Key Takeaways from Indeed FutureWorks: 7 Insights You Can't Miss

Key Takeaways from Indeed FutureWorks: 7 Insights You Can't Miss


7 Key Themes from Indeed Futureworks 2024

      1. Responsible AI Usage – Maintaining a Human Touch
      2. Simplifying and Accelerating the Hiring Process
      3. Optimized Matching and Targeted Hiring with AI
      4. Improving Candidate Experience with AI-Powered Talent Agents
      5. Breaking Barriers and Emphasizing Skills over Credentials
      6. Workplace Wellbeing as a Key to Profitability
      7. DEI – A Critical Business Imperative

Responsible Use of AI in Hiring

Indeed remains a leading source of hires for global companies worldwide, with 23 hires per minute, translating to over one hire every three seconds. With this level of influence, Indeed recognizes the significant responsibility that comes with it, particularly regarding the ethical use of artificial intelligence (AI)—a key concern for talent acquisition leaders today. As artificial intelligence becomes more integrated, Indeed is committed to ensuring that hiring remains a human-centered process. 

Many companies are still navigating how to approach AI responsibly. Indeed offered valuable insights, emphasizing the importance of aligning AI principles with core company values. For Indeed, these principles include:

      • Putting job seekers first
      • Prioritizing fairness and equity
      • Fostering a culture of listening and learning
      • Keeping hiring human
      • Innovating responsibly

Developing AI principles aligned with organizational values is an excellent starting point for companies looking to take the first step in responsible AI usage. The next step could be appointing an AI champion within each department to explore tools and resources supporting responsible AI integration.

 

Simple and Fast

Indeed is committed to making the hiring process simpler and faster, encouraging talent acquisition teams to adopt tools like SmartSourcing. This AI-powered tool saves HR teams an average of six hours per week—nearly an entire workday—by streamlining sourcing tasks. SmartSourcing adds a personalized touch to the hiring process, addressing a key concern in today's job market where 78% of job seekers report being "ghosted" by employers, leading to a more impersonal experience.

Another way teams are speeding up hiring with Indeed is through AI-driven job description creation. This year alone, over 7.5 million job descriptions were generated using AI—an increase of 16% over the previous year. Typically, writing a single job description takes about two hours, but leveraging Indeed's AI significantly reduces that time while boosting results. On average, employers who use this tool see a 16% increase in applications, making it a powerful asset for faster, more effective hiring.

 

Enhanced Matching and Targeting 

Indeed-hosted jobs already benefit from AI-powered matching and these advantages will soon extend to customers utilizing ATS sync. With over 300 ATS integrations, including ICIMS, Workday, and SAP coming soon, Indeed Apply Sync is poised to offer even more seamless hiring solutions.

Looking ahead, enhanced targeting for sponsored jobs will give employers greater control over who views their job postings based on specific qualifications, such as location or licensing requirements. Since the definition of candidate quality varies by employer, this feature allows companies to refine their candidate pool according to their unique criteria.

Indeed will also continue to improve job recommendations for seekers, further streamlining the matching process for employers and candidates. In some cases, job seekers are still determining exactly what they are looking for. Currently, approximately 30% of global searches include only a city name, with no additional details.. Other top searches include terms like "part-time," "full-time," "hiring immediately," "work from home," and "remote work." With Indeed facilitating recommendations, job seekers may find what they seek more quickly, leading to an enhanced candidate experience.

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Talent Agents: What is Best for Job Seekers is Best for Employers

With the power of AI, Indeed envisions a future where every job seeker has their own personal talent agent. A new tool, Pathfinder, is intended to enhance the job seeker experience by offering career path discovery and future planning. This talent agent will analyze a job seeker's profile, extract critical skills, and ask targeted questions in a conversational format, allowing for interactive communication.

It will then provide a detailed plan for transitioning into a new role, including insights on earning potential, job demand, career trajectory, challenges, and opportunities. Additionally, the plan will offer tangible next steps, such as personalized learning plans, book recommendations, or online course suggestions, to help job seekers achieve their career goals.

AI: It is Just Getting Started

From a broader labor market perspective, artificial intelligence is still in its early stages. Although AI-related positions continue to grow, they account for less than 1% of all job listings. However, rapid advancements are expected to continue, and talent acquisition leaders must adapt their skills and integrate AI into their processes. Indeed's Chief Economist said, "Gen AI will not take your job, but people who know how to use it will.”

 

Removing Barriers and Leaning Into Skills

Talent is universal, opportunity is not. While AI was a dominant topic at this year's conference, Indeed's commitment to removing barriers for job seekers remained a key focus. Indeed set an ambitious goal for 2030: to help 30 million people with barriers to employment, such as criminal records or disabilities, secure jobs. So far, 6.9 million individuals facing such barriers have found work through the Indeed platform

Beyond criminal records and disabilities, the "paper ceiling," or the requirement for a bachelor's degree, presents a significant hurdle for many job seekers. Nearly half of the U.S. workforce does not hold a bachelor's degree. Indeed refers to these these job seekers are STARS—individuals "Skilled Through Alternative Routes.

Reducing barriers is also critical in light of the broader macroeconomic trend of declining labor force participation rates (LFPR) in the U.S. Due to an aging workforce, LFPR has plateaued and is projected to contract by 2026. Lowering barriers by focusing on skills rather than credentials will be essential. For instance, reducing years-of-experience requirements is another way to emphasize skills. Indeed reported that job postings listing specific experience requirements have dropped from 40% to 30%. Recruiting managers who prioritize skills-first hiring report it is twice as easy to find qualified candidates, making it a key advantage in recruiting.

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Workplace Wellbeing Drives Profitability 

LaFawn Davis, Chief People and Sustainability Officer at Indeed, says, "Work wellbeing is how job seekers and employees feel. And how they feel impacts how your company performs." Several factors influence wellbeing, but the top three are a sense of belonging, feeling energized, and inclusion.

Indeed shared compelling insights on how workplace wellbeing drives profitability. In a recent study of approximately 1,800 publicly traded companies with wellbeing data, those with higher levels of employee wellbeing consistently outperformed the S&P 500. This demonstrates the strong link between employee wellbeing and company success.

Additionally, companies with higher levels of wellbeing also report improved retention and an easier time attracting talent, as job seekers are drawn to strong wellbeing scores. 

How wellbeing manifests varies across organizations, making it essential to showcase these specifics as part of your content strategy. Engaging employees with questions like the following can generate compelling content to share with job seekers through video or testimonials:

      • What wellbeing benefits are offered by the company that you love?
      • Can you share when your team supported you during a challenging period?
      • How do you help colleagues feel valued?

With 86% of job seekers researching a company's reviews and ratings before applying, connecting your brand with authentic employee stories is crucial to enhancing talent attraction.

 

DEI is Critical to Drive Business Results

As mentioned earlier, inclusion is the third most important factor influencing workplace wellbeing, and Diversity, Equity, and Inclusion (DEI) is a priority for job seekers. At the conference, the following slide was presented, highlighting three key insights into how people feel about DEI. Most notably, 73% of Gen Z workers prefer to work for companies that prioritize DEI initiatives. This emphasizes the growing importance of DEI in attracting and retaining top talent, especially among younger generations.


Indeed Blog


Indeed reported a 75% reduction in DEI-related job posts over the past year. Despite this trend, Indeed urged companies to continue prioritizing DEI initiatives, highlighting that they not only lead to better business outcomes but are also the right thing to do.

In conclusion, the Indeed FutureWorks conference emphasized vital themes shaping the future of hiring, from responsible AI usage and simplifying the hiring process to enhancing talent matching and removing barriers for job seekers. As AI continues to evolve, its integration into talent acquisition will be crucial for employers and job seekers. Indeed's vision for the future is clear: embracing innovation while maintaining a human-centered approach will be vital to unlocking new opportunities and ensuring a more inclusive, equitable workforce.

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As hiring evolves with AI, streamlining the process while maintaining a human touch is critical. Data-driven insights will help your team target top talent. Contact us today to learn how the Recruitics Programmatic Job Advertising platform simplifies talent acquisition.

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