‬‭the‬‭initial‬‭learnings‬‭were‬‭very,‬‭very‬‭good.‬‭We‬‭realized‬‭that‬‭employers‬‭were‬‭very‬‭happy‬‭with‬‭this‬‭concept‬‭of‬S‭paying‬‭per‬‭quality‬‭application.‬‭Not‬‭just‬‭that,‬‭we‬‭saw‬‭faster‬‭time‬‭to‬‭hire‬‭and‬‭we‬‭saw‬‭higher‬‭dollar‬‭per‬‭job.‬‭That‬‭was one part of the learning.‬‭ he‬ ‭second‬ ‭part‬ ‭of‬ ‭the‬ ‭learning‬ ‭was‬ ‭that‬ ‭quality‬ ‭itself‬‭is‬‭nebulous.‬‭For‬‭one‬‭employer,‬‭it‬‭may‬‭be‬‭that‬‭if‬‭they‬T‭receive‬ ‭an‬ ‭application‬ ‭for‬ ‭a‬ ‭nursing‬ ‭job‬ ‭with‬ ‭a‬ ‭nurse‬ ‭with‬ ‭three‬ ‭years‬ ‭of‬ ‭experience,‬ ‭that's‬ ‭great,‬ ‭but‬ ‭for‬‭another‬‭employer‬‭that‬‭may‬‭not‬‭be‬‭the‬‭case.‬‭So‬‭what‬‭ended‬‭up‬‭happening‬‭was‬‭quality‬‭was‬‭in‬‭the‬‭eye‬‭of‬‭the‬‭beholder.‬‭ he‬‭second‬‭part‬‭of‬‭that‬‭quality‬‭learning‬‭was,‬‭over‬‭time‬‭we‬‭realized‬‭a‬‭certain‬‭segment‬‭of‬‭employers‬‭were‬‭using‬T‭it‬ ‭more‬ ‭as‬ ‭a‬ ‭cost‬ ‭control,‬ ‭not‬ ‭as‬ ‭a‬ ‭quality‬ ‭control.‬ ‭So‬ ‭this‬ ‭just‬ ‭became‬ ‭unsustainable.‬ ‭It‬ ‭was‬ ‭violating‬ ‭our‬‭principles of pay for performance, and we decided to sunset the test.‬‭Now‬ ‭moving‬ ‭forward,‬ ‭this‬ ‭is‬ ‭really‬ ‭key‬ ‭to‬ ‭our‬ ‭future.‬ ‭We‬ ‭understand‬ ‭that‬ ‭employers‬ ‭are‬ ‭willing‬ ‭to‬ ‭pay‬ ‭for‬‭ uality applications, they definitely want to pay for that.‬q‭ nd‬‭we‬‭are‬‭running‬‭tests‬‭where‬‭we‬‭are‬‭setting‬‭expectations‬‭around‬‭quality‬‭upfront.‬‭Before‬‭everything‬‭is‬‭done,‬A‭before‬‭the‬‭application‬‭is‬‭delivered,‬‭we‬‭are‬‭setting‬‭those‬‭expectations‬‭correctly‬‭with‬‭the‬‭employer.‬‭And‬‭then‬‭we‬‭are‬‭also‬‭working‬‭with‬‭them‬‭to‬‭set‬‭budgets‬‭appropriately‬‭so‬‭they‬‭receive‬‭enough‬‭quality‬‭applications‬‭to‬‭make‬‭the hire.‬‭ nd‬‭when‬‭we‬‭do‬‭these‬‭two‬‭things,‬‭that‬‭really‬‭changes‬‭the‬‭game‬‭and‬‭employers‬‭become‬‭way‬‭happier‬‭with‬‭the‬A‭outcomes‬‭they‬‭receive.‬‭And‬‭we‬‭are‬‭running‬‭tests,‬‭for‬‭example,‬‭in‬‭the‬‭nursing‬‭segment,‬‭where‬‭we‬‭are‬‭seeing‬‭employers‬ ‭are‬ ‭spending‬ ‭up‬ ‭to‬ ‭two‬ ‭times‬ ‭per‬ ‭job‬ ‭and‬ ‭getting‬ ‭relevant‬ ‭applications‬ ‭and‬ ‭becoming‬ ‭happier.‬‭There's a lot more to come. We'll share soon.‬‭Matt:‬‭That's really helpful, thanks Raj.‬‭ o‬ ‭the‬ ‭next‬ ‭question‬ ‭is‬ ‭for‬ ‭you‬ ‭Chris,‬ ‭and‬ ‭it's‬ ‭a‬ ‭question‬ ‭we‬ ‭get‬ ‭often‬ ‭asked.‬ ‭So‬ ‭it's‬ ‭about‬ ‭investment‬ ‭in‬S
‭matching‬ ‭in‬ ‭marketplace.‬ ‭So‬ ‭where‬ ‭are‬ ‭the‬ ‭areas‬ ‭of‬ ‭incremental‬ ‭investment‬ ‭required‬ ‭to‬ ‭accomplish‬ ‭the‬‭marketplace transformation?‬‭ hris:‬ ‭So‬ ‭that's‬ ‭kind‬ ‭of‬ ‭our‬ ‭whole‬ ‭business,‬‭pretty‬‭much‬‭the‬‭marketplace‬‭transformation‬‭is‬‭the‬‭strategy,‬‭so‬C‭everything‬‭we're‬‭doing‬‭is‬‭investment‬‭in‬‭that‬‭area.‬‭I‬‭think‬‭what‬‭I‬‭tried‬‭to‬‭cover,‬‭I‬‭think‬‭the‬‭sort‬‭of‬‭the‬‭big‬‭areas‬‭Indeed‬ ‭Apply‬ ‭is‬ ‭the‬ ‭sort‬ ‭of‬ ‭enabler‬ ‭of‬‭bringing,‬‭and‬‭again,‬‭just‬‭to‬‭reiterate,‬‭when‬‭we‬‭talk‬‭about‬‭a‬‭two-sided‬‭marketplace, it means that the job seekers are already on Indeed, so that half is there.‬‭ mployers,‬ ‭many‬ ‭of‬ ‭them,‬ ‭are‬ ‭not‬ ‭on‬ ‭Indeed.‬ ‭So‬ ‭these‬ ‭enterprise‬‭employers‬‭who‬‭are‬‭in‬‭applicant‬‭tracking‬E‭systems,‬‭we're‬‭trying‬‭to‬‭bring‬‭them‬‭on‬‭Indeed‬‭to‬‭create‬‭the‬‭other‬‭side‬‭of‬‭the‬‭market.‬‭Indeed‬‭Apply‬‭integrations‬‭we've‬ ‭been‬ ‭investing‬ ‭in‬ ‭for‬‭many,‬‭many‬‭years.‬‭We‬‭have‬‭a‬‭lot‬‭of‬‭investments‬‭in‬‭that‬‭area,‬‭it's‬‭incremental‬‭in‬‭that‬‭we're‬‭continuing‬‭to‬‭do‬‭that,‬‭but‬‭that's‬‭not‬‭going‬‭to‬‭be‬‭necessarily‬‭a‬‭significant‬‭new‬‭effort,‬‭it's‬‭going‬‭to‬‭be‬‭a‬‭sustained effort as we continue to work on that.‬‭This transcript is provided for the convenience of investors only.‬‭41‬‭ he‬‭other‬‭big‬‭piece‬‭is‬‭matching.‬‭So‬‭that‬‭is‬‭as‬‭a‬‭two-sided‬‭marketplace,‬‭fundamentally‬‭what‬‭we‬‭do‬‭and‬‭we're‬T‭investing‬‭in‬‭AI‬‭and‬‭in‬‭user‬‭experience‬‭to‬‭help‬‭connect‬‭both‬‭sides‬‭and‬‭to‬‭make‬‭sure‬‭that‬‭we're‬‭getting‬‭the‬‭right‬‭information‬ ‭and‬‭we're‬‭driving‬‭the‬‭right‬‭behaviors.‬‭The‬‭investments‬‭in‬‭AI‬‭from‬‭an‬‭incremental‬‭perspective,‬‭I'd‬‭look at it, there's sort of two parts to that. There's investment in talent and there's investment in infrastructure.‬‭ he‬‭investment‬‭in‬‭talent‬‭is‬‭ongoing.‬‭We‬‭have‬‭a‬‭really‬‭amazing‬‭team‬‭of‬‭AI‬‭and‬‭machine‬‭learning‬‭professionals‬
T‭who‬‭are‬‭building‬‭the‬‭foundation‬‭of‬‭the‬‭business‬‭and‬‭we‬‭have‬‭been‬‭and‬‭we‬‭will‬‭continue‬‭to‬‭invest.‬‭There‬‭are,‬‭especially‬ ‭in‬ ‭the‬ ‭last‬ ‭year‬ ‭and‬ ‭a‬ ‭half,‬‭there's‬‭a‬‭whole‬‭new‬‭field‬‭of‬‭generative‬‭AI‬‭that‬‭has‬‭been‬‭around‬‭for‬‭a‬‭while but suddenly has kind of exploded. We will continue to invest in new talent in that area.‬‭ he‬‭infrastructure‬‭side,‬‭that‬‭is‬‭a‬‭meaningful‬‭piece‬‭of‬‭our‬‭overall‬‭infrastructure‬‭investment,‬‭but‬‭one‬‭thing‬‭that‬‭is‬T‭new‬‭in‬‭the‬‭last‬‭year‬‭and‬‭a‬‭half‬‭is‬‭that‬‭the‬‭vast‬‭majority‬‭of‬‭Indeed's‬‭AI‬‭work‬‭is‬‭our‬‭own‬‭models‬‭built‬‭from‬‭our‬‭own‬ ‭data‬‭that‬‭drive‬‭matching‬‭and‬‭all‬‭of‬‭the‬‭other‬‭behaviors‬‭that‬‭happen‬‭on‬‭the‬‭site.‬‭With‬‭the‬‭introduction‬‭of‬‭generative‬ ‭AI‬ ‭and‬ ‭its‬ ‭wide‬ ‭availability‬ ‭across‬ ‭multiple‬ ‭different‬ ‭vendors‬ ‭now.‬ ‭There's‬ ‭actually‬ ‭third‬ ‭party‬‭AI‬‭services that we can use.‬‭ e‬ ‭have‬ ‭never‬‭really‬‭been‬‭able‬‭to‬‭take‬‭advantage‬‭of‬‭that‬‭because‬‭so‬‭much‬‭of‬‭what‬‭we‬‭do‬‭is‬‭based‬‭on‬‭our‬W‭really‬‭unique‬‭data.‬‭But‬‭what‬‭we‬‭can‬‭do‬‭is‬‭we‬‭can‬‭now‬‭combine‬‭these‬‭two‬‭things‬‭together.‬‭So‬‭we‬‭have‬‭a‬‭set‬‭of‬‭capabilities‬‭on‬‭the‬‭site‬‭today‬‭where,‬‭for‬‭example,‬‭when‬‭we're‬‭matching‬‭a‬‭job‬‭seeker‬‭to‬‭a‬‭job,‬‭we‬‭have‬‭these‬‭amazing‬‭models‬‭that‬‭do‬‭a‬‭really‬‭great‬‭job‬‭of‬‭identifying‬‭a‬‭job‬‭that‬‭would‬‭be‬‭good‬‭for‬‭a‬‭job‬‭seeker.‬‭But‬‭to‬‭make‬‭recommendations work, the person needs to understand why.‬‭ nd‬‭so‬‭we've‬‭been‬‭able‬‭to‬‭combine‬‭that‬‭with‬‭third‬‭party‬‭use‬‭of‬‭generative‬‭AI.‬‭Once‬‭we‬‭get‬‭a‬‭match,‬‭we‬‭take‬A‭the‬‭job‬‭and‬‭the‬‭job‬‭seeker's‬‭resume‬‭and‬‭some‬‭other‬‭experience,‬‭we‬‭pass‬‭that‬‭in‬‭and‬‭get‬‭back‬‭an‬‭explanation‬‭saying:‬‭“Hey‬‭Matt,‬‭this‬‭job‬‭is‬‭perfect‬‭for‬‭you‬‭because.”‬‭That‬‭first‬‭set‬‭of‬‭experiments‬‭that‬‭we‬‭rolled‬‭out‬‭with‬‭that,‬‭we saw 20% increase in the take rate of these recommendations.‬‭ hat's‬‭actually‬‭really‬‭amazing‬‭in‬‭a‬‭very,‬‭very‬‭short‬‭period‬‭of‬‭time.‬‭So‬‭there's‬‭a‬‭lot‬‭of‬‭power.‬‭That's‬‭something‬T‭that‬‭we‬‭can‬‭take‬‭advantage‬‭of,‬‭that‬‭can‬‭be‬‭an‬‭incremental‬‭investment.‬‭But‬‭in‬‭that‬‭case,‬‭we've‬‭been‬‭able‬‭to‬‭do‬‭that‬ ‭critically‬‭in‬‭an‬‭ROI‬‭positive‬‭way‬‭because‬‭we‬‭can‬‭measure‬‭very‬‭precisely‬‭where‬‭the‬‭revenue‬‭from‬‭these‬‭matches‬‭is‬‭coming‬‭from‬‭and‬‭ensure‬‭that‬‭we're‬‭using‬‭the‬‭explainability‬‭generative‬‭AI‬‭in‬‭a‬‭way‬‭that's‬‭generating‬‭more‬‭revenue,‬‭and‬‭so‬‭we‬‭see‬‭a‬‭lot‬‭of‬‭opportunity‬‭to‬‭continue‬‭to‬‭invest‬‭in‬‭this‬‭new‬‭infrastructure‬‭in‬‭ways‬‭that‬‭will help us grow revenue.‬‭Matt:‬ ‭That's‬ ‭really‬ ‭insightful,‬ ‭thank‬ ‭you‬ ‭Chris.‬ ‭Shifting‬ ‭gears‬ ‭to‬ ‭another‬ ‭topic‬ ‭that‬ ‭we‬ ‭presented‬ ‭on‬ ‭today,‬‭ hich is Indeed PLUS.‬w‭ o‬‭we‬‭heard‬‭from‬‭Kitamura-san‬‭and‬‭Yamaguchi-san,‬‭but‬‭this‬‭question‬‭is‬‭from‬‭Haruka‬‭Mori‬‭at‬‭JP‬‭Morgan.‬‭Tell‬
S‭us‬‭about‬‭the‬‭uniqueness‬‭of‬‭the‬‭Japan‬‭HR‬‭market‬‭and‬‭background‬‭behind‬‭the‬‭launch‬‭of‬‭Indeed‬‭PLUS.‬‭What‬‭is‬‭the long-term business opportunity of Indeed PLUS?‬‭ eko:‬‭Yeah,‬‭so‬‭first‬‭of‬‭all,‬‭we‬‭just‬‭want‬‭to‬‭deliver‬‭the‬‭best‬‭products‬‭and‬‭best‬‭services‬‭for‬‭the‬‭market.‬‭That's‬‭a‬D‭very‬ ‭important‬ ‭thing.‬ ‭And‬ ‭so‬ ‭we‬ ‭have‬ ‭been‬ ‭running‬ ‭many‬‭different‬‭job‬‭boards,‬‭which‬‭are‬‭focusing‬‭on‬‭each‬‭segment‬‭like‬‭for‬‭part-time‬‭or‬‭for‬‭nurses,‬‭for‬‭full-time‬‭workers,‬‭for‬‭staffing‬‭workers.‬‭But‬‭when‬‭we‬‭think‬‭about‬‭the‬‭current‬ ‭Japanese‬ ‭market,‬ ‭especially‬ ‭the‬ ‭aging‬‭population,‬‭it‬‭is‬‭very‬‭challenging.‬‭All‬‭employers‬‭in‬‭Japan‬‭are‬‭having a really tough time filling their open positions.‬‭ o,‬‭I‬‭think‬‭we‬‭should‬‭extra‬‭focus‬‭on‬‭the‬‭efficiency‬‭and‬‭the‬‭productivity‬‭of‬‭the‬‭matching‬‭between‬‭jobs‬‭and‬‭job‬S‭seekers.‬‭So‬‭again,‬‭as‬‭I‬‭said,‬‭we‬‭should‬‭focus‬‭on‬‭the‬‭investment.‬‭Instead‬‭of‬‭having‬‭three,‬‭four‬‭different‬‭teams‬‭thinking‬‭about‬‭the‬‭innovation‬‭of‬‭a‬‭next‬‭matching‬‭algorithm,‬‭we‬‭should‬‭have‬‭one‬‭team‬‭to‬‭improve‬‭matching.‬‭So‬‭I'm‬‭sure‬‭we‬‭will‬‭be‬‭delivering‬‭better‬‭results.‬‭And‬‭so‬‭far‬‭it's‬‭still‬‭short‬‭time,‬‭but‬‭we're‬‭seeing‬‭good‬‭feedback‬‭from‬‭our employers and job seekers and it's going to be better.‬‭Matt:‬ ‭Great.‬ ‭So‬ ‭the‬ ‭next‬ ‭question‬ ‭here‬ ‭is‬ ‭another‬ ‭one‬ ‭we‬ ‭get‬ ‭asked‬ ‭a‬ ‭lot‬ ‭about,‬ ‭and‬ ‭I‬ ‭know‬ ‭that‬ ‭you‬‭ resented about Rob, this one's for you.‬p‭This transcript is provided for the convenience of investors only.‬‭42‬‭So‬‭what‬‭factors‬‭contribute‬‭to‬‭your‬‭superior‬‭margins‬‭and‬‭conversion‬‭ratios‬‭compared‬‭to‬‭competitors?‬‭And‬‭what‬‭ pportunities do you see for further improvement in these areas?‬o‭ ob:‬ ‭I‬ ‭have‬ ‭no‬ ‭secrets‬ ‭to‬ ‭share.‬ ‭It‬ ‭is‬ ‭just‬ ‭hard‬ ‭work‬ ‭and‬ ‭dedication,‬ ‭blood,‬ ‭sweat‬ ‭and‬ ‭tears.‬ ‭But‬ ‭before‬‭I‬R‭answer,‬ ‭the‬ ‭question‬ ‭about‬‭future‬‭improvement,‬‭and‬‭then‬‭I‬‭have‬‭good‬‭news‬‭to‬‭share‬‭and‬‭excellent‬‭news‬‭to‬‭share. But first, why do we do so well? Why do we outperform our peers?‬
I‭t's‬ ‭really‬ ‭hard‬ ‭work.‬ ‭We‬‭empower‬‭our‬‭local‬‭management.‬‭We‬‭are‬‭very,‬‭very‬‭disciplined.‬‭Disciplined‬‭in‬‭what‬‭we‬ ‭want‬ ‭to‬ ‭do,‬ ‭but‬ ‭also‬ ‭disciplined‬ ‭in‬ ‭what‬ ‭we‬ ‭don't‬ ‭want‬ ‭to‬‭do.‬‭We‬‭have‬‭a‬‭mean‬‭and‬‭lean‬‭cost‬‭structure,‬‭that's‬ ‭why‬‭if‬‭you‬‭see‬‭our‬‭cost‬‭structure‬‭as‬‭a‬‭percentage‬‭of‬‭revenue,‬‭we‬‭do‬‭quite‬‭well,‬‭we‬‭do‬‭better‬‭than‬‭our‬‭peers.‬ ‭And‬ ‭we‬ ‭steer‬ ‭on‬ ‭a‬‭conversion‬‭ratio.‬‭Conversion‬‭ratio,‬‭the‬‭definition‬‭is‬‭the‬‭percentage‬‭of‬‭gross‬‭profit,‬‭gross margin we convert into profitability. And we really steer on this, we manage on this and we compare.‬‭ nd‬‭I‬‭think‬‭the‬‭combination‬‭besides‬‭the‬‭hard‬‭work‬‭and‬‭the‬‭blood,‬‭sweat‬‭and‬‭tears‬‭is‬‭that‬‭we‬‭do‬‭quite‬‭well.‬‭It's‬A‭nice‬ ‭that‬ ‭we‬ ‭did‬ ‭do‬ ‭quite‬ ‭well‬ ‭in‬ ‭the‬‭past.‬‭It‬‭is‬‭very‬‭nice‬‭that‬‭we‬‭do‬‭well‬‭today,‬‭but‬‭of‬‭course‬‭it's‬‭even‬‭nicer‬‭when‬‭we‬‭would‬‭do‬‭well‬‭tomorrow‬‭because‬‭with‬‭the‬‭cash‬‭of‬‭yesterday,‬‭I‬‭cannot‬‭pay‬‭the‬‭bills‬‭of‬‭tomorrow.‬‭So‬‭what will we do in order to improve our performance further and to continue?‬‭ he‬‭good‬‭news‬‭is‬‭that‬‭we‬‭will‬‭do‬‭what‬‭we‬‭did,‬‭have‬‭we‬‭tried‬‭to‬‭improve‬‭further?‬‭But‬‭to‬‭be‬‭honest,‬‭can‬‭I‬‭do‬‭the‬T‭same‬ ‭as‬ ‭the‬ ‭last‬ ‭five‬ ‭years‬ ‭where‬ ‭we‬ ‭really‬ ‭improved‬ ‭by‬ ‭far‬‭and‬‭outperformed‬‭the‬‭market‬‭by‬‭far,‬‭probably‬‭alone,‬‭that‬‭would‬‭be‬‭very‬‭difficult.‬‭But‬‭then‬‭the‬‭excellent‬‭news‬‭is‬‭I‬‭am‬‭not‬‭alone‬‭because‬‭I‬‭will‬‭be‬‭helped‬‭by‬‭my friend Raj, I will be helped by Chris, Maggie, and of course, Deko.‬‭ nd‬‭that‬‭is‬‭really‬‭what‬‭set‬‭us‬‭apart‬‭as‬‭a‬‭staffing‬‭company,‬‭because‬‭we‬‭are‬‭a‬‭part‬‭of‬‭Recruit.‬‭So‬‭yes,‬‭do‬‭I‬‭have‬A‭IT‬‭departments‬‭myself,‬‭yes.‬‭But‬‭I‬‭think‬‭Indeed‬‭and‬‭HR‬‭Technology‬‭both‬‭here‬‭and‬‭in‬‭the‬‭rest‬‭of‬‭the‬‭world‬‭has‬‭far bigger, let's say, IT departments than we have.‬‭ o‬‭we‬‭have‬‭a‬‭lot‬‭of‬‭data,‬‭we‬‭have‬‭a‬‭lot‬‭of‬‭capabilities,‬‭and‬‭they‬‭will‬‭help‬‭me‬‭to‬‭increase‬‭the‬‭profitability‬‭and‬‭of‬S‭course‬ ‭the‬ ‭productivity,‬ ‭or‬ ‭I‬ ‭should‬ ‭say‬ ‭productivity‬ ‭first‬ ‭and‬ ‭then‬ ‭profitability‬ ‭will‬ ‭follow.‬‭And‬‭really‬‭it's‬‭also‬‭what‬‭Raj‬‭said,‬‭one‬‭plus‬‭one‬‭plus‬‭one‬‭will‬‭be‬‭more‬‭than‬‭three,‬‭and‬‭I‬‭think‬‭we‬‭have‬‭everything‬‭that‬‭it‬‭takes‬‭not‬‭only‬‭the‬‭data,‬‭not‬‭only‬‭the‬‭technology,‬‭but‬‭also‬‭the‬‭management‬‭to‬‭make‬‭it‬‭reality.‬‭I'm‬‭pretty‬‭sure‬‭and‬‭I'm‬‭very‬‭excited for the next five years.‬‭Matt:‬‭So that really helps investors understand the‬‭opportunity in staffing.‬‭Rob:‬‭It's hard work.‬‭ att:‬ ‭Yeah,‬ ‭it's‬ ‭hard‬ ‭work.‬ ‭And‬ ‭actually‬ ‭that's‬ ‭a‬ ‭nice‬ ‭lead‬ ‭into‬‭our‬‭next‬‭question.‬‭Before‬‭I‬‭jump‬‭to‬‭the‬‭next‬M‭question.‬‭We‬‭are‬‭coming‬‭towards‬‭the‬‭end‬‭of‬‭our‬‭scheduled‬‭time,‬‭but‬‭we‬‭do‬‭have‬‭a‬‭number‬‭of‬‭questions‬‭still‬‭in‬‭the‬‭queue,‬‭so‬‭we're‬‭going‬‭to‬‭keep‬‭going.‬‭So‬‭this‬‭one‬‭is‬‭about‬‭TAM‬‭and‬‭staffing‬‭is‬‭actually‬‭the‬‭largest‬‭part‬‭of‬‭our TAM.‬‭ ut‬‭this,‬‭I'm‬‭going‬‭to‬‭give‬‭to‬‭you,‬‭Deko‬‭and‬‭Chris.‬‭So‬‭this‬‭one‬‭is‬‭of‬‭the‬‭300‬‭billion‬‭plus‬‭TAM,‬‭how‬‭much‬‭of‬‭it‬‭is‬B‭addressable‬ ‭by‬ ‭Indeed‬ ‭and‬ ‭by‬ ‭Recruit‬ ‭now‬ ‭and‬ ‭in‬ ‭the‬ ‭future?‬ ‭What‬ ‭will‬ ‭the‬ ‭TAM‬ ‭look‬ ‭like‬ ‭over‬ ‭time‬ ‭as‬‭technology becomes a bigger part of HR matching? Maybe you want to start Chris?‬‭ hris:‬ ‭Sure.‬ ‭Yeah.‬ ‭So‬ ‭when‬ ‭we‬ ‭talk‬ ‭about‬ ‭our‬ ‭view‬ ‭of‬ ‭the‬ ‭TAM,‬ ‭that‬ ‭is‬ ‭what‬ ‭we‬ ‭think‬ ‭is‬ ‭addressable‬ ‭by‬C
‭Recruit.‬‭So‬‭those‬‭different‬‭areas,‬‭there's‬‭other‬‭spend‬‭in‬‭the‬‭HR‬‭world‬‭that‬‭we‬‭have‬‭not‬‭included‬‭in‬‭this‬‭$300‬‭billion‬‭plus.‬‭So‬‭I‬‭think‬‭the‬‭real‬‭question‬‭is‬‭as‬‭we‬‭tackle‬‭this‬‭and‬‭bring‬‭our‬‭innovation,‬‭do‬‭the‬‭different‬‭sectors‬‭shrink or do they grow? And I think the answer is yes, it's going to be a little bit of both.‬‭ et's‬‭take‬‭for‬‭example,‬‭in‬‭recruitment‬‭automation,‬‭which‬‭is‬‭a‬‭pretty‬‭big,‬‭the‬‭$64‬‭billion‬‭estimated‬‭chunk.‬‭That‬L‭is‬ ‭us‬ ‭looking‬ ‭at‬ ‭primarily‬‭what‬‭are‬‭the‬‭internal‬‭recruiting‬‭costs‬‭that‬‭companies‬‭bear?‬‭Huge‬‭amount‬‭as‬‭Deko‬‭said‬‭at‬‭the‬‭very‬‭start,‬‭huge‬‭amount‬‭of‬‭very,‬‭very‬‭manual‬‭human‬‭work.‬‭When‬‭we‬‭bring‬‭technology‬‭and‬‭AI‬‭and‬‭automation‬‭to‬‭that,‬‭we‬‭will‬‭certainly‬‭be‬‭making‬‭it‬‭more‬‭efficient,‬‭we‬‭should‬‭be‬‭taking‬‭some‬‭cost‬‭out,‬‭we‬‭should‬‭be able to capture a good chunk of that. Our guess is that that part will probably shrink.‬‭This transcript is provided for the convenience of investors only.‬‭43‬‭ ut‬ ‭Rob‬ ‭talked‬ ‭about‬‭in‬‭his‬‭presentation‬‭that‬‭staffing,‬‭which‬‭is,‬‭as‬‭you‬‭just‬‭said,‬‭is‬‭the‬‭largest‬‭part.‬‭It's‬‭over‬B‭$120‬‭billion.‬‭And‬‭that‬‭just‬‭for‬‭clarity,‬‭that's‬‭the‬‭net‬‭revenue,‬‭gross‬‭revenue‬‭and‬‭staffing‬‭is‬‭even‬‭larger‬‭than‬‭that.‬‭So the net revenue of $120 billion, that might even grow over time.‬‭ nd‬‭just‬‭for‬‭clarity,‬‭I‬‭mentioned‬‭the‬‭smallest‬‭piece‬‭is‬‭sort‬‭of‬‭where‬‭Indeed‬‭started‬‭in‬‭the‬‭search‬‭engine‬‭world‬‭in‬A‭job‬‭advertising‬‭and‬‭talent‬‭sourcing‬‭at‬‭$32‬‭billion,‬‭that's‬‭actually‬‭much‬‭larger‬‭than‬‭it‬‭was‬‭10‬‭years‬‭ago,‬‭20‬‭years‬‭ago‬‭when‬‭Indeed‬‭started.‬‭So‬‭it's‬‭entirely‬‭possible‬‭that‬‭some‬‭of‬‭these‬‭will‬‭grow‬‭just‬‭as‬‭we‬‭bring‬‭more‬‭efficiency‬‭to it, that people might actually be able to spend more to get more value.‬‭ o‬‭I‬‭think‬‭the‬‭key‬‭is‬‭that‬‭when‬‭you‬‭look‬‭outside‬‭of‬‭job‬‭advertising,‬‭it‬‭is‬‭extraordinarily‬‭fractured.‬‭There‬‭is‬‭not‬S‭one‬‭entity‬‭in‬‭any‬‭one‬‭of‬‭those‬‭areas‬‭that‬‭has‬‭anything‬‭like‬‭dominant‬‭market‬‭share.‬‭And‬‭in‬‭fact,‬‭outside‬‭of‬‭job‬‭advertising‬ ‭and‬ ‭talent‬ ‭sourcing,‬ ‭there's‬ ‭really‬ ‭no‬ ‭technology‬ ‭players‬ ‭that‬ ‭have‬ ‭a‬ ‭significant‬ ‭position,‬‭so‬‭we‬‭think‬ ‭that‬ ‭we‬ ‭are‬ ‭extraordinarily‬ ‭well‬ ‭positioned‬ ‭between‬ ‭Indeed,‬ ‭the‬‭Staffing‬‭business‬‭and‬‭all‬‭of‬‭Recruit‬‭to‬‭tackle this TAM.‬‭Matt:‬‭Excellent. Deko, anything you want to add to‬‭this?‬‭ eko:‬ ‭I‬ ‭don't‬ ‭think‬ ‭I‬ ‭got‬ ‭it.‬ ‭But‬ ‭I‬ ‭understand‬ ‭everybody‬ ‭is‬ ‭talking‬ ‭about‬ ‭TAM,‬ ‭TAM,‬ ‭TAM‬ ‭and‬ ‭TAM‬ ‭is‬‭very‬D‭important‬‭for‬‭the‬‭business.‬‭I‬‭understand‬‭that,‬‭but‬‭long‬‭term,‬‭when‬‭I‬‭think‬‭about‬‭our‬‭business,‬‭I‬‭think‬‭even‬‭if‬‭it's‬‭TAM‬‭or‬‭not.‬‭I‬‭think‬‭if‬‭somebody‬‭is‬‭trying‬‭to‬‭find‬‭a‬‭job‬‭who‬‭can‬‭be‬‭passionate,‬‭that‬‭we‬‭need‬‭to‬‭help.‬‭We‬‭want‬‭to‬‭support‬ ‭everybody‬ ‭who‬ ‭is‬ ‭trying‬ ‭to‬ ‭find‬ ‭a‬ ‭better‬ ‭job.‬ ‭So‬‭that's‬‭very‬‭important‬‭thing‬‭for‬‭us‬‭as‬‭a‬‭vision‬‭and‬‭a‬‭mission. So that is that.‬‭Matt:‬ ‭That's‬ ‭perfect.‬ ‭Actually,‬ ‭that's‬‭a‬‭great‬‭lead‬‭into‬‭the‬‭next‬‭question,‬‭which‬‭is‬‭for‬‭Maggie‬‭about‬‭how,‬‭and‬t‭his is your vision for the job seeker team about being a career companion.‬‭ o‬‭what‬‭initiatives‬‭is‬‭Indeed‬‭taking‬‭to‬‭increase‬‭ongoing‬‭engagement‬‭with‬‭job‬‭seekers‬‭aiming‬‭to‬‭make‬‭Indeed‬S‭a‬‭lifetime‬‭career‬‭companion‬‭rather‬‭than‬‭a‬‭platform‬‭for‬‭active‬‭job‬‭seekers?‬‭How‬‭does‬‭this‬‭strategy‬‭differentiate‬‭Indeed from social networking platforms?‬‭ aggie:‬ ‭So‬ ‭as‬ ‭we‬ ‭think‬ ‭about‬ ‭what‬ ‭it‬ ‭means‬ ‭to‬ ‭become‬ ‭a‬ ‭career‬ ‭companion,‬ ‭we're‬ ‭thinking‬ ‭about‬M‭understanding‬‭workers,‬‭understanding‬‭job‬‭seekers‬‭at‬‭a‬‭level‬‭that's‬‭fundamentally‬‭different‬‭than‬‭what‬‭anyone‬‭would‬‭put‬‭on‬‭a‬‭social‬‭networking‬‭platform.‬‭We‬‭are‬‭trying‬‭to‬‭understand‬‭their‬‭passions,‬‭what‬‭they're‬‭solving‬‭for.‬‭We're‬ ‭trying‬ ‭to‬ ‭be‬ ‭able‬ ‭to‬ ‭use‬ ‭that‬ ‭to‬ ‭recommend‬ ‭opportunities‬ ‭to‬ ‭them‬ ‭that‬ ‭align‬ ‭with‬ ‭their‬ ‭skills,‬ ‭their‬‭capabilities, and all the other parameters for life that people navigate.‬‭ nd‬‭then‬‭we're‬‭also‬‭trying‬‭to‬‭help‬‭them‬‭find‬‭longer‬‭term‬‭career‬‭pathways.‬‭Things‬‭that‬‭they‬‭can‬‭think‬‭about‬‭for,‬A‭well,‬‭10‬‭years‬‭from‬‭now,‬‭“What‬‭might‬‭I‬‭be‬‭able‬‭to‬‭do‬‭if‬‭I‬‭took‬‭this‬‭job‬‭now”‬‭or‬‭“I've‬‭built‬‭this‬‭skill”,‬‭et‬‭cetera.‬‭And‬‭I‬ ‭think‬ ‭we're‬ ‭particularly‬ ‭excited‬ ‭about‬ ‭the‬ ‭capabilities‬ ‭of‬ ‭Gen‬ ‭AI‬ ‭to‬ ‭make‬ ‭this‬ ‭experience‬ ‭more‬ ‭like‬ ‭a‬‭conversation just like it would be with a real person.‬‭ o‬‭I‬‭sit‬‭down‬‭with‬‭a‬‭real‬‭person‬‭and‬‭I‬‭say,‬‭"Oh,‬‭I've‬‭been‬‭working‬‭at‬‭a‬‭bank‬‭for‬‭20‬‭years,‬‭but‬‭I'm‬‭a‬‭great‬‭writer‬S‭and‬‭I‬‭don't‬‭want‬‭to‬‭commute‬‭to‬‭the‬‭city‬‭anymore.‬‭And‬‭what‬‭are‬‭my‬‭choices?‬‭How‬‭can‬‭I‬‭navigate‬‭that?‬‭I‬‭also‬‭would really love to work from home two days a week. How can I do this?"‬‭ o‬‭in‬‭that‬‭conversation,‬‭you're‬‭sharing‬‭more‬‭about‬‭you,‬‭what‬‭you're‬‭solving‬‭for‬‭than‬‭again‬‭you‬‭would‬‭ever‬‭put‬S‭on‬ ‭a‬ ‭resume.‬ ‭And‬ ‭in‬ ‭that‬ ‭conversation‬ ‭we‬‭learn‬‭a‬‭lot.‬‭We‬‭will‬‭learn‬‭a‬‭lot‬‭about‬‭job‬‭seekers‬‭and‬‭what‬‭really‬‭matters‬‭to‬‭them,‬‭and‬‭that's‬‭what‬‭will‬‭make‬‭the‬‭recommendations‬‭fundamentally‬‭better‬‭and‬‭different‬‭than‬‭what‬‭we can do if we were just having people fill forms of what are you solving for, yes/no questions.‬‭ o‬ ‭I‬ ‭think‬ ‭that's‬ ‭the‬ ‭really‬ ‭important‬ ‭thing‬ ‭to‬ ‭think‬ ‭about‬ ‭as‬ ‭you‬ ‭think‬ ‭about‬ ‭Career‬ ‭Companion.‬ ‭It's‬
S‭understanding‬ ‭job‬ ‭seekers‬ ‭at‬ ‭a‬‭different‬‭level‬‭and‬‭then‬‭helping‬‭them‬‭navigate‬‭their‬‭choices‬‭throughout‬‭their‬‭career, not just at any one given point in time.‬‭ o‬ ‭I‬ ‭think‬ ‭the‬ ‭last‬ ‭thing‬ ‭I‬ ‭would‬ ‭share‬ ‭is‬ ‭we‬ ‭have‬ ‭a‬ ‭lot‬ ‭of‬ ‭investment‬ ‭in‬ ‭salary‬ ‭insights.‬ ‭We‬ ‭talked‬ ‭about‬S‭company‬‭insights.‬‭Where‬‭can‬‭your‬‭skills‬‭take‬‭you‬‭in‬‭a‬‭career?‬‭Is‬‭a‬‭skill‬‭gaining‬‭in‬‭popularity‬‭or‬‭can‬‭you‬‭earn‬‭more‬‭if‬‭you‬‭gain‬‭a‬‭skill?‬‭Those‬‭are‬‭important‬‭investments‬‭for‬‭this‬‭Career‬‭Companion‬‭concept‬‭because‬‭it‬‭gives‬‭This transcript is provided for the convenience of investors only.‬‭44‬‭us‬‭a‬‭way‬‭to‬‭have‬‭a‬‭conversation‬‭with‬‭the‬‭job‬‭seeker‬‭and‬‭be‬‭useful‬‭to‬‭them‬‭in‬‭all‬‭stages‬‭of‬‭their‬‭career,‬‭not‬‭just‬i‭n the moments of transition. So a lot to be excited about, I think, here with where we can take it.‬‭Matt:‬‭Thank‬‭you.‬‭This‬‭next‬‭question,‬‭and‬‭we‬‭have‬‭a‬‭lot‬‭of‬‭questions‬‭actually‬‭about‬‭our‬‭new‬‭products‬‭and‬‭this‬‭ ne's about Smart Sourcing, Raj for you.‬o‭ o‬‭this‬‭is‬‭from‬‭Junko‬‭Yamamura‬‭at‬‭Citigroup,‬‭"The‬‭Smart‬‭Sourcing‬‭service‬‭is‬‭becoming‬‭somewhat‬‭similar‬‭to‬S‭LinkedIn.‬‭What‬‭is‬‭the‬‭biggest‬‭difference‬‭between‬‭them?‬‭If‬‭it's‬‭about‬‭matching‬‭accuracy,‬‭will‬‭it‬‭take‬‭some‬‭time‬‭for clients to feel the effects. Is it possible to increase the budget share by improving matching accuracy?"‬‭ aj:‬ ‭So‬ ‭let‬ ‭me‬ ‭start‬ ‭by‬ ‭talking‬ ‭about‬ ‭what‬ ‭sourcing‬ ‭is.‬ ‭So‬ ‭sourcing‬ ‭is‬ ‭when‬‭anyone,‬‭a‬‭recruiter‬‭or‬‭a‬‭hiring‬R‭manager,‬‭is‬‭reaching‬‭out‬‭proactively‬‭to‬‭a‬‭job‬‭seeker,‬‭asking‬‭them‬‭to‬‭apply‬‭for‬‭a‬‭job‬‭opportunity‬‭as‬‭opposed‬‭to‬‭a‬‭job‬‭seeker‬‭finding‬‭a‬‭job‬‭on‬‭their‬‭own,‬‭searching‬‭for‬‭that‬‭and‬‭then‬‭applying.‬‭So‬‭that's‬‭really‬‭the‬‭opposite‬‭side‬‭if you think about it.‬‭ ow,‬ ‭sourcing‬ ‭is‬ ‭hugely‬ ‭manual.‬ ‭Deko‬ ‭talked‬ ‭about‬ ‭it.‬ ‭I‬ ‭also‬ ‭mentioned‬ ‭the‬ ‭same‬ ‭thing.‬ ‭We‬ ‭really‬‭have‬‭a‬N‭problem‬‭where‬‭it‬‭takes‬‭more‬‭than‬‭50‬‭days‬‭to‬‭hire.‬‭And‬‭a‬‭large‬‭part‬‭of‬‭that‬‭is‬‭your‬‭time‬‭you‬‭spend‬‭in‬‭sourcing.‬‭And so how can we reimagine that? How can we actually change the way sourcing is done?‬‭ nd‬‭so‬‭if‬‭I‬‭go‬‭back‬‭to‬‭our‬‭current‬‭product‬‭set,‬‭since‬‭2018,‬‭we've‬‭had‬‭this‬‭product,‬‭Resume‬‭Search,‬‭which‬‭is‬A‭again‬‭built‬‭on‬‭this‬‭concept‬‭of‬‭manual‬‭search‬‭and‬‭we‬‭made‬‭it‬‭better‬‭and‬‭better.‬‭But‬‭we‬‭also‬‭launched‬‭Matched‬‭Candidates,‬‭which‬‭is‬‭based‬‭on‬‭recommendations,‬‭matching‬‭based,‬‭where‬‭we‬‭fundamentally‬‭transformed‬‭how‬‭someone‬ ‭can‬ ‭source.‬ ‭And‬ ‭so‬ ‭we're‬ ‭bringing‬ ‭these‬ ‭together.‬ ‭And‬ ‭by‬‭bringing‬‭this‬‭together,‬‭we‬‭are‬‭calling‬‭it‬‭Smart Sourcing.‬‭ o‬‭let‬‭me‬‭talk‬‭about‬‭the‬‭three‬‭things‬‭that‬‭we‬‭really‬‭need‬‭to‬‭do‬‭to‬‭differentiate‬‭Smart‬‭Sourcing‬‭from‬‭anything‬S‭that‬‭exists‬‭out‬‭there.‬‭First,‬‭let's‬‭talk‬‭about‬‭the‬‭reach.‬‭We‬‭are‬‭all‬‭talking‬‭about‬‭reach‬‭of‬‭active‬‭job‬‭seekers,‬‭job‬‭seekers‬ ‭who‬ ‭are‬ ‭actively‬ ‭looking.‬ ‭And‬ ‭Indeed‬ ‭has‬ ‭the‬ ‭highest‬ ‭number‬ ‭of‬ ‭active‬ ‭job‬ ‭seekers.‬ ‭This‬ ‭is‬ ‭not‬‭a‬‭social networking platform where you're passively looking, you're going in and actively looking for a job.‬‭ econd,‬ ‭number‬ ‭two,‬‭we‬‭are‬‭really‬‭talking‬‭about‬‭the‬‭power‬‭of‬‭matching.‬‭And‬‭to‬‭give‬‭you‬‭a‬‭simple‬‭example,‬S‭when‬‭we‬‭talk‬‭about‬‭someone‬‭through‬‭Matched‬‭Candidates‬‭reaching‬‭out‬‭to‬‭a‬‭job‬‭seeker,‬‭the‬‭job‬‭seekers‬‭are‬‭17‬‭times‬‭more‬‭likely,‬‭you're‬‭17‬‭times‬‭more‬‭likely‬‭to‬‭apply‬‭for‬‭that‬‭job‬‭than‬‭if‬‭they‬‭found‬‭it‬‭on‬‭their‬‭own‬‭through‬‭search. So that's just the beginning of what we are doing with matching and we'll continue to expand that.‬‭ nd‬ ‭number‬ ‭three,‬ ‭we‬ ‭really‬ ‭talk‬ ‭about‬ ‭faster‬ ‭connections.‬ ‭And‬ ‭this‬ ‭is‬ ‭really‬ ‭important,‬ ‭through‬ ‭smart‬A‭messaging‬‭which‬‭is‬‭AI‬‭driven.‬‭Chris‬‭was‬‭talking‬‭about‬‭LLM‬‭based‬‭messaging.‬‭We‬‭are‬‭also‬‭talking‬‭about‬‭how‬‭do‬‭we‬‭do‬‭candidate‬‭highlights‬‭where‬‭we‬‭are‬‭really‬‭highlighting‬‭what's‬‭great‬‭about‬‭this‬‭candidate‬‭and‬‭how‬‭you‬‭can reach out in a personalized fashion.‬‭ ll‬‭of‬‭these‬‭things‬‭really‬‭bring‬‭down‬‭that‬‭time‬‭through‬‭automation‬‭that‬‭is‬‭being‬‭spent‬‭manually.‬‭So‬‭if‬‭you‬‭do‬‭all‬A‭of‬‭these‬‭things,‬‭we‬‭are‬‭clearly‬‭going‬‭to‬‭be‬‭differentiated‬‭among‬‭all‬‭the‬‭products‬‭out‬‭there,‬‭and‬‭we‬‭obviously‬‭hope that'll lead to higher revenue over time.‬‭ att:‬‭Great,‬‭Raj.‬‭This‬‭next‬‭question‬‭is‬‭about‬‭making‬‭getting‬‭a‬‭job‬‭as‬‭easy‬‭as‬‭pushing‬‭a‬‭button.‬‭So‬‭we‬‭always‬
M‭show‬‭the‬‭“Get‬‭an‬‭Offer‬‭button”.‬‭And‬‭so‬‭for‬‭Chris,‬‭this‬‭one‬‭is‬‭for‬‭you.‬‭And‬‭I'm‬‭sure‬‭Deko,‬‭you‬‭have‬‭comments‬‭about this one as well. So this is from Jun Kato at CLSA.‬‭"How‬‭many‬‭years‬‭will‬‭it‬‭take‬‭for‬‭people‬‭or‬‭how‬‭realistic‬‭is‬‭it‬‭to‬‭be‬‭able‬‭to‬‭change‬‭jobs‬‭in‬‭just‬‭one‬‭click‬‭without‬‭ eeting anyone?"‬m‭ hris:‬‭So‬‭that's‬‭one‬‭of‬‭my‬‭favorite‬‭questions.‬‭First‬‭of‬‭all,‬‭it‬‭is‬‭very‬‭important‬‭to‬‭recognize‬‭that‬‭when‬‭one‬‭of‬‭the‬C‭questions‬ ‭people‬ ‭have‬ ‭is,‬ ‭do‬‭people‬‭really‬‭want‬‭to‬‭just‬‭push‬‭a‬‭button‬‭to‬‭get‬‭a‬‭job?‬‭We‬‭talked‬‭earlier‬‭before‬‭about‬‭job‬‭seeker‬‭agency,‬‭we‬‭put‬‭job‬‭seekers‬‭first.‬‭If‬‭you‬‭look‬‭at‬‭the‬‭button,‬‭and‬‭again,‬‭I‬‭don't‬‭think‬‭we're‬‭going‬‭to‬‭build‬‭a‬‭blue‬‭button‬‭that‬‭looks‬‭like‬‭that‬‭physical‬‭thing‬‭that‬‭you‬‭push,‬‭but‬‭we‬‭could.‬‭But‬‭the‬‭idea‬‭is‬‭that‬‭if‬‭you‬‭look at the picture that Deko shows, that I showed, it says, "Get an offer." It doesn't say "accept an offer."‬‭This transcript is provided for the convenience of investors only.‬‭45‬‭ o‬ ‭what‬ ‭we‬ ‭want‬ ‭to‬ ‭do‬ ‭is,‬ ‭we‬ ‭want‬ ‭to‬ ‭take‬ ‭all‬ ‭of‬ ‭the‬ ‭stuff‬ ‭that‬ ‭is‬ ‭complex,‬ ‭slow,‬ ‭and‬ ‭impersonal‬ ‭and‬ ‭just‬S‭automate‬ ‭all‬ ‭of‬ ‭that‬ ‭100%.‬‭So‬‭someone‬‭can‬‭say,‬‭"Here's‬‭a‬‭set‬‭of‬‭jobs‬‭that‬‭actually‬‭I'm‬‭qualified‬‭for‬‭that‬‭are‬‭mine."‬‭And‬‭then‬‭they‬‭can‬‭do‬‭the‬‭very‬‭human‬‭thing‬‭of‬‭talking‬‭to‬‭people‬‭and‬‭trying‬‭to‬‭understand‬‭it.‬‭Obviously‬‭we're‬‭going‬‭to‬‭provide‬‭a‬‭lot‬‭of‬‭information‬‭and‬‭help‬‭them‬‭maybe‬‭learn‬‭stuff‬‭before‬‭they‬‭get‬‭there,‬‭but‬‭have‬‭a‬‭conversation and make a decision. The job seeker agency is really, really important.‬‭ ut,‬‭this‬‭is‬‭not,‬‭and‬‭I‬‭talk‬‭about‬‭this‬‭because‬‭folks‬‭internally‬‭also‬‭ask‬‭this‬‭question,‬‭if‬‭it's‬‭or‬‭it's‬‭not‬‭a‬‭metaphor.‬B‭We're‬ ‭very‬‭serious‬‭about‬‭this.‬‭And‬‭how‬‭long‬‭we'll‬‭take?‬‭The‬‭answer‬‭is‬‭we're‬‭doing‬‭it‬‭today.‬‭So‬‭Indeed‬‭Flex,‬‭Rob‬‭talked‬‭about‬‭this‬‭in‬‭his‬‭presentation,‬‭is‬‭an‬‭e-staffing‬‭platform‬‭for‬‭hourly‬‭workers.‬‭What‬‭we‬‭do‬‭is‬‭we‬‭do‬‭a‬‭bunch of vetting up front.‬‭ e're‬ ‭a‬ ‭W2‬ ‭employer.‬ ‭We‬ ‭do‬ ‭background‬ ‭checks,‬ ‭we‬ ‭interview‬ ‭them,‬ ‭we‬ ‭make‬ ‭sure‬‭that‬‭they‬‭have‬‭these‬W‭skills.‬‭And‬‭then‬‭once‬‭they're‬‭vetted‬‭and‬‭verified,‬‭they‬‭go‬‭into‬‭the‬‭platform,‬‭they‬‭can‬‭see‬‭and‬‭they‬‭can‬‭browse‬‭or‬‭get‬‭matched‬‭with‬‭a‬‭set‬‭of‬‭opportunities.‬‭They‬‭can‬‭push‬‭a‬‭single‬‭button,‬‭book‬‭that‬‭shift,‬‭go‬‭work‬‭it‬‭and‬‭get‬‭paid in the app the next day.‬‭ nd‬ ‭so‬ ‭we're‬ ‭doing‬ ‭that‬‭right‬‭now‬‭very‬‭successfully‬‭in‬‭a‬‭very‬‭specific‬‭set‬‭of‬‭sectors,‬‭but‬‭I‬‭don't‬‭actually‬‭see‬A‭any‬‭reason‬‭why‬‭it's‬‭going‬‭to‬‭only‬‭work‬‭for‬‭a‬‭certain‬‭set.‬‭So‬‭like,‬‭could‬‭this‬‭work‬‭for‬‭me?‬‭I'm‬‭actually‬‭pretty‬‭sure‬‭I‬ ‭could‬ ‭get‬ ‭a‬ ‭job‬ ‭without‬ ‭interviewing.‬ ‭And‬ ‭so‬ ‭if‬‭it‬‭can‬‭work‬‭for‬‭someone‬‭who's‬‭working‬‭in‬‭a‬‭restaurant‬‭and‬‭working‬ ‭for‬ ‭me,‬ ‭it‬ ‭should‬ ‭be‬ ‭able‬ ‭to‬ ‭work‬ ‭everywhere‬ ‭in‬ ‭between.‬ ‭So‬ ‭we‬‭think‬‭that‬‭this‬‭is‬‭a‬‭super‬‭exciting‬‭opportunity and this is what we're working towards.‬‭ eko:‬ ‭Yeah.‬ ‭So‬ ‭as‬ ‭Chris‬ ‭said,‬ ‭it's‬ ‭relatively‬ ‭easy‬ ‭to‬ ‭just‬ ‭send‬‭offers‬‭to‬‭everybody,‬‭recommending‬‭offers‬‭to‬D‭everybody,‬ ‭but‬ ‭it's‬ ‭going‬‭to‬‭be‬‭very‬‭difficult‬‭to‬‭recommend‬‭a‬‭job‬‭or‬‭sending‬‭offers‬‭or‬‭jobs‬‭which‬‭job‬‭seekers‬‭can‬‭be‬‭passionate‬‭or‬‭the‬‭job‬‭seeker‬‭can‬‭be‬‭excited‬‭to‬‭get‬‭the‬‭offers,‬‭right?‬‭So‬‭it‬‭might‬‭take‬‭time,‬‭it‬‭will‬‭take‬‭time, but the important thing is that part.‬‭Matt:‬‭Okay.‬‭This‬‭next‬‭question‬‭here‬‭is‬‭about‬‭Indeed‬‭Apply.‬‭Actually‬‭it's‬‭going‬‭to‬‭be‬‭for‬‭you‬‭again,‬‭Chris.‬‭This‬i‭s from Jiyong Oum from Nomura.‬‭"What‬ ‭will‬ ‭the‬ ‭adoption‬ ‭curve‬ ‭look‬ ‭like‬ ‭for‬ ‭Indeed‬ ‭Apply?‬ ‭Considering‬ ‭ATS‬ ‭integration‬ ‭plans‬ ‭for‬ ‭2024‬ ‭and‬i‭mprovement in your products, maybe an uptick of penetration can go up high quickly."‬‭ hris:‬ ‭So‬ ‭we‬ ‭talked‬ ‭quite‬ ‭a‬‭bit‬‭about‬‭Indeed‬‭Apply‬‭and‬‭in‬‭particular‬‭about‬‭these‬‭integrations‬‭with‬‭applicant‬C‭tracking‬‭systems,‬‭which‬‭are‬‭these‬‭third‬‭party‬‭systems‬‭that‬‭large‬‭employers‬‭use.‬‭We‬‭have‬‭been‬‭building‬‭these‬‭integrations‬‭for‬‭many‬‭years.‬‭We‬‭have‬‭300‬‭of‬‭them.‬‭But‬‭for‬‭example,‬‭in‬‭terms‬‭of‬‭an‬‭uptick,‬‭I‬‭mentioned‬‭that‬‭we‬‭have‬ ‭the‬ ‭four‬ ‭of‬ ‭the‬ ‭largest‬ ‭ATS‬ ‭in‬ ‭the‬ ‭world,‬ ‭the‬ ‭integrations‬ ‭will‬ ‭be‬ ‭complete‬ ‭this‬ ‭year,‬ ‭that‬ ‭is‬ ‭iCIMS,‬‭Workday,‬ ‭Oracle,‬ ‭SAP.‬ ‭Between‬ ‭them,‬ ‭they‬ ‭have‬ ‭more‬ ‭than‬ ‭a‬ ‭million‬ ‭jobs.‬ ‭So‬ ‭that's‬ ‭actually‬ ‭a‬ ‭pretty‬‭significant uptick.‬‭ e‬‭have‬‭been‬‭working‬‭on‬‭some‬‭of‬‭these‬‭smaller‬‭ones.‬‭These‬‭big‬‭ones‬‭will‬‭open‬‭up‬‭a‬‭significant‬‭opportunity‬W‭for‬‭us‬‭this‬‭year.‬‭As‬‭I‬‭said‬‭before,‬‭we‬‭have‬‭this‬‭really‬‭successful‬‭playbook‬‭of‬‭how‬‭to‬‭have‬‭a‬‭conversation‬‭once‬‭an‬‭ATS‬‭has‬‭those‬‭integrations‬‭with‬‭their‬‭customers.‬‭In‬‭fact,‬‭in‬‭many‬‭cases‬‭their‬‭customers‬‭have‬‭been‬‭begging‬‭for these for some time. And that's sort of drove the work that's getting done right now.‬‭And‬ ‭so‬ ‭it's‬ ‭a‬ ‭technology‬ ‭work‬ ‭and‬ ‭then‬ ‭there's‬ ‭go-to-market‬ ‭work‬ ‭behind‬ ‭it.‬ ‭But‬ ‭we‬ ‭have‬ ‭a‬ ‭whole‬ ‭lot‬ ‭of‬‭ xperience and success with it, so we expect to see more success this year.‬e‭ att:‬‭Okay.‬‭So‬‭it‬‭looks‬‭like‬‭we‬‭have‬‭time‬‭for‬‭one‬‭more‬‭question.‬‭And‬‭so‬‭Chris‬‭and‬‭Deko,‬‭this‬‭is‬‭a‬‭question‬‭I‬M‭always‬ ‭get‬‭asked‬‭by‬‭investors.‬‭So‬‭certainly,‬‭we've‬‭learned‬‭a‬‭lot‬‭today‬‭about‬‭Recruit's‬‭opportunity‬‭to‬‭simplify‬‭hiring.‬ ‭But‬ ‭what‬ ‭do‬ ‭you‬ ‭feel‬ ‭may‬ ‭be‬ ‭underappreciated‬ ‭most‬ ‭about‬ ‭Recruit‬ ‭and‬ ‭Indeed?‬ ‭Maybe‬ ‭Chris,‬ ‭you‬‭could start from the Indeed perspective.‬‭ hris:‬‭Yeah,‬‭so‬‭I‬‭think‬‭other‬‭than‬‭the‬‭“why‬‭can't‬‭you‬‭just‬‭raise‬‭prices”,‬‭probably‬‭the‬‭biggest‬‭thing‬‭is‬‭the‬‭idea‬C‭that‬‭Indeed‬‭is‬‭just‬‭for‬‭low-salary‬‭job‬‭seekers.‬‭And‬‭that‬‭is‬‭a‬‭misconception‬‭I‬‭think‬‭on‬‭a‬‭couple‬‭levels.‬‭The‬‭first,‬‭just‬ ‭in‬ ‭terms‬ ‭of‬ ‭the‬ ‭jobs‬ ‭and‬ ‭job‬ ‭seekers‬‭that‬‭we‬‭have‬‭on‬‭Indeed,‬‭are‬‭representative,‬‭it's‬‭a‬‭snapshot‬‭of‬‭the‬‭global labor force.‬‭This transcript is provided for the convenience of investors only.‬‭46‬

‭ nd‬‭so‬‭our‬‭data,‬‭it's‬‭really‬‭clear‬‭if‬‭you‬‭just‬‭look‬‭at‬‭the‬‭jobs,‬‭our‬‭hiring‬‭lab‬‭publishes‬‭a‬‭whole‬‭bunch‬‭of‬‭research‬A‭and‬‭data‬‭and‬‭insights‬‭that‬‭are‬‭relied‬‭on‬‭by‬‭everyone‬‭from‬‭researchers‬‭and‬‭journalists‬‭to‬‭the‬‭European‬‭Central‬‭Bank.‬ ‭Christine‬ ‭Lagarde‬ ‭recently‬ ‭cited‬ ‭Indeed‬ ‭and‬ ‭our‬ ‭data‬ ‭as‬ ‭being‬ ‭essential‬ ‭to‬ ‭the‬ ‭work‬ ‭that‬ ‭they‬‭do‬‭to‬‭understand the global labor force.‬‭ ur‬‭job‬‭seekers,‬‭when‬‭Maggie‬‭talked‬‭about‬‭the‬‭profiles‬‭and‬‭the‬‭resumes,‬‭it‬‭is‬‭we‬‭have‬‭long-haul‬‭truckers‬‭to‬O‭CFOs,‬ ‭everything‬ ‭in‬ ‭between.‬ ‭You‬ ‭look‬ ‭at‬ ‭any‬ ‭dimension‬ ‭based‬ ‭on‬ ‭salary‬ ‭or‬ ‭sector,‬ ‭it's‬ ‭a‬ ‭representative‬‭snapshot.‬ ‭But‬ ‭I‬ ‭think‬ ‭the‬ ‭more‬ ‭important‬ ‭sort‬ ‭of‬ ‭thing‬ ‭that‬ ‭this‬ ‭misconception‬ ‭belies‬ ‭is‬ ‭that‬ ‭somehow‬‭low-salary job seekers are worth less.‬‭ o‬‭we‬‭have‬‭everyone,‬‭our‬‭mission‬‭is‬‭to‬‭help‬‭all‬‭people‬‭get‬‭jobs.‬‭But‬‭if‬‭you‬‭look‬‭at‬‭the‬‭labor‬‭force,‬‭look‬‭at‬‭the‬S‭US,‬‭look‬‭at‬‭the‬‭Bureau‬‭of‬‭Labor‬‭Statistics‬‭data,‬‭85%‬‭of‬‭US‬‭workers‬‭earn‬‭less‬‭than‬‭$100,000.‬‭And‬‭even‬‭though‬‭you're‬ ‭getting‬ ‭paid‬ ‭more‬ ‭at‬ ‭the‬ ‭higher‬ ‭end,‬ ‭66%‬ ‭of‬ ‭all‬ ‭wages‬ ‭in‬ ‭the‬ ‭US‬‭are‬‭for‬‭people‬‭who‬‭earn‬‭less‬‭than‬‭$100,000.‬‭Furthermore,‬‭people‬‭in‬‭lower-salary‬‭jobs‬‭change‬‭jobs‬‭more‬‭frequently.‬‭They‬‭have‬‭higher‬‭turnover,‬‭which‬‭means‬‭there's‬‭more‬‭hiring‬‭activity,‬‭there's‬‭more‬‭placements.‬‭So‬‭more‬‭of‬‭the‬‭business‬‭is‬‭actually‬‭going‬‭on there.‬‭ o‬‭for‬‭us,‬‭we‬‭want‬‭to‬‭service‬‭the‬‭whole‬‭market.‬‭This‬‭is‬‭a‬‭bigger‬‭chunk‬‭of‬‭the‬‭market,‬‭but‬‭we‬‭actually‬‭want‬‭all‬S‭of‬ ‭it‬ ‭because‬ ‭if‬ ‭you‬ ‭think‬ ‭about‬ ‭there‬ ‭is‬‭no‬‭large‬‭employer‬‭anywhere‬‭in‬‭the‬‭world‬‭that‬‭only‬‭employs‬‭people‬‭who earn more than $100,000.‬‭ o‬ ‭for‬ ‭Walmart,‬ ‭we‬ ‭can‬ ‭help‬ ‭Walmart‬ ‭place‬ ‭their‬ ‭data‬ ‭scientists‬ ‭and‬ ‭we‬ ‭can‬ ‭help‬ ‭them‬ ‭with‬ ‭their‬ ‭retail‬S‭associates.‬ ‭And‬ ‭they‬ ‭hire‬ ‭a‬ ‭whole‬ ‭lot‬ ‭more‬ ‭retail‬ ‭associates‬ ‭than‬ ‭they‬ ‭do‬ ‭data‬ ‭scientists.‬ ‭But‬ ‭it's‬ ‭really‬‭important‬‭for‬‭us‬‭to‬‭be‬‭able‬‭to‬‭help‬‭them‬‭with‬‭all‬‭of‬‭their‬‭hiring.‬‭And‬‭so‬‭if‬‭we‬‭do‬‭that,‬‭then‬‭we‬‭can‬‭just‬‭help‬‭more‬‭people around the world get jobs.‬‭Matt:‬‭Great. And Deko from a Recruit perspective?‬‭ eko:‬ ‭I‬ ‭don't‬ ‭know‬ ‭if‬ ‭we‬ ‭are‬ ‭underappreciated‬ ‭or‬‭not,‬‭but‬‭what‬‭I‬‭know‬‭is‬‭we‬‭are‬‭committed‬‭to‬‭improve‬‭HR‬D‭matching.‬ ‭We‬ ‭are‬ ‭committed‬ ‭to‬ ‭improve‬ ‭how‬ ‭people‬ ‭will‬ ‭be‬ ‭getting‬ ‭a‬ ‭job,‬ ‭people‬ ‭will‬ ‭be‬ ‭hired.‬ ‭We‬ ‭are‬‭responsible‬ ‭for‬ ‭it.‬ ‭If‬ ‭20‬ ‭years‬ ‭later,‬ ‭30‬ ‭years‬ ‭later‬ ‭or‬ ‭50‬ ‭years‬ ‭later,‬ ‭people‬‭are‬‭still‬‭struggling‬‭to‬‭find‬‭a‬‭job,‬‭that's our responsibility.‬‭ o‬‭of‬‭course‬‭I‬‭cannot‬‭say‬‭we‬‭can‬‭make‬‭everybody‬‭to‬‭be‬‭happier‬‭globally,‬‭but‬‭I‬‭can‬‭say‬‭that‬‭if‬‭people‬‭can‬‭find‬S‭a‬ ‭job‬ ‭which‬ ‭they‬ ‭can‬ ‭be‬ ‭passionate,‬ ‭their‬ ‭lives‬ ‭will‬ ‭be‬ ‭better.‬ ‭A‬ ‭little‬ ‭bit‬ ‭better‬ ‭probably.‬ ‭So‬ ‭that's‬ ‭our‬‭responsibility.‬ ‭We‬ ‭really‬ ‭believe‬ ‭that.‬ ‭So‬ ‭I‬ ‭really‬ ‭want,‬ ‭we‬ ‭want‬ ‭to‬ ‭achieve‬ ‭our‬ ‭vision‬ ‭to‬ ‭improve‬ ‭the‬ ‭HR‬
‭matching. That's how I'm thinking.‬‭Matt:‬ ‭Great.‬‭So‬‭thank‬‭you‬‭Deko.‬‭And‬‭thank‬‭you‬‭Maggie‬‭and‬‭Chris‬‭and‬‭Raj‬‭and‬‭Rob.‬‭So‬‭that‬‭concludes‬‭our‬‭ implify Hiring Investor update. A recording of today's event will be available on the Recruit IR site later today.‬S‭ s‬ ‭a‬ ‭reminder,‬ ‭over‬ ‭the‬ ‭next‬ ‭few‬ ‭days,‬ ‭you'll‬ ‭be‬ ‭able‬ ‭to‬ ‭hear‬ ‭about‬ ‭our‬ ‭other‬ ‭two‬ ‭strategic‬ ‭pillars,‬ ‭Help‬A‭Businesses‬ ‭Work‬ ‭Smarter‬ ‭and‬ ‭Prosper‬ ‭Together.‬ ‭And‬ ‭you‬ ‭can‬ ‭tune‬‭into‬‭those‬‭on‬‭our‬‭IR‬‭site‬‭as‬‭well.‬‭Also,‬‭look‬‭out‬‭for‬‭a‬‭survey‬‭in‬‭your‬‭inbox‬‭over‬‭the‬‭next‬‭few‬‭days‬‭after‬‭these‬‭investor‬‭updates'‬‭complete.‬‭We're‬‭really‬‭interested‬‭in‬‭hearing‬‭your‬‭thoughts‬‭and‬‭gathering‬‭your‬‭feedback.‬‭So‬‭thank‬‭you‬‭very‬‭much‬‭for‬‭joining‬‭us‬‭today.‬‭Arigato Gozaimasu.‬‭[END]‬‭This transcript is provided for the convenience of investors only.‬‭47‬

‭Forward-Looking Statements‬‭ his‬‭document‬‭contains‬‭forward-looking‬‭statements,‬‭which‬‭reflect‬‭the‬‭Company's‬‭assumptions‬‭and‬‭outlook‬‭for‬T‭the‬ ‭future‬ ‭and‬ ‭estimates‬ ‭based‬ ‭on‬ ‭information‬ ‭available‬ ‭to‬ ‭the‬ ‭Company‬ ‭and‬ ‭the‬ ‭Company's‬ ‭plans‬ ‭and‬‭expectations‬ ‭as‬ ‭of‬ ‭the‬ ‭date‬ ‭of‬ ‭this‬ ‭document‬ ‭or‬ ‭other‬ ‭date‬ ‭indicated.‬ ‭There‬ ‭can‬ ‭be‬ ‭no‬ ‭assurance‬ ‭that‬‭the‬‭relevant forecasts and other forward-looking statements will be achieved.‬‭ lease‬ ‭note‬ ‭that‬ ‭significant‬ ‭differences‬ ‭between‬ ‭the‬ ‭forecasts‬ ‭and‬ ‭other‬ ‭forward-looking‬ ‭statements‬ ‭and‬P‭actual‬ ‭results‬ ‭may‬ ‭arise‬ ‭due‬ ‭to‬ ‭various‬ ‭factors,‬ ‭including‬ ‭changes‬ ‭in‬ ‭economic‬ ‭conditions,‬ ‭changes‬ ‭in‬‭individual‬ ‭users’‬ ‭preferences‬ ‭and‬ ‭business‬ ‭clients'‬ ‭needs,‬ ‭competition,‬ ‭changes‬ ‭in‬ ‭the‬ ‭legal‬‭and‬‭regulatory‬‭environment,‬ ‭fluctuations‬ ‭in‬ ‭foreign‬ ‭exchange‬ ‭rates,‬ ‭climate‬ ‭change‬ ‭or‬ ‭other‬ ‭changes‬ ‭in‬ ‭the‬ ‭natural‬‭environment,‬‭the‬‭impact‬‭of‬‭the‬‭spread‬‭of‬‭COVID-19,‬‭the‬‭occurrence‬‭of‬‭large-scale‬‭natural‬‭disasters,‬‭and‬‭other‬‭factors.‬‭ ccordingly,‬ ‭readers‬ ‭are‬ ‭cautioned‬ ‭against‬ ‭placing‬ ‭undue‬‭reliance‬‭on‬‭any‬‭such‬‭forward-looking‬‭statements.‬
A‭The‬‭Company‬‭has‬‭no‬‭obligation‬‭to‬‭update‬‭or‬‭revise‬‭any‬‭information‬‭contained‬‭in‬‭this‬‭document‬‭based‬‭on‬‭any‬‭subsequent developments except as required by applicable law or stock exchange rules and regulations.‬‭This transcript is provided for the convenience of investors only.‬‭48‬