‭Investor Day - Simplify Hiring‬‭Q&A Session‬‭March 27, 2024‬‭ 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.‬‭1‬‭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.‬‭2‬‭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.‬‭3‬‭ 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 enough for now.‬‭This transcript is provided for the convenience of investors only.‬‭4‬‭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 know is 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.‬‭5‬‭ 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 something I 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.‬‭6‬‭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.‬‭7‬‭ 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.‬‭8‬‭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 the opportunity 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.‬‭9‬‭ 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 to this?‬‭ 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.‬‭10‬‭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.‬‭11‬‭ 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.‬‭12‬‭ 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.‬‭13‬‭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.‬‭14‬