Mark Mahaney: Okay. I just want to ask about quarterly paid employers, and I apologize, I came in late, you may have already addressed this. But how do you think about and how should we think about where this number can trough? And I know there’s sort of two factors I think going on is obviously the — there are macro issues, but also there may be in certain verticals, large industry verticals, there just may be kind of a change in philosophy on hiring. And maybe I’m over fixated on the tech vertical, but there just may be that — we’re going to grow first and then maybe add hires later, which is kind of a change in mindset, I think. So, anyway, just help us think through where that number could base out and how much of a lagging indicator that could be this time, maybe because the structural changes in hiring thoughts versus last economic cycles. Thank you.
David Travers: Thanks Mark. This is Dave. So, yeah, in terms of the paid employer number, as referenced earlier in our letter, the hiring rate during Q4 reached the lowest level since 2014. So that’s the number of hires in a given month adjusted for the size of the labor force. And so that metric if it were to continue to come down, could impact paid employers or if that were to recover or stabilize, that could certainly have an impact on paid employers. I think it would’ve a bigger impact than any permanent shift in attitude toward hiring per your comment. Like I said earlier, tech is one of the, if not the most impacted vertical on a year-over-year basis in the entire economy as we look out there and that’s where I think the biggest sort of structural attitude shift toward, hiring is being talked about.
We have not seen that permeate other sectors to nearly the same extent. But honestly the biggest factor we see there is the what drives that higher number is less the net growth in jobs or anything like that. The most hires are to backfill people that have left to take on another job, or decided to do something different. And as Ian and I talked about earlier, the great resignation has turned into the big stay. And we see that as something that is working through the system after the tumult of people sort of sheltering in place during COVID, a great reshuffling in terms of a big resignation during COVID and the immediate reopening. And now there’s some sort of digesting of that. But fundamentally, we continue to see the economy and business needs being extremely dynamic, the needs of different types of jobs.
They have employees opportunity to go get even better jobs or get a raise. Those things are going to continue to be the case. So structurally we don’t see any massive shift underway despite some of the more tech oriented headlines and thought leadership around what that might bring.
Mark Mahaney: Thank you very much, David.
Operator: Your next question is from the line of Eric Sheridan with Goldman Sachs.
Eric Sheridan: Thank you so much. Two questions, if I could. Topics we’ve talked about on prior earnings calls, given the demand environment on the job side, what is the current update on your efforts to keep job seekers more engaged for longer and potentially set up a healthy rebound when the macro environment’s more receptive to that scale of job seeker and level of engagement that you’ve been building over the last couple quarters you’ve talked about? That would be number one. And then with the ability to pull back on marketing the way you have more recently, any key learnings that you have that that could mean increased leverage or higher ROI around your marketing dollars that could have longer term implications for the company beyond the current period. Thanks so much.
Ian Siegel: I’ll take the first part of that question, which is — I think we’re already seeing evidence of success in terms of driving up job seeker engagement. As I said, organic traffic was up 40% last year and that trend is something that we’re excited about. And if you look at their behavior, it’s not just volume of people coming directly to the site without requiring a paid acquisition strategy to bring them here, but they are proving to be much more engaged than the previous year’s cohort. And that is a manifestation of a variety of changes that we have made to the website. And those fall into a few big categories, but namely, we’re better at matching, we’re better at showing opportunities to the right people and we are more respectful of those people in terms of being very selective about what jobs we choose to show them.
