Exposed: Indeed Masterplan | Cornerstone'd & SkyHive'd as a Kite

[00:00:00] Hide your kids lock the doors you're listening to HR's most dangerous podcast Chad

[00:00:05] Soash and Joel Cheeseman are here to punch the recruiting industry right where it hurts

[00:00:10] Complete with breaking news, rash opinion and loads of snark. Buckle up boys and girls. It's time for the Chad and Cheez Podcast

[00:00:18] Oh

[00:00:28] Yeah, two guys who as far back as they can remember always wanted to be podcasters

[00:00:35] Hey kids, it's the Chad and Cheez Podcast. I'm your co-host Joel two times Cheezeman

[00:00:40] And this is Chad

[00:00:41] Gogglebox Soash and on this episode indeed once you're Tam

[00:00:46] It's consolidation baby and watch out we work here comes Chucky

[00:00:52] We'll be right back. Let's do this

[00:00:54] I'm just mad about South front. Who's Arnold and who's Danny DeVito in this picture?

[00:01:03] Twins baby twins and it's amazing that just about every single fucking you know, not Scott not just Scottish but European football

[00:01:12] Big sponsor is a betting company

[00:01:16] I mean they've got a problem and I've got to say that now I have a problem

[00:01:20] I don't know whether to thank the UK or curse them after getting addicted

[00:01:24] Julie and I both getting addicted to this show called Gogglebox. Have you heard about this show?

[00:01:29] It's not Google box or bird box. It's

[00:01:33] Goggle box. No, this is I've seen memes and stuff, but I have no idea what it is

[00:01:38] It has 23 seasons. I mean there's two seasons per year

[00:01:42] But 23 fucking seasons literally people are watching dating shows cooking shows movies and it's literally a way for

[00:01:50] Pretty much the the British to promote their own programming and they're just watching celebrities watch shows

[00:01:56] Watching regular people watch shows. It's funny is fuck its genius and it's addictive

[00:02:03] So I'm not sure if if I'm gonna lodge a complaint

[00:02:06] So it's a show with English people watching English shows commenting in English about the English shows

[00:02:15] Yes

[00:02:17] So it's like the the old sci-fi

[00:02:20] Show where they'd watch us old sci-fi film and it was like a robot and a dude

[00:02:24] Yeah, we made a comment three thousand shit like that. Yes in but had commenting on the videos that they were watching

[00:02:30] That's exactly what it is. It's exactly what it is and it is fucking whole

[00:02:36] Level entertainment for you and the wife it's not that's the problem. It was so good. It was like, oh my god

[00:02:41] I've got to stop watching goggle box and now it's on Netflix

[00:02:45] So the question is much like our jerseys were they made in Scotland?

[00:02:52] I don't think they were but Adam Corden Stephen O'Donnell Matt that British guy Alder and

[00:02:58] Everyone who was at the true events. They weren't all Scottish Steven McGrath. Don't forget our favorite Scott. Come on now

[00:03:05] Give me a minute. I'm gonna get there cuz we gotta talk about the jerseys. Okay, you're gonna lead into it

[00:03:10] Anyway, the venues were amazing. The speakers are amazing. The crowds were amazing and the sponsors Daxter Ashby

[00:03:17] Solutions driven who actually gave us these amazing fucking drams

[00:03:21] Look at those actually has my with initials as initials on it

[00:03:25] Yeah, I've got that and then we had willow and dot AI and poetry

[00:03:29] Did you say ashby obviously we couldn't pull it off without any of those guys. Yep ashby

[00:03:35] Much love goes to Scotland and much love goes to

[00:03:38] Our friend Stephen McGrath who hooked us up with these amazing jerseys not just us but the girls

[00:03:45] They got the I think the home jerseys which are the orange striped ones and I think Jeremy got one, too

[00:03:50] Yeah, Jeremy got one the stripe all very cool. All very sexy all very

[00:03:56] legit, too

[00:03:58] It's very it'd be very easy for our friends

[00:04:01] The Canadians the Scots etc who give us jerseys to give us some like cheap ass Walmart

[00:04:07] Graphic sort of Jersey. No, no, we're talking the stitch the legit like the real

[00:04:13] Nitty-gritty jerseys and I couldn't be more appreciative of that embroidered love it love it

[00:04:20] So thank you Scotland and unlike the Scots that I brought home will last for a long time

[00:04:25] And I want no it won't so thanks to everybody we had in a blast and we cannot wait to return

[00:04:32] You got some shout out so then shout out box or goggle box or Brit box

[00:04:37] Box. Yeah. So yeah, yeah, I've got a crash-and-burn shout out that's gonna go to June Co

[00:04:44] This from an article on Sea Tech Israeli startup June co filed for chapter 11 last week

[00:04:51] You didn't see that coming did you June Co's?

[00:04:54] Operations effectively came to an end last summer after illit Roz the former CEO of June Co left the company amid

[00:05:02] allegations from the board that she quote engaged in egregious

[00:05:07] unethical and fraudulent

[00:05:10] conduct and quote crunch base lists

[00:05:14] 38.5 million in funding June Co filed for

[00:05:18] Chapter 11 and their plans to distribute the remaining lesson kids from 38.5 million to remaining

[00:05:26] 4.25 million to investors, right? I want to know

[00:05:31] How much how much of that went to the old CEOs pockets? I mean what happened there?

[00:05:37] There's got to be some filing through these the bank accounts

[00:05:41] Yeah, fucking crazy and it has to happen with a diversity equity in inclusion platform

[00:05:48] I mean how fucked up is that this won't be a hulu documentary like uber or we work or

[00:05:55] Theranos maybe but for our industry. This is about is like scandalous

[00:06:00] fraudulent jail time worthy story that you're gonna get

[00:06:03] Yeah, maybe it's fortunate for them that they're not in the US then kind of hide out over in Israel

[00:06:09] But yeah, this is like bad and I don't think she did jail time

[00:06:13] but yeah the investors typically there's a level of embarrassment where they just want this all to go away and move on to the

[00:06:19] Next next deal. But yeah, this is for our space is pretty juicy. It's pretty it's pretty nice

[00:06:24] I mean if we're like halfway to Thanksgiving

[00:06:27] We've got a few jive turkeys and shout outs this week that are worthy of making our year-end list

[00:06:33] So bookmark June Co and the CEO as your jive turkey of

[00:06:38] 2024 because it's a no-brainer. She was on your jive turkey list

[00:06:43] Yeah, I don't know. I don't you might be

[00:06:46] Timer on that on that. I got a shout out to majorly baseball

[00:06:50] I know you're over in Europe and you've you sort of missed some of the the baseball news

[00:06:53] I know you're a big fan. I know a huge baseball fan check. Oh, yeah. Oh, oh, yeah. Just crazy

[00:07:00] So Americans don't know there was a segregated league

[00:07:03] There was the league that you think of when you think of baseball with overweight white guys running around in oversized pants

[00:07:11] But there was the Negro League at the time which would obviously had black players that were

[00:07:17] Shocking really really good and until now the Major League Baseball Association has

[00:07:23] Separated the the records from the Negro League League from the the regular league so long time coming

[00:07:28] I know but it is as you say slow progress

[00:07:32] Records by Babe Ruth Ty Cobb have fallen because the likes of Josh Gibson who at the time was known as the black Babe Ruth

[00:07:40] Satchel Paige which actually didn't play short period in the major leagues and by many accounts the best pitcher in baseball history

[00:07:47] So a little bit of overdue props for those players and the Negro League and those records coming over into Major League Baseball

[00:07:55] As a whole no more segregation in the record books

[00:07:59] Yeah, I would have thought white guys running around in fat white guys running around in their living room would be more about you than

[00:08:06] Baseball, but I mean it could be them too

[00:08:08] It could be that was me running to Chipotle after being in Scotland where no

[00:08:13] Chipotles exists for nine or ten days. Oh my god. Okay, so my next shutout goes to Wheel of Fortune

[00:08:20] Yeah, no shit first time on the show kids if you're not watching us on YouTube. You're totally gonna miss this

[00:08:26] Okay, but you got to see it. You got to see here. We go kids

[00:08:30] $1000 category is phrase and off we go

[00:09:06] Right in

[00:09:08] The but okay so what's funny is the first word was for four letters not and right is not I don't know what

[00:09:14] How are you feeling that?

[00:09:15] Anyway, yeah, you know where his mind was right?

[00:09:17] But if you're not watching on YouTube kids, you totally missed the expression on to various his face after that

[00:09:23] Wonderfully wrong answer. So watch us on YouTube and subscribe subscribe subscribe

[00:09:29] That that's good TV. No, that's good TV

[00:09:33] All right, my last shutout goes to Stacy Greiner who the fuck is Stacy Greiner you may ask well

[00:09:39] Yes, daily pay a company that we have celebrated on this show as a trend that needs to needs to have its time in

[00:09:46] The Sun well, they're going through some ice and Brian Provost style CEO

[00:09:51] Shuffle over there. Stacy is the new daily pay interim CEO on the same day that they announced that now former CEO

[00:10:01] Kevin Coop exited to become CEO of a company called

[00:10:06] Definitive health care after just two years at daily pay

[00:10:11] So I don't know what's up with these CEOs that take these big big jobs at companies that are

[00:10:16] Unicorns and then push the eject button after a couple years

[00:10:19] But it's it's not a healthy trend for the workers and the employees which which I had to go check out

[00:10:24] I'm very not a fan of glass door

[00:10:26] But it is still the the side of record if you want to know what people think about CEO

[00:10:31] Who's at the company and my man had a 53% approval rating

[00:10:35] So there might be some employees celebrating mr. Coop's exit because he was not very favorable with many many of the

[00:10:43] Employees, but Stacy Greiner. Yeah, you carry that interim CEO much like our friend Rebecca Carr at smart recruiters

[00:10:51] I say it's time to just put the CEO label on these ladies

[00:10:54] Let's get some fresh ideas and strategies in our space

[00:10:57] Stacy Griner, hopefully soon to be CEO but for now interim CEO of daily pay shout out to Stacy

[00:11:05] Griner good luck with all that. That's right. Get rid of that interim kids one thing that both Stacy and

[00:11:12] Rebecca can do there's no interim here with Chad and cheese. They can actually go

[00:11:17] Register free stuff. No interim free stuff just free stuff

[00:11:22] T-shirts from our friends at Aaron app new beautiful

[00:11:26] Guns and roses like t-shirts beer from Aspen Tech Labs sweet

[00:11:32] loving

[00:11:33] carefully crafted

[00:11:34] Beer that's gonna arrive on your front doorstep whiskey. Oh man. We just had a whole week of whiskey and it was

[00:11:44] Amazing I still have the drams to prove it by text kernel text kernel knows how much you love whiskey

[00:11:49] That's why they're gonna send you two bottles

[00:11:51] That's why we love Harard and we love the team over there and if it's your birthday, it's a rum from plum

[00:11:57] Go to Chad cheese comm slash free and register

[00:12:05] That's right Chad another year around the Sun celebrated by some of our loyal listeners a shout out goes to

[00:12:12] Shelly Billinghurst of Canada

[00:12:15] Movie that's right James Melee Jeff the job board doctor Dickie Chasen's calm

[00:12:22] In a hand I'm totally mispronounced that but I shouldn't after being in Scotland for a while Jeanette leads

[00:12:28] Excuse me Tom Hunley Jackie Clayton James

[00:12:31] Anderchuck Shawn Johnson Caitlin fail Travis wineling Adrian Villa

[00:12:37] Katrina Collier who shares your birthday as well and last but not least Chad twin your boys

[00:12:43] Chad and Joel celebrated another trip around the Sun. Happy birthday everybody little known fact same year

[00:12:51] Good times just a day apart

[00:12:53] 27th and 28th of May Chad and cheese it was meant to be it was written in the stars that we would have a podcast

[00:12:59] Chad

[00:13:01] Yeah

[00:13:02] And we don't have Katrina on this show

[00:13:04] She would actually wrap this whole thing up except we would never get a word in edgewise by the way

[00:13:09] Let's talk about events we have a rec fest rec fest rec fest coming kids never is coming

[00:13:16] July

[00:13:18] 11th if you have not been to Neb worth rec fest at Neb worth

[00:13:21] Oh my god, we're get out of the corner get out of the closet bring your team bring yourself bring your team

[00:13:28] This is a this is an all-hands type of scenario

[00:13:30] There are 5500 people there last year don't know how many people this year

[00:13:34] But it's gonna be a blast Joel and I are gonna be on stage all day

[00:13:37] You're gonna love it hop on the train from London wherever you're at or down from Scotland and come see us in that worth

[00:13:44] Neb worth we have Nashville is coming September 12th and 13th

[00:13:49] I gotta say the first year of Nashville for me rec fest in Nashville was

[00:13:55] amazing and

[00:13:57] Not just because there were so many VIP worries happening, but the content that are on the stage

[00:14:03] We were emceeing stage all day that was that was a blast and there was great content

[00:14:08] I agree. I agree. And by the way, Cole Cheeseman will be making the trip with me

[00:14:13] See him for a shirt. That's sort of his job. Let's check on Cole real quick. What's what's he up to?

[00:14:19] That's his job

[00:14:23] He's agitated summer break started today, so he's over finals and getting over that it's gonna be happy a little bit of

[00:14:30] Personal note I'm going to Singapore in June for two weeks

[00:14:35] I'll be here next week

[00:14:36] But then after that you get to have some co-hosts pretty fun without me

[00:14:40] But clearly after doing an interview with Matt Alder when I called him Adam

[00:14:44] Clearly my brain needs a little bit of Asian Pacific

[00:14:48] sunshine

[00:14:49] beaches and some faux and some

[00:14:52] Some some good stuff. So I will be gone for two weeks separate

[00:14:56] We're gonna do a super shred when I get back so Chad you'll be sort of high-learning job case and what they're up to

[00:15:02] While I'm gone, but yeah, I'm piecing out for a couple weeks everybody. I'm pretty excited about it

[00:15:07] It's been a while since I've totally unplugged from the show

[00:15:10] Yeah

[00:15:10] I'm not sure if it was your brain or the scotch that actually you know, and yeah

[00:15:16] I'm not sure if it was that but it doesn't matter

[00:15:18] You're a lot of countries in it and by the way Chad

[00:15:22] It's the end of the month or the beginning of the month depending on when you listen to this which means the jobs report

[00:15:27] Is coming out if you're not tuning in to our monthly show with link up CEO Toby Dayton

[00:15:32] Make sure you head out to youtube.com

[00:15:35] At Chad cheese subscribe, it's a thoughtful

[00:15:38] Q&A with us and what's going on the jobs report? It's it's not something that you'll get on CNBC or Bloomberg

[00:15:43] It's a totally different perspective and it's free to watch. So there you go kids. You're welcome. You're welcome. You're welcome

[00:15:50] better data, baby

[00:15:53] Top it

[00:15:55] All right, Chad Seattle startup humanly former firing squad participant their conversational AI

[00:16:02] Platform for high-volume hiring in case you missed it. They've acquired San Francisco's teamable terms of the deal

[00:16:08] We're not disclosed but teamable CEO will join humanly as VP of product humanly customers use a platform for screening scheduling

[00:16:16] Automating communication and running reference checks as well teamable had previously raised 12 million dollars

[00:16:22] While humanly has raised a little under 24 million dollars

[00:16:26] Chad is this a match made in heaven a shotgun wedding or something in between your thoughts?

[00:16:32] Got to say I love Prem. He came on firing squad back in late 2020

[00:16:37] I gave him a golf clap only because they didn't have funding then

[00:16:42] Subsequently, they got a seed round in late 2021 and then additional 12 million series a in

[00:16:49] 2023 so they started fueling the Jets, which is which is awesome now

[00:16:54] They're expanding screening and scheduling capabilities going up funnel adding source and attract and further down funnel adding

[00:17:03] Tracking this is exactly what they need to be doing

[00:17:06] If you take a look at companies like like the talk pushes and the paradox and whatnot

[00:17:10] Those guys are doing the exact same thing right there. They're not expanding going horizontally

[00:17:15] They're going up and down funnel and this is incredibly important for them not to mention, you know

[00:17:21] Now they have these assets their valuation goes up dramatically, right?

[00:17:25] So a little inside baseball teamable was already acquired once by top funnel back in

[00:17:32] 2021 top funnel the acquiring company then

[00:17:36] rebranded to teamable kind of find that odd teamable not a name or not a word

[00:17:42] It's a created word right top funnel two words that you can spell

[00:17:47] anyway, uh digging into into teamable the world's

[00:17:52] Most complete AI hiring platform. I had to stop myself from laughing too hard

[00:17:56] The world's most complete AI hiring platform founded in 2017

[00:18:01] They only raised 10 million in funding five in 2017 and another five in 2018

[00:18:09] That's at least what I saw in crunchbase on LinkedIn

[00:18:12] Justin Palmer teamable CEO left six months ago after leading the company for eight years

[00:18:20] So I started asking myself

[00:18:22] How many times do you think we actually talked about teamable over the last eight years the world's most complete AI?

[00:18:30] hiring platform how many times

[00:18:33] once

[00:18:34] once in April of

[00:18:37] 2017 what

[00:18:40] When they received funding, I mean it once so this is obviously it feels like a distressed asset

[00:18:46] Good on prem and the humanly team for picking up a clearance rack

[00:18:52] You know asset to be able to actually again go up and down funnel for the humanly stack

[00:18:58] So good for those guys. I can't believe we haven't seen more of this happening in our space this year

[00:19:04] I think we're gonna see more but I can't believe we haven't seen much of that this far

[00:19:10] 60% of the time it works. So our friend prem CEO

[00:19:14] It humanly said quote in the press release

[00:19:16] We are making the dream of posting a job and having a qualified

[00:19:21] Candidate appear on your calendar without the manual effort in between a reality

[00:19:26] I agree on paper. This makes a ton of sense

[00:19:28] You've built a conversational AI for for lots of folks to come through the funnel

[00:19:33] Well, you need a top of the funnel to get more and more people through your conversational AI

[00:19:38] Product so on par this this makes total sense. And that's always been a challenge with the chatbots

[00:19:43] It's like yeah, we're not gonna get people to the site or your jobs

[00:19:46] Like we'll be there when they're ready. It makes a lot of sense to like will help you get traffic into your conversational

[00:19:53] Solution I'm with you totally on this is a TJ Maxx clearance sale clearance rack

[00:19:59] Consolidation play if you look at the headcount at teamable

[00:20:03] They had a six per 60% decline in headcount over the past two years things are not going well at this company

[00:20:10] I don't know how many people will move from San Francisco or from the teamable team over to humanly

[00:20:16] Humanly is a pretty pretty small team. So to take on

[00:20:20] Those folks would be challenged. So we'll see what happens there

[00:20:24] Obviously, there's some people that are quality there that maybe they'll move up to Seattle or bring into humanly

[00:20:29] But these models of sort of I don't know

[00:20:33] Let's call them hub spot for recruiting plays are are challenged. I mean if you look at higher easy

[00:20:39] We know them really well. They they pivoted out of higher tool a sourcing solution

[00:20:44] We talked about seek out and layoffs there. They haven't pivoted but but that's a challenge business as well

[00:20:50] Higher easy's had a 29% headcount decrease in the last two years, which is roughly half of teamables

[00:20:57] But it's still not exactly super hyper growth company

[00:21:00] I expect higher easy to be consolidated acquired to your point of why haven't we talked about more of these

[00:21:06] I think higher easy has to be on the the sales the conversation with some and many now why these two got together

[00:21:13] I don't know maybe the investors brought them together

[00:21:15] Seattle and San Francisco don't normally get together for stuff like this. So somebody knew somebody they were looking to sell making calls

[00:21:22] I'm sure this wasn't the only one humanly terms were not disclosed

[00:21:26] I'm sure it was a hell of a deal

[00:21:28] if not just we'll take up the assets and

[00:21:31] Repay any debts or pay some of your investors for their time and energy give you all jobs

[00:21:37] Again, it makes a ton of sense. Yeah, we'll give you jobs. We'll give you, you know, all the infrastructure

[00:21:42] Whatever we have the technology, but that's about it. So for me, this is really much to do about nothing teamable has been a non-player

[00:21:50] Humanly I think can make their way up the chain

[00:21:53] I mean they're at risk of getting I guess Coca-Cola by paradox and other

[00:21:58] Conversational AI players, but yeah on paper it makes sense, but I don't think it's a huge deal

[00:22:02] Yeah, I disagree

[00:22:04] I think if you can get a really good pair of jeans off the TJ max clearance rack and they look good on your

[00:22:10] Ass, I think it's awesome. So I think this might be that it depends on how they execute

[00:22:15] but I think

[00:22:17] One of the things is you get a company like paradox who literally is leading the charge

[00:22:22] You do have to have the pepsi's the RC colas the fantas the big reds, right?

[00:22:27] so, you know, I think there's there plenty of room in the space because to be quite frank the

[00:22:32] process efficiency of

[00:22:34] Most applicant tracking systems because of the way that the talent acquisition company set them up or shit and they need process efficiency

[00:22:41] So who knows this could be a much cheaper?

[00:22:45] Option than a paradox who knows but I think I think at least

[00:22:49] Being able to add to the assets and then also going up and down funnel is incredibly smart

[00:22:54] I do think it's interesting that they are adding pieces as opposed to being like a really good tool in somebody's toolbox

[00:23:01] So they are at least making a move to say hey, we're gonna go up funnel

[00:23:04] We're gonna be more piece of the pie than we were just a tool that you can just buy which they were

[00:23:09] They're a fine acquisition play as they are now. They're a little bit more expensive

[00:23:14] Maybe a little bit more valuable or maybe they're taking a real taking real aim at paradox and fountain and some of the others

[00:23:20] Harry that are doing some of these things. So yeah, it's an interesting play. We'll see

[00:23:24] I think they might need another series of money. Well, well, I guess stay tuned

[00:23:28] The the squirt gun and the gunfight isn't probably working all that well

[00:23:32] All right. Let's get to cornerstone on demand another way required sky hive technologies

[00:23:38] Cornerstone says the deal accelerates their reskilling capabilities with predictive labor market intelligence and

[00:23:44] Automated job architecture management prior to the deal sky hive had raised

[00:23:50] 48 million dollars they were founded in

[00:23:52] 2017 Chad your thoughts on the cornerstone

[00:23:56] Skyhive deal AI powered skills

[00:23:59] Intelligence platform. How many buzzwords can you fit into a shortened description?

[00:24:05] Apparently five we talked a bit about skills based hiring in Glasgow and

[00:24:10] What was your feeling around the companies?

[00:24:13] And if they were doing it right if they even started at this point

[00:24:17] Did you feel like like we were even on track with skills based?

[00:24:21] Baseball reference we may still be in the batter's box or just entering the batter's box on this play

[00:24:26] Yeah, skills based hiring is fucking hard. Why because tasks for a specific job

[00:24:33] Companies haven't even lined those out for the most part and then being able to assess skills on those tasks

[00:24:40] Right. So we think of jobs as jobs. They're not they are a series of tasks that create the jobs

[00:24:46] They're not they are a series of tasks that create the job. That's what they are

[00:24:52] That's why I believe performance based skills assessment systems are the cheat code right the shortcut

[00:24:58] So how can you prove a candidate can actually perform the tasks of a job?

[00:25:04] What tasks are they doing well and what tasks are they not doing well that they need help with right?

[00:25:10] This is where we actually need performance based types of systems

[00:25:14] So I believe that were as you'd said still I mean we're still in the batter's box

[00:25:19] I mean the early innings for God's sakes the batter's box and skills based hiring discussions

[00:25:24] Because most companies don't even have a list of tasks that make up the fucking job in the first place let alone

[00:25:32] evaluate performance on said, you know said tasks so nothing that a little AI smoke and mirrors apparently

[00:25:39] Won't help and then that's what I feel like this is

[00:25:42] I don't feel like anybody's figured this out and for a company to be able to say well

[00:25:46] You know pretty much we've figured this out. It just feels like bullshit to me

[00:25:50] I could be a hundred percent wrong, but to be quite frank, I don't think I am

[00:25:56] Here's what the recipe feels like company jumps on a big trend up skilling raises a bunch of money

[00:26:03] creates a website with a lot of stock video footage of like nurses and

[00:26:09] You'll love the vet like the military ones with the dog tags looking at a laptop like it creates a website creates a ton of buzzwords

[00:26:18] upscaling AI

[00:26:19] Like all you know mall if you listen to this show there is a bunch of money that they get on a trend and then

[00:26:25] Someone realizes that okay

[00:26:27] We got on this trend to be on it and this isn't this ain't it like this

[00:26:31] we're this probably is not the rocket ship that's gonna take us to the moon and

[00:26:36] As a result they continued to like you and I do this for a living and

[00:26:40] I spent a good deal of time watching the explainer videos going through the site

[00:26:45] Like what the fuck do these guys do I came across this skills passport thing?

[00:26:50] And I thought maybe this is a blockchain play like they're gonna like, you know

[00:26:55] Confirm identities and profiles, but I could not figure out what the skills passport was

[00:27:01] It sounded cool and they'd actually trademarked it but I couldn't figure out from the blue one great words

[00:27:06] Like what the fuck it was. So to me this just feels like let's get on this trend. Let's raise a bunch of money

[00:27:12] Oh shit, this isn't it. Let's call our VC buddies at cornerstone on demand, which was a quote

[00:27:18] Which used to be a public company. It was acquired in

[00:27:21] 21 by Clear Lake

[00:27:23] Capital Group so like there's some money to like what should we do?

[00:27:26] And so all these people know each other like hey, how would you like to buy us for X?

[00:27:30] You'll get the AI shed whatever tech we build you can take some more people will save face

[00:27:35] Well, you know our investors will walk away, you know with their head high and then this deal happens

[00:27:41] Like this happens all the time. Whereas at least humanly and teamable makes sense on paper

[00:27:46] I don't know if this one makes sense

[00:27:48] This just feels like a bunch of dudes at the country club saying like hey, I got to dump this this this dog

[00:27:52] I got a pile of dog shit sprinkled with cat turds

[00:27:55] Like you interested and then like over a couple cigars and maybe a happy ending at Oriental massage parlor and bam

[00:28:02] We got us an acquisition

[00:28:03] That's what this feels like it doesn't make a lot of sense other than somebody knew somebody and people put money in like

[00:28:09] Let's get it out and say face and move on to the next deal. Yeah and

[00:28:14] cornerstone seems to be really good at one thing and that's

[00:28:18] Baffling companies with bullshit and this just feels like a continuation

[00:28:22] It's kind of the whole eightfold, you know trend like let's throw some AI shit big words

[00:28:29] They're masters of that shit people by thinking. Well, it's the Emperor has no clothes

[00:28:34] Close. Yeah, okay. I'll buy your shit. I don't know what it does

[00:28:37] But I'll I'll buy and tell everyone that I'm really smart just like you

[00:28:41] All right

[00:28:41] Let's take a quick break and talk about someone else who thinks they're smarter than the average bear

[00:28:46] That would be indeed everybody will be right back

[00:28:50] Indeed is coming for your tam

[00:28:52] Chad in a recruit holdings online strategic overview CEO Chris Himes

[00:28:57] Also known as our love child outlined how indeed would be growing its market share in the coming years

[00:29:03] some nuggets include greater global penetration while

[00:29:07] simultaneously growing its SMB and

[00:29:10] enterprise customer base and increasing its quote take rate within new segments such as

[00:29:16] temp staffing Chad

[00:29:18] This is a video that probably went under a lot of people's radar but not ours what's your takeaway from mr. Hyams?

[00:29:25] Commentary. Yeah, this

[00:29:28] Video came out well over a month ago

[00:29:30] I think a couple of months ago and I watched it and I thought okay

[00:29:33] Let's see what happens at the end of this wait. We were traveling crickets crickets

[00:29:39] I'm searching crickets crickets. Nobody's talking about this and I don't get it because

[00:29:45] During the investors update Chris Hyams the CEO of indeed talked about effectively

[00:29:50] Monetizing the marketplace. What the fuck does that mean? Indeed's already the biggest player in the ad tech recruiting space, right?

[00:29:57] Okay. Well you have to expand the total addressable market. Okay, where

[00:30:02] During the update Chris

[00:30:04] How have I not been fired times pointed out that the ad tech space in the recruiting industry?

[00:30:10] The market size is 32 billion dollars, which is only 10% of the greater

[00:30:17] 327 billion recruitment industry

[00:30:20] So indeed wants to expand their TAM by 10x by going into staffing and yet we haven't heard shit from

[00:30:27] Anybody about this so indeed has no need to be a

[00:30:33] technological innovator anymore when they are already a decade ahead of staffing agencies like

[00:30:39] Ronstadt who screwed the pooch with their monster and acquisition a deco with their failed hire.com

[00:30:47] acquisition and

[00:30:50] Ams with their pathetic management of the hourly product just to name a few by the way

[00:30:55] So the question is indeed how can they become a staffing company? We gotta remember

[00:31:00] Recruit holdings is their sugar daddy. They're one of the biggest

[00:31:05] Recruitment companies in Asia pack right? So indeed makes it public

[00:31:10] They're going full steam into staffing, but they can't eat the entire staffing

[00:31:15] 327 billion dollar industry elephant all at once. So where do they start? Well, they already have a wait a minute kids

[00:31:22] Indeed flex a temp jobs platform which represents wait a minute. What's the temp job?

[00:31:28] That's a hundred and twenty eight billion dollars of the 327

[00:31:33] It's the biggest fucking chunk that's out there. So Ronstadt a deco and all the other staffing companies are

[00:31:41] Pretty much setting as the monster comms and career builders of today. They can hear the indeed train coming

[00:31:47] They know that they're standing on the tracks

[00:31:50] But they're just too damn busy worrying about this quarter's EBITDA to get the fuck out of the way

[00:31:55] The big question is what staffing companies and RPO firms will continue spending money with indeed?

[00:32:03] after this update

[00:32:05] Answers all of them probably this was fascinating

[00:32:09] I'd love to know how many indeed employees have watched this

[00:32:13] It's pretty cool that they made it publicly available for meatheads like us to go to go check it out

[00:32:18] But look on the surface company, but they don't have to reveal this much. They don't have to anyway

[00:32:23] It's very cool that it that a company to this

[00:32:26] it's sort of like let's open the kimono and let everyone know what our real intentions are because

[00:32:31] You and I talked about indeed. It's what you did there from our world in our perspective

[00:32:35] It looks like a company in disarray. It looks like what the fuck are we doing? Let's throw shit at the wall

[00:32:40] We're desperate. We don't know what we're doing. And then you watch this thing and you go, ah

[00:32:46] That's that's some evil-ass shit. Okay now look over here. Look over here

[00:32:52] Yeah, it feels a little bit like let's do some stupid shit

[00:32:54] so Chad and cheese talk about that and then the real like

[00:32:58] Evil plan will be hatched, you know behind the doors

[00:33:03] So if yes, if I'm a staffing company this definitely concerns me can they pull it off?

[00:33:09] That's questionable. I don't know. I mean Google can't launch glasses

[00:33:14] Apple got out of the car business

[00:33:16] I mean

[00:33:17] There's reason to believe that even though they say they're gonna do this that they can actually do it that they can actually

[00:33:22] Follow through and get it done

[00:33:24] But look it was fascinating to talk about what we do is such a small piece of what we want to do and we think

[00:33:32] Of indeed is this sort of monolithic number one job board in the world, but in a world of 327 billion dollar

[00:33:39] Opportunity I mean it's a small piece of that pie

[00:33:42] Like you you mentioned if they just get into one of these and the ones that he talked about were temp staffing

[00:33:47] Retain search direct hire and recruitment automation

[00:33:50] Job advertising is a tenth of what that marketplace is

[00:33:54] He talks about how the 50k and under jobs are still the primary sort of resource for companies to find people

[00:34:02] The executive side of that is less than half of what they're getting from a monetary standpoint

[00:34:09] So if they start turning the dials on the executive stuff, whether that's through search or I don't know exactly what they're going to

[00:34:15] Do but if they just get that up to what they're getting on for companies at 50,000 and below

[00:34:19] They're gonna greatly impact their bottom line in a big way

[00:34:23] He talks a lot about the indeed higher indeed flex how they're going to be a primary part of the future

[00:34:29] It was just a fascinating sort of flying-the-wall moment where this is what indeed's really doing and it was

[00:34:37] Fascinating to watch I think they've got their work cut out for them. I don't think this is a core competency for them

[00:34:42] Oh, yeah, I think just saying we're getting into executive search or we're getting into

[00:34:46] Temp staffing is easier said than done

[00:34:48] Yeah, and they're more than likely to fuck it up than they are to get it right

[00:34:52] But it's gonna be fun to watch and it's at least good to know have have this as a backdrop like oh, yeah

[00:34:56] They just talked about sourcing now that ain't it

[00:34:59] It's this other shit that they're looking to to grow the market share the take rate

[00:35:04] He says a lot in that they want to take more cash from what they're helping companies do currently

[00:35:09] Oh, yeah going from the 1% to

[00:35:12] Perspectively 5% to 20% the person to possibly I mean because if you think about it

[00:35:17] They can undercut the staffing companies because they have the process efficiency and they have access

[00:35:23] To the actual the the candidates right the thing that just blows my mind is that how all of these inept?

[00:35:31] Staffing companies and RPOs. Yeah, they're coming for you, too

[00:35:34] Okay

[00:35:35] They're coming for you to this to think that you are safe because you're inside a company is just I mean you're fooling

[00:35:41] yourself kids to be able to

[00:35:44] undercut all the staffing companies because you don't you're not going to have the overhead is just crazy the thing is

[00:35:52] These staffing companies have proven they cannot buy a tech company and turn it out

[00:35:59] Like recruit holdings did with indeed recruited holdings

[00:36:03] How they've been able to really make this bad boy sing and they have wanted penetration into the US market and other markets

[00:36:11] But definitely the US market. This is their fucking train man. This is their train and it's gonna run over all those other fucking staffing companies

[00:36:18] They're not gonna get out of the way

[00:36:19] They're gonna be worried about next quarter instead of five years down the road and Japan has your fucking number

[00:36:25] It's too easy to say hey, we noticed you posted a job for an executive position

[00:36:30] Do you want to learn more about this product and what it could mean?

[00:36:34] You know, we'll find the people for you

[00:36:36] And as companies reduce their recruiting headcount something like this is really

[00:36:41] Appealing, you know, yeah a small business

[00:36:43] I need some I need some cooks or some servers see you post a job like will help you place

[00:36:49] Those jobs like okay. That's cool. Indeed does that what do I you know?

[00:36:52] What I have to pay 20% or whatever it is

[00:36:54] They can undercut that so it kind of makes

[00:36:56] Really good sense and it also makes sense of why they're doing more to go after linkedin with their multiple profiles

[00:37:03] And and like so they want more more that data more that profile data

[00:37:08] So then they can they can place those folks more easily within the system

[00:37:12] So it's some evil genius shit if they can pull it off. I question if they can it'll be fun to watch though

[00:37:18] Staffing companies you better stop spending money with Indy

[00:37:20] I think it's too late to be quite frank for some of you, but not all of you

[00:37:24] So you better stop fucking spending money with indeed because you're literally slitting your own throat wise up

[00:37:33] All right, I'm moving on from indeed

[00:37:36] Let's take a quick break guys listen to the ads on the show

[00:37:39] There is no show without the ads and we love our sponsors so much

[00:37:43] But you should write them all blank checks or just give them your credit card number for God sakes

[00:37:47] We'll be right back with some Chuck E cheese news

[00:37:50] But you never thought you'd hear that on the Chad and cheese podcast. No

[00:37:53] Alright Chad young professionals in Toronto

[00:37:58] Sorry, I mispronounced it it's Toronto for the Canadians out there are using a local Chuck E cheese

[00:38:04] Did you know that Chuck E's middle name is entertainment?

[00:38:06] I bet you didn't know that Charles entertainment cheese is his full name

[00:38:10] Anyway, they're using the Chuck E cheese as a remote workspace

[00:38:16] Finding the environment quote surprisingly productive while at the same time being nostalgic

[00:38:22] The idea initiated by our vei book binder has gained popularity with more than a hundred people showing interest in

[00:38:30] joining future quote fever dream co-working events at

[00:38:35] Chuck E cheese Chad your thoughts on Chuck E cheese going after a little we work pie or is that pizza pie?

[00:38:43] I think it's Adam Newman in the Chuck E cheese suit is what it is

[00:38:47] This is his way to try to out flank we work

[00:38:51] It'd be more successful in his fucking Adam Newman. Oh my god. Yeah, I mean we just talked about you know

[00:38:58] Ilja Roz, you know from from from Juco and now, you know, this feels very Adam Newman ish

[00:39:04] He was trying to put in a bid to to buy we work the company that you know

[00:39:09] He we work Jesus. Yeah, this to me is one of the one of the stupidest things ever

[00:39:14] I can't imagine any professional going into a Chuck E cheese in working period and and I guess it doesn't have to be

[00:39:22] You know quote-unquote professionals like, you know upscale professionals. It can be just just anybody just your regular old Joe

[00:39:29] Maybe they have kids that like you are out of school. You want to go take them to play but you got to do work

[00:39:34] Maybe this is a good opportunity. But yeah, I this isn't going so you're a hater

[00:39:38] And I went I went scouring the internet for comic relief around Chuck E cheese

[00:39:43] So this is comedian. This is a comedian Nate bar gates bar gets on

[00:39:48] Chuck E cheese have a quick listen. We take her out we go do stuff

[00:39:52] I would take her to Chuck E cheese all the time. You can go there. They had kovat in 84 so

[00:39:59] It can't even survive in there that's what I mean Chuck E cheese is rough. I don't know if you've been there in a while

[00:40:05] They look like they're trying to go to business and they can't

[00:40:09] They file for bankruptcy and they're still open

[00:40:12] They call blockbuster and they're like how do you get out we want out

[00:40:16] They're updating nothing that Chuck E band is just robotic. I

[00:40:25] Mean the drummer doesn't even turn on it just sits like that the whole time

[00:40:31] They say so booze to parents now they just give them buckets of Bud Light

[00:40:35] They're drunk in a blue like a name

[00:40:39] Someone drives those kids home. I don't see any kids

[00:40:42] And lift showing up

[00:40:45] There was a Chuck E cheese that got caught people didn't eat all their pizza

[00:40:50] They would just put it back out on the buffet

[00:40:52] Shut down any normal business and when Chuck E cheese they have thrived

[00:40:58] I didn't when I read the story. I was like, I thought that's what they were doing

[00:41:00] I thought we agreed that that's fine

[00:41:02] I'm gonna stand up for Chuck E cheese for a second

[00:41:05] I've recently been to a Chuck E cheese in the last six months

[00:41:09] The robotic band is gone. It's all digital

[00:41:13] The games are pretty cool. The pizza is pretty good

[00:41:17] I think they got some real ovens in there and they're like there's no buffet anymore

[00:41:21] Well, maybe there's a buffet with like salads and stuff

[00:41:23] But like the pizza is pretty good. The games are pretty fun

[00:41:26] No one's going to Chuck E cheese on Tuesday from like 9 to 3 roughly, you know, like roughly they're going at night

[00:41:32] Maybe mostly on the weekends

[00:41:34] I think it's a perfect opportunity to put up some desks put up some cubes or put up some like workspaces get some coffee in there

[00:41:41] You know want to take a break. I want to play some ski ball

[00:41:43] I want to play some Terminator take a break maybe go get some pizza

[00:41:47] I think it could work

[00:41:48] I think you can work and leave it to the Canadians to make something something like this work

[00:41:53] So don't give up on Chuck E cheese Chad

[00:41:55] It could be an idea whose time is now and I'm gonna end this on a dad joke, you know

[00:42:02] Why didn't anyone laugh at pizzas jokes?

[00:42:06] They were too cheesy

[00:42:09] We out we out

[00:42:11] That was bad. Thank you for listening to what's it called?

[00:42:17] podcast the Chad the cheese

[00:42:20] Brilliant, they talk about recruiting they talk about technology

[00:42:24] But most of all they talk about nothing just a lot of shoutouts of people

[00:42:29] You don't even know and yet you're listening it's incredible and not one word about cheese

[00:42:35] But one cheddar blue nacho pepper jack Swiss

[00:42:41] So many cheeses and not one word

[00:42:45] So weird any who we should have subscribed today on iTunes

[00:42:50] Spotify Google Play or wherever you listen to your podcasts that way you won't miss an episode

[00:42:57] And while you're at it visit

[00:43:00] www.jadcheese.com

[00:43:03] Just don't expect to find any recipes for grilled cheese

[00:43:08] So weird we out