Written by Richard Collins, ClickIQ Co-Founder.
If you want to know the future of advertising, a good place to start is with the 400lb gorilla of the sector, specifically Indeed. To put their dominance into perspective, they get 250 million users per month and if you are impressed with X-Y-Z raising £100 million, then that’s how much Indeed make every couple of weeks. Their holding company, Recruit, is worth over $54 billion.
The best place to start to understand Indeed, would be at Indeed Interactive, their showcase event held last week in Austin, Texas (which is a very cool city, with a real high-tech, start-up vibe to it). They demonstrated to some 2,000 clients, what is coming on their road map. Beverly and I were lucky enough to attend this year’s event and wow, do these guys know how to put on a show. Very, very impressive!
But what are the key highlights that we, in the industry need be thinking about?
They launched some very exciting new products – which is not something we have historically seen a lot of from Indeed, as they have largely focused on scaling. Clearly, they are entering a new phase of their development.
What we have to keep in mind is that in most countries, Indeed are bigger than everyone else put together and have more that 9,000 staff. They account for the majority of any company’s applications, whether this comes from organic or sponsored. So, when they roll out a product, it will have industry-changing impacts.
We saw that Indeed are very focused on their mission to find people jobs. As an organisation clearly driven towards this goal, sometimes this can be to their commercial detriment. But you have to admire their focus and they are increasingly being copied by other job boards, with their direct employers aggregation model. All the jobs attract all the candidates, who then don’t need to look elsewhere.
Secondly, their CEO, Chris Hyams, talked about bringing the candidate closer to the employer. Their strategy looks to be to use technology and automation to bridge the gap from Click – Apply – Interview – Hire.
These were very much around screening and assessments; they look sophisticated, user friendly and comprehensive. Companies can even use them as part of their applicant search criteria – all of which you get for free, when you host your job on Indeed (just have to ‘claim’ them, from the post-a-job section). I think this is a US only play at the moment.
They also talked about ‘Instant Match,’ which is effectively an automated sourcing product that they are testing. Very, very cool and will have a significant impact on in-house recruiters. Perhaps more in a later post.
Finally, one that I was especially interested in, is that they have changed the sponsored jobs algorithm, which is resulting in a 20% increase in the quality of applicants, which is using various machine learning algorithms around behaviour etc, to target especially relevant candidates to a company’s sponsored jobs. They also believe they can double that quality score.
Overall, as an experience it was mind blowing.
Austin is lovely, and Indeed is an organisation very focused on jobseekers, who are clearly about to embark on a completely new phase with a whole suite of products to help employers and job seekers get closer, using automation to improve the hiring process.
ClickIQ’s automated job advertising platform manages, tracks and optimises the performance of your recruitment advertising in real time, focusing spend where it’s needed most to reach both active and passive job seekers across Indeed, Google, Facebook and an extensive network of job boards.
Follow Richard Collins on LinkedIn to explore the latest developments in the sector and to learn how you can keep your Talent Attraction strategy ahead of the curve.