Indeed launched Smart Sourcing, a suite of AI-powered products designed to simplify and expedite the hiring process for both employers and job seekers. Smart Sourcing allows employers to source potential candidates from an active talent pool of nearly 300 million workers using profiles and resumes on the platform. The Indeed Profile has also been updated to help job seekers better showcase their skills, work experience, and preferences. This includes personalized job recommendations and improved connections to relevant job opportunities.
According to the Indeed Future of Work Hiring Survey conducted by Harris Poll, 64% of hiring managers find it challenging to source qualified talent. If we include those who found it "somewhat challenging," the percentage goes up to 99%. In addition, 63% of hiring managers have reached out to candidates who turned out to be not the right fit for the role. On average, they spend 13 hours per position to source enough quality candidates that lead to a successful hire.
Hiring Challenges
“Hiring remains challenging and inefficient. This is especially true when it comes to sourcing the right people for the right jobs,” said Chris Hyams, Indeed CEO. “More people are hired on Indeed than any other site. With new AI-powered technology, we continue to transform job matching and hiring. We’re excited to share our latest innovations that leverage our active talent pool, and our deep understanding of what drives successful hiring to help the world work better.”
On the employee side, the biggest pain points during the initial communication with potential new employers are:
- 40% Have been contacted by a company for a job that was not right for them (location, level, industry, pay).
- 54% It takes too long to hear back on next steps
- 36% The job description does not actually match my preferences or qualifications
- 29% require too much back and forth (this is more of a pain point for younger employees
- 26% It takes too long to schedule an interview
Indeed AI-Powered Features
This product launch has two parts: Smart Sourcing for employers and Indeed Profile for job seekers. Smart Sourcing uses job seekers' profiles, skills, qualifications, and preferences to recommend relevant employers and open roles. The AI algorithm in Smart Sourcing learns what recruiters prefer over time, similar to Spotify's algorithm. Smart Sourcing also generates candidate highlights when it matches a candidate with an employer. This generative AI capability analyzes and summarizes each resume to suggest why the candidate could be an excellent fit for the role or to identify potential gaps in their experience.
The new Indeed Profile gives employees access to an AI-powered platform to showcase their experience. Job seekers can create a profile to receive personalized job recommendations based on their preferences, skills, and experiences. Other features are also available to help job seekers discover new opportunities:
- Multi-Resume (Coming Soon): Job seekers will be able to access up to 5 versions of their resumes to customize their applications for the jobs they want (49% of job seekers currently change their resume before applying for each job, and the need to host all versions of a resume is an essential factor in helping people get job).
- Work Experience Writer: When crafting bullet points to describe relevant work experience, job seekers will now receive AI-powered suggestions based on their job titles.
- Allowing Employers to Connect: A toggle to enable job seekers to opt in to be visible to employers. Doing so shares their profile data (as opposed to only their resume) with employers as a connection point.
Indeed's launch of Smart Sourcing and the redesign of its Profile feature are significant steps towards revolutionizing the hiring process for both employers and job seekers. With the help of AI-powered technology, Indeed aims to simplify and expedite the hiring process while providing a more personalized experience for job seekers. These types of innovations are crucial to addressing the pain points of employers and job seekers, making it easier for them to connect and find the right fit.