Ashby Gets Cash, Seek Pulls Out, and Hockey Hooters

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[00:00:53] Hide your kids! Lock the doors! You're listening to HR's most dangerous podcast. Chad Sowash

[00:00:59] and Joel Cheeseman are here to punch the recruiting industry right where it hurts.

[00:01:04] Complete with breaking news, brash opinion, and loads of snark. Buckle up boys and girls,

[00:01:09] it's time for the Chad and Cheese Podcast.

[00:01:15] Oh yeah, two guys who love girls with new wave hairdos and hockey jerseys. Hi kids,

[00:01:25] it's the Chad and Cheese Podcast. I'm your co-host Joel Omaha Cheeseman. This is Chad,

[00:01:31] let him out, Sowash. And on this episode, Ashby more like Cashby.

[00:01:37] Seek pulls out and hockey hooters. Let's do this.

[00:01:45] Okay, listener. How can you help your employees become more productive? I have answers.

[00:01:51] How about automating manual and repetitive tasks, giving meaning to data, then allowing

[00:01:57] that data to actually drive decisions. And how about matching people to your jobs quicker?

[00:02:04] Well wait, the Chad and Cheese has a new LLM?

[00:02:08] No, Cheeseman. I'm talking about text kernel.

[00:02:10] Ah, okay. That makes more sense. What I'm hearing is the groundbreaking concept of,

[00:02:17] wait for it, simplicity. Seriously though, seriously, text kernel cuts through the

[00:02:24] complexities like a tortilla chip through some hot nacho cheese. Really? Nacho references

[00:02:31] already. Anyways, text kernel brings efficiency and productivity to your operations. Text

[00:02:37] kernel seamlessly unifies your tools and data to drive efficiencies and success.

[00:02:44] Text kernel is creating new opportunities for your recruitment journey,

[00:02:49] kind of like adding guac to my barbacoa burrito.

[00:02:53] Oh my God. How about extracting meaningful insights from data? I mean, that's something.

[00:02:58] Swiftly matching people with jobs, automating repetitive tasks. Who knew such advanced

[00:03:05] concepts were even possible in the land of human resources?

[00:03:11] We did, Chad. We did. Dude, wrap it up. I'm a little hungry.

[00:03:16] Imagine that. Okay, listener, get ready to use today's tech to drive efficiencies

[00:03:21] and productivity. Visit textkernel.com. That's T-E-X-T-K-E-R-N-E-L.com.

[00:03:32] Nachos.

[00:03:36] What's up, Bureau Chad?

[00:03:37] No, I'm representing today.

[00:03:39] Is that the Portuguese national official shirt? Is Ronaldo going to be, is he done on the national

[00:03:47] team stuff?

[00:03:48] I don't know. I don't know if he's just playing Saudi Arabia and he'll come back later or not.

[00:03:53] I mean, I don't think we need him. We are stacked with talent.

[00:03:56] He's 39, I think. My kid loves Ronaldo. I mean, what's not to love but loves Ronaldo.

[00:04:02] Ronaldo and Messi are like Jesus A and B for my kid.

[00:04:06] Dude, if you want to see Jesus A like Ronaldo, go to Madeira where he was actually born and that

[00:04:13] entire island, which is gorgeous by the way, is like Ronaldo heaven.

[00:04:18] Yeah. When we're in London for RecFest, I think the wife's going to try to hit the Cincinnati

[00:04:24] Miami game, which should include Messi as playing. Although I think he's sort of hit or miss.

[00:04:29] Those tickets aren't going to be cheap.

[00:04:31] Not going to be cheap. But I think there's always question of whether he'll be there

[00:04:34] or like what he's doing. So anyway, I'll be in England. I won't worry about it,

[00:04:37] but that would really make my son happy for sure.

[00:04:41] Is what it is. Is what it is. All right.

[00:04:43] You were sick yesterday. You good now?

[00:04:45] Yeah. Well, I'm good. It was the Algarve flu, which makes sure that it doesn't take

[00:04:50] you off the beach for too long.

[00:04:51] Yeah. And beach is a good remedy for most sicknesses by the way. But yeah,

[00:04:56] we got a lot to go through. So let's get to shout out.

[00:04:58] Shout out!

[00:04:59] I got quite a few and you have like one. So I'll go ahead and knock a couple out.

[00:05:02] My first one is we are recording this on June 6th, which was D-Day 80 years ago.

[00:05:08] A lot of kids don't appreciate it or know it. You and I are a little bit up there in age,

[00:05:12] but for those that don't know, 150,000 allied troops landed on Nazi occupied

[00:05:17] France on this day 80 years ago. 72,000 Americans, 60,000 British and 15,000 Canadians.

[00:05:24] It was the largest amphibious invasion on record and still remains. 20,000 Normandy residents

[00:05:31] perished during that time, which a lot of people don't talk about. A number of Germans

[00:05:36] killed, a little bit of a mystery. Most estimates put it like five to 10,000 Germans

[00:05:40] who died, but a credible sacrifice. You and I are beneficiaries of the sacrifice

[00:05:46] that our grandparents made.

[00:05:49] So is Europe.

[00:05:50] Just wanted to, yeah, the world at large for the most part. And just wanted to point

[00:05:53] that out that we are recording on a historic day. I wanted to shut some light on this day 80 years

[00:05:59] ago. Yeah. And if you've never been to Normandy, go. You've got to go to the beaches of Normandy.

[00:06:03] We actually took the kids a few years ago and we were doing a whirlwind tour of Europe and

[00:06:08] I had to go to Normandy. So we did. And it is awe inspiring to think of trying to actually

[00:06:15] hit those beach heads and then having fortified defenses that you can actually go in and walk

[00:06:20] in and whatnot. But having fortified defenses against you, it's amazing. So if you get a chance,

[00:06:26] if you ever get a chance people just travel, get the hell off the couch, go travel,

[00:06:30] go enjoy yourself and go visit places like Normandy. I mean, the cemetery there,

[00:06:36] the US, the American cemetery that is there, it'll set you back.

[00:06:39] Yeah, it's haunting. And I can't imagine you actually served in the military. So your

[00:06:44] perspective is much different than mine, but I made sure to go to the edge of the water,

[00:06:48] turn around and try to envision what it was like with pill boxes and obviously arms coming

[00:06:54] down. All the beaches are pretty cool, you know, and like the Canadians did a really good job.

[00:06:59] The artistry around the English beach, just really cool stuff. They're all very different.

[00:07:04] Every country has sort of done their own commemorative around each one,

[00:07:07] but don't just go to one beach, try to go to all of them. A very special experience

[00:07:11] and should be on everyone's bucket list for sure. Agree and agreed. Well, we also had

[00:07:15] another special experience. We actually got to meet Dennis Tupper in the flesh at Unleashed,

[00:07:21] but my shout out goes to Dennis Tupper. This is almost an Indeed free show,

[00:07:26] kids. So this is very special. But five years ago we recorded an episode with Dennis

[00:07:32] entitled Indeed Conspiracy Theories where his first prediction was indeed pivoting to staffing.

[00:07:38] Yes, back in 2019, as Joel always says, predictions aren't wrong, they just haven't

[00:07:44] happened yet. So shout out to Dennis Tupper Domus. That's right. And here's to you Tupper,

[00:07:51] your favorite sound bite. What are you doing, step bro?

[00:07:55] All right. I got a couple more shout outs. One is going out to Shu-O Wang. She's the co-founder

[00:08:00] and chief revenue officer at Deal who we talk about quite a bit on the show anyway.

[00:08:04] She is one of the newest recipients of Forbes richest women in the world.

[00:08:10] $850 million. She is now number 39 on the list. So shout out to her. Great success.

[00:08:17] And it's great seeing women co-founders getting acknowledged on major media and

[00:08:22] our space fattening their bank accounts. Yes, in our space, in our space.

[00:08:26] Interesting story. She was Chinese immigrant. Obviously we talk about immigration quite a bit.

[00:08:31] Chinese immigrant 16. She sold scooters in high school at local flea markets.

[00:08:36] She went to MIT. She started a air purifier company called Aegis and then she founded Deal.

[00:08:43] So incredibly successful and shout out to her. And my final shout out goes to Sweet Green,

[00:08:49] one of my favorite restaurants, Chad, because they serve up salads like nobody else's business.

[00:08:54] Just kidding. I've never set foot into a Sweet Green, although I drive past one as I go

[00:08:58] to Taco Bell on a regular basis. Will you ever?

[00:09:01] Yeah. Anyway, so they're one of the first companies, public companies to talk about how

[00:09:06] automation has impacted their business. They have an automated system called Infinite Kitchen

[00:09:12] that will shoot out salads and the salad's veggies and everything goes on the salad.

[00:09:18] It sounds pretty simple, but it's made a big dent in their margins, which have increased

[00:09:22] 28%. They've increased order accuracy and efficiency, and they actually pointed out

[00:09:28] improved employee retention due to the new automation. So their stock has been rewarded

[00:09:35] and as Wall Street typically reacts, every other company will want to start automating

[00:09:40] and reporting the automation numbers in their quarterly reports. So just like the year of

[00:09:45] efficiency, I predict that the year of automation is coming upon us and Sweet Green's may be one

[00:09:51] of the first companies to start that trend. Yes. And I'm going to say it's the decade

[00:09:57] of efficiency because it's not going to happen just this year. This is what we should get used

[00:10:01] to and this should be literally the focus of all of our jobs, number one, because if we become more

[00:10:07] efficient, we can do more, right? Again with less, which is nice, which means we can go hit

[00:10:11] the beach and not to mention we can possibly take a little time to go register for some free

[00:10:16] stuff at ChadCheese.com slash free. You can win craft beer. Never automated. Never

[00:10:22] automated. Not yet. Free craft beer from Aspen Tech Labs. That's right, our kids over at Aspen

[00:10:30] Tech Labs. T-shirts from Aaron App. Those lovely, lovely t-shirts. New guns and roses.

[00:10:37] Feels like a hug from Chad and Cheese thanks to Aaron App. Whiskey from Tex Colonel. One

[00:10:42] bottle from Joel. One bottle from Chad because Tex Colonel loves you twice as much as every

[00:10:47] other company that's out there. And if it's your birthday, it's rum from Plum. Go to ChadCheese.com

[00:10:54] slash free and register. Do you feel the tension in the air right now? I know I can.

[00:11:01] I can feel it all the way down in my plum. All right, Chad. Some listeners enjoying another

[00:11:04] year around the sun. This will be a mega birthday shout out because as I mentioned in

[00:11:10] last week's show, I am taking some time off to be on a beach in Vietnam and hanging

[00:11:15] out in Singapore. But celebrating another year around the sun include Karen Wong,

[00:11:19] Anders Storm and Christina Baciu, Mark Anderson, Andy Patterson, Martin Dangerfield,

[00:11:26] Scott Allen, Liz Wessel, Kim Oelstra, TJ Lowe, Jim Stroud, Robin Walsh, Zach Martin, Aaron

[00:11:36] Bosko Vuchatovich. I said that incorrectly probably. Olga Nasriva, J Arnold, Katherine Henry,

[00:11:43] Jane Curran, super fan of our show by the way. Eric Baker, Nicole Bowers, Katie Wagster,

[00:11:49] Linda Whitmore, Lindsay Nimar, Courtney Howard, Jamie Hartler, Roberto, Jesse Sims, Andreas

[00:11:55] Lofgren, Josh Gamble, Amy Warren, Vince Morgan, Anna Brekka, Nancy Barisovoy and Matt that

[00:12:02] British guy Alder, don't call him Matt all celebrate another trip around the sun. Happy

[00:12:09] birthday. Happy birthday. Everybody. Excellent. I got a lot of new babies.

[00:12:12] We're getting too many fans. What are we going to do about like at one point our birthdays are

[00:12:16] going to be way too crazy to talk about? I don't know. It'll be a separate podcast

[00:12:20] like the shred. We'll just do a birthday podcast.

[00:12:24] We'll figure something out. We'll figure something out. Events kids,

[00:12:27] Wreckfest, Wreckfest, Wreckfest. Nebworth is happening. That's right. Nebworth Park,

[00:12:31] just north of London. Just hop on the train. You'll be right there. It's a one day event,

[00:12:35] July 11th and today Joel, I actually got an email that said there's only 500 tickets left

[00:12:41] and you say, oh 500 tickets. That's a lot. Oh no it's not. That shit will go fast. So if you do

[00:12:46] not have your ticket and your team's tickets because this is an all hands kind of thing kids

[00:12:51] you come, you learn together, you talk together, you meet other people in the industry and you

[00:12:56] know you have a little drink, little libation after. You got to come. That's on July 11th

[00:13:01] then in Nashville is a two day event. That's right. We're doubling it up in the United

[00:13:07] States September 12th and 13th. So really excited. We're going to be on the disrupt stage

[00:13:14] in Nebworth. I think we're still working on Nashville. We're going to be there. No questions.

[00:13:19] Just what we're going to be doing there. We will be doing parties. I can fucking guarantee

[00:13:22] you that but if you haven't gotten your tickets go to wreckfest.com, pick Nashville,

[00:13:28] pick Nebworth, pick them both. Pick them both and we'll see you there. Yeah and nothing says

[00:13:33] party Chad like Cole Cheeseman up in Nebworth passing out t-shirts. Let's check on Cole.

[00:13:39] He's on summer break. Let's see what he's doing. Geez, geez. He's in a bad mood.

[00:13:47] And while you're talking about that I'm bringing some sexy to the show for the

[00:13:50] next couple of weeks okay because you know cheese is not going to be here so I got to

[00:13:54] bring the sexy to the show. So the first week we are going to have, give me one second

[00:14:00] here kids, Maureen. Oh there we go. She's going to be next week's co-host and then guess what

[00:14:10] and then we have another Joel coming not a Joel Cheeseman but a Joel. So yeah we're going to

[00:14:16] go ahead and we're going to have Mo and Joel the next couple of weeks while you're out

[00:14:23] to give you a little time off because you deserve it. I don't know if anybody told you

[00:14:28] that or not but you deserve it. I know you need somebody named Joel on the podcast at all times

[00:14:35] if at all possible. If you're not watching on YouTube you just missed all the fun stuff we

[00:14:41] just did so go to YouTube slash at Chad Cheese and subscribe. And I'll book in this

[00:14:48] travel news by saying that I am unplugging for about two weeks headed to Asia, Singapore

[00:14:55] and Vietnam. So if you email me don't expect an immediate response. If you hate something I do

[00:15:01] like I'm out, I'm out people. Podcasting isn't necessarily a job per se it does take up some

[00:15:07] ongoing thought to get this show on a regular basis so I am excited for a couple weeks off

[00:15:12] not from Chad miss him deeply but yeah everybody else I'm taking some time off and

[00:15:17] I'm a little bit disappointed that I'm going to miss out on some time with Toby Dayton. If

[00:15:21] you guys listen to the monthly jobs report show CEO from link up gives you incredible data we dig

[00:15:28] into it like CNBC and Bloomberg do not so make sure that you catch that. It will just be a Chad

[00:15:34] and Toby show I will maybe make an appearance with a guest video but otherwise that's coming

[00:15:40] up next week. Topics. Ashby more like cash be the San Francisco based ATS has raised

[00:15:51] 30 million dollars in a series C round bringing its total to 70 million dollars. The company

[00:15:57] will use the funds for product development and enterprise expansion they count companies

[00:16:01] like Opendoor, Reddit and Deal. There's Deal again as clients founded in 2018 they employ

[00:16:07] 130 folks. Chad we've seen a lot of ATS's over the years tell me what you think about the new

[00:16:13] kid on the block. The new kid on the block so I mean in the current environment we've talked to

[00:16:17] a ton of investors and they're all saying it's really hard to get funding unless you are angel

[00:16:24] or seed right so 30 million in anything past that is that's a pretty damn good round so

[00:16:31] there's got to be something special about these guys a couple of excerpts from the announcement

[00:16:35] from Benji Ashby's co-founder and CEO. While we have grown more than six times since our

[00:16:43] series B and we're now serving over 1300 customers we are by no means complacent.

[00:16:49] I'm continuously disappointed by the state of software products today. Software should be more

[00:16:54] intelligent powerful and do more for us. Today most business software is still a simple database

[00:17:01] with a few delightful and truly helpful features so where does Ashby have the advantage going

[00:17:09] into the space? Well newer platforms are more nimble because they're not playing the heavy tech

[00:17:14] debt game and they're thinking about creating systems that recruiters want to be in all day

[00:17:20] so they're thinking about the entire experience not just a job seeker experience. Also Ashby

[00:17:26] has integrated sourcing as a feature for targeting qualified candidates in your already paid database

[00:17:35] right so something we've talked about on this podcast for years you spend all that money you

[00:17:39] might as well have your applicant tracking system serve up candidates that already are

[00:17:44] qualified or may have already been through the process with you before and AI is turning

[00:17:50] sourcing as a platform into a feature. That to me and that's what we've talked about I

[00:17:55] think a few times on the podcast since we started talking about a lot about generative AI. A lot of

[00:17:59] these platforms are really turning around to become features so big winners for the new

[00:18:05] investment because of integrations with AI into the aspects different aspects of their platform

[00:18:12] including sourcing and scheduling expanding into enterprise that's big talk about opening the

[00:18:19] TAM for god sakes so yeah I think for me you know we haven't heard a lot about Ashby I

[00:18:25] think the first time we really saw them at an event was this year in at transform in vegas

[00:18:31] where they were they were like one of the first booths you saw they had prime space I'm like oh

[00:18:36] these guys are actually coming along so I think that was probably pimping and getting ready

[00:18:41] for this round. 60% of the time it works every time. By the way kids Chad's recovering

[00:18:47] from an illness and I'm mentally on vacation already so don't expect too much from this

[00:18:51] week's show. Anyway the ATS market is a weird one everyone hates their ATS apparently so it

[00:18:59] tends to be like a relationship that is bad and you want to get out of it and then the instant

[00:19:04] a new thing comes along everyone jumps ship to that new thing. You and I have been around

[00:19:08] long enough to know when iSims was cool then jobvite was cool oh social media that's awesome

[00:19:14] smart recruiters was cool greenhouse was cool has been cool for quite a while and now

[00:19:20] comes along Ashby to be the cool new thing that everybody wants to leave their current relationship

[00:19:25] and and jump on on Ashby they have some really cool companies that are clients they have to

[00:19:30] their credit raised in a way that their competitors have just a quick reminder

[00:19:35] smart recruiters has raised 225 million dollars greenhouse raised 110 million dollars

[00:19:40] and iSims a total of 93 million dollars so Ashby is not a squirt gun in a gun fight like

[00:19:49] they have artillery to go on a global scale and they're talking about the enterprise

[00:19:53] rollout and going more global so i have no doubt that they will be a successful ATS. My question

[00:19:59] will be when does something else come along to be like okay Ashby's old and haggard a little

[00:20:04] bit overweight i'm gonna go jump on the next hot thing they're gonna have a hard time as

[00:20:09] everyone else has to be that cool new thing to stay with with technology to be a customer

[00:20:14] service juggernaut because we've seen a lot of ATS has come and go in terms of the cool kid on

[00:20:19] the block and these guys are just the newest cool kid whether they can keep that mantle

[00:20:24] i don't know the ATS business at large is is challenged as we talked about on the show it's

[00:20:29] been largely commoditized everyone has an ATS so how can you go above and beyond that and

[00:20:34] they at least are doing things with AI and trying to get beyond just being an ATS but

[00:20:39] it's a it's a real track me and it's really challenging their founders don't have a core

[00:20:43] competency around employment or recruitment so i guess that may be a hurdle maybe it's a benefit

[00:20:48] but that is something worth noting so ultimately i would say like good for them they're the hot

[00:20:54] chick at the bar can they keep that title history says they can't but i'm i'm open to

[00:20:59] the the opportunity that they may be the hot chick for a long time greenhouse was

[00:21:04] is still hot and has been hot for over a decade so i think ashby could certainly do it

[00:21:08] yeah well i i think one of the things that ashby has to beware of is they're going into

[00:21:13] enterprise and those big contracts they're gonna ask you to do shit that you shouldn't do

[00:21:18] the most powerful word in any language is no right turn down the money because i remember

[00:21:25] back in their recruit soft days before they became teleo they had a standardized process

[00:21:30] methodology to be able to push uh candidates in it was a much more nimble system even way

[00:21:36] back then because they had standards in place for all of their customers then they went

[00:21:40] enterprise with some big fucking companies and those companies broke the system because they

[00:21:45] asked them to do things from a customized standpoint for them that nobody else is doing

[00:21:51] so it's going to be interesting yes i i agree 100 i do think that we're getting to the point

[00:21:57] with the the paradoxes the fountains uh the harries and obviously now with ashby where

[00:22:04] you have more flexible systems but but only if you say no to those those bigger contracts

[00:22:12] it all means to say no to the contracts themselves but just some of the shit that

[00:22:15] they pile on to them so i think they've got a good chance but uh not if uh not if they

[00:22:19] succumb to the almighty dollar yeah and another thing i'll point out to their to their credit

[00:22:25] is that they've grown pretty slowly and organically i mean their headcount has increased

[00:22:29] almost 100 over two years but we haven't seen like the huge increase and then a drop and then

[00:22:34] sort of a gradual down they are they are organically expanding headcount and seem to

[00:22:39] be doing it correctly from that at standpoint agree all right all right all right let's talk

[00:22:45] about pulling out chad see australia's recruitment leader you could say a public

[00:22:51] company has sold its businesses in brazil and mexico to recruitment marketplace specialist

[00:22:57] red arbor for 85 million dollars usd this move allows seek to focus on its core markets in

[00:23:04] australia and asia pacific while red arbor strengthens its position in latin america the

[00:23:09] acquisition is expected to significantly increase red arbor's revenue and market share in the

[00:23:14] region chad grab a cold fosters and tell me your thoughts on seek's latest pullout so i saw

[00:23:21] occ mexico and i about shit i mean you talk about throwing back some some memories because

[00:23:26] i know jose jose alvarez you're still in occ mexico that's what they bought that was one of the

[00:23:31] sites that they bought uh in the latin yeah so so yeah i mean i in in working with bill warren

[00:23:37] and occ back in the the days before monster.com even existed there was also an occ mundial which

[00:23:44] was occ mexico and that's what this is and uh andy mckelvey which is really funny tmp

[00:23:49] worldwide bought online career center before they bought or after they bought monster board

[00:23:56] they had the opportunity to buy occ mundial but they turned it down so jose just made fat cash

[00:24:03] because he was just about the only mexican job board that was there and whether no matter what

[00:24:08] we think about you know mexico's economy they still have business there right and they still

[00:24:13] need a job board so they were doing damn well anyway anyway that's a blast from the past

[00:24:18] earlier this year seek merged its three job boards seek job street and jobs db

[00:24:26] that's a really bad name which will allow seek to be more effective to reach job seekers in asia

[00:24:31] pact with a lofty ambition to help 500 million connect with 5 million companies in the region so

[00:24:39] i think this is smart focus where your strengths are and lat am is not where your

[00:24:44] strengths are it's definitely a diversion to doing what you need to do and this is i believe

[00:24:49] the main reason in april seek said revenue for the full year may be slightly lower than assumed

[00:24:56] previous guidance approximately 15 million australian dollars that's 10 million us dollars i

[00:25:03] cannot believe seek only brings in 10 million dollars are you fucking kidding me that's a little

[00:25:09] baby job board in the u.s 10 billion dollars i mean that's that's a niche niche job board in the u.s

[00:25:16] so job boards are challenged we've talked about zip recruiters earnings indeed's earnings etc seek

[00:25:23] seek is not immune to the down trend in job board stock prices in fact their stock is roughly

[00:25:28] down 14 year-to-date so cutting some fat focusing on what we're good at certainly makes

[00:25:36] sense they are in terms of asia they're probably the number one job board i mean indeed and seek

[00:25:41] probably in those markets battle head to head trying to make a dent in latin america just

[00:25:47] doesn't make a lot of sense culturally strategically it never really made sense now it's really

[00:25:53] easy for job boards to say okay where can we make more money well let's just open up a new

[00:25:57] market like that tends to be a really quick conversation an easy thing to do but then once

[00:26:02] you get into it getting out of it is really challenging in fact seek kind of took a bit of

[00:26:06] a bath in the sale price of this thing losing actually losing some money from what they've

[00:26:11] spent on growing those markets the surprising thing to me is that you know you can look at

[00:26:15] mexico and think eh but mexico is now the number one trading partner with america sorry

[00:26:20] canada take off we were doing our movie don't wreck our show you hoser so mexico with the

[00:26:26] trend of of nearshoring and getting away from from china and more dangerous or more volatile

[00:26:32] markets for trade mexico is primed to be a major market in terms of growth in the near future by

[00:26:39] the way shout out to the new president female which is which is great to see brazil obviously

[00:26:44] some political problems but brazil has been you know a huge market next year for like

[00:26:49] the last 20 years so they can be a big thing it also is an inroad into like argentina

[00:26:54] which is showing signs of a lot of opportunity and growth there so anyway i mean i understand

[00:26:59] the move on the other side of it with red arbor which i don't think we've ever talked about on

[00:27:04] this show they are the number two player in those markets indeed by all accounts is the

[00:27:09] number one market seek was number three so now you're taking the number two market

[00:27:13] player and the number three market player and creating a bigger number two so for indeed this

[00:27:17] is bad news they get a bigger competitor to deal with and they get one less competitor

[00:27:22] in terms of seek so for me this is like let's be smart about this let's focus on what we know

[00:27:27] the economy worldwide is arguably in a risky volatile place it makes sense to focus hopefully

[00:27:34] get your stock price up and for red arbor i think it was a big win for them in terms

[00:27:39] of taking on indeed in latin america agreed yeah and clearance rack at that point no word

[00:27:45] of whether or not blooming onions and and fosters were part of part of the deal let's

[00:27:50] take a quick break and talk about workers of the world uniting human resources is supposed to be

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[00:28:59] com all right chad we got some big news in the world of of work this year we got three stories

[00:29:05] number one rubio's coastal grill have you ever been to a rubio's now they're quite delicious

[00:29:10] uh they have good burritos anyway they're also known for its it's fish tacos which i know

[00:29:15] you enjoy they filed for bankrupt bankruptcy protection in delaware citing the rising cost

[00:29:20] of doing business in california underscoring the state's new 20 dollar per hour minimum wage

[00:29:26] requirement chad your thoughts on this latest sob story out of california yeah i mean if you

[00:29:33] can't pay people a living wage you don't deserve to be in business this is a failure

[00:29:38] of leadership and not being able to effectively move with the market by involving their

[00:29:42] business model on comparably yeah i went to comparably rubio's leadership score is in the

[00:29:48] bottom of 10 percent and i have one prediction for this the restaurant chain dies and all the

[00:29:55] amazing local non-chain fish taco trucks and restaurants flourish 20 dollars an hour is 41

[00:30:03] thousand 600 a year before taxes if that person is working full time if you can't afford

[00:30:11] a living wage you don't deserve to be in business this is a really sweet story this started out as

[00:30:18] basically like a taco stand california i think southern california that eventually became what

[00:30:22] it is today unfortunately became a real shitty business became mismanaged they filed for

[00:30:28] bankruptcy previously in 2020 they closed 48 locations back then to me oh by the way they

[00:30:34] have 100 million dollars in debt i don't know if i mentioned that this is a bad business

[00:30:38] that's badly run tacos are hot businesses i don't know if you heard this or not like chipotle is

[00:30:43] doing pretty well other other businesses that sell tacos and burritos and mexican food are

[00:30:47] doing pretty well so to me this is like a mismanagement story to me blaming the 20 dollars

[00:30:53] an hour minimum wage law requirement is a smoke screen to to divert the real problem which

[00:31:00] is the business and the management team and the way that things are going interesting i wanted

[00:31:05] to quote this because i was i was perusing x which i know you're you're not a fan of but there are

[00:31:10] still some interesting folks including mark cuban we mean twitter mark cuban who yeah twitter if

[00:31:14] you want to go nostalgic on me but mark cuban uh who most people know tweeted a comment of

[00:31:19] someone who had reported this and mark said quote when companies pay less than what someone

[00:31:24] needs to live a basic life it's often the taxpayers that subsidize the difference interesting

[00:31:30] personally as an employer i would rather pay a higher wage and figure out how to be more productive

[00:31:36] and profitable amen to mark cuban i hope the folks at rubio's ivory tower are listening because

[00:31:42] this is really a badly managed company that shouldn't be blaming 20 minimum wage on their

[00:31:49] shitty business and from one shitty business to the death star walmart is enhancing its

[00:31:56] employee benefits including a new bonus plan and training opportunities for skilled trade

[00:32:02] roles the bonus plan is based on store performance and years of experience with

[00:32:06] potential bonuses ranging from 350 to 1000 annually the company is also launching a

[00:32:14] training program for aloe workers to transition into skilled trade jobs within walmart chad

[00:32:21] your thoughts on walmart's move to bonuses yeah i mean they saw attrition come down they say

[00:32:28] because of the you know the the opportunity to prospectively learn new skills you know grow

[00:32:33] thrive and flourish in an organization that just makes sense right but i think this is where

[00:32:37] it goes off the rails and let's start from the top down ceo doug mcmillan received 26.9

[00:32:44] million dollars 27 million dollars in compensation last year the median compensation for walmart

[00:32:50] employees is 27 000 27 ish thousand dollars so yeah good old doug gets paid nearly 1000 times

[00:33:00] that of an employee the bonus plan and again doing just doing the the math on it an fte

[00:33:06] who has one to five years can earn a maximum bonus annual bonus 350 and you've you've got

[00:33:13] have 20 years as a full-time worker to get the max bonus of 1000 dollars how many of those do

[00:33:20] you think are out there so so the math 700 000 employees at 350 max bonus that's 245 million

[00:33:28] dollars so that sounds like a lot right well walmart's annual profits were 158 billion

[00:33:34] that's 0.15 percent of their profits that's a fucking pittance right giving somebody you

[00:33:41] know the couch cushion changes right oh they should be happy about that fuck you

[00:33:46] um the the people that are actually doing the actual heavy lifting at walmart every single day

[00:33:53] receiving a 0.15 percent of and that's at the max so that's just again this is a smoke screen

[00:34:01] walmart's trying to do the whole oh look we love our people thing

[00:34:04] fuck you you're not paying them well uh not to mention you know that's just a pittance of

[00:34:09] your profits anyway anyway i'm i'm so so for listeners chad and i agree on the stories

[00:34:15] and then i write the summaries up and then i don't really know what his comments are going

[00:34:18] to be and as i was writing this up i was thinking he's gonna be negative on this

[00:34:21] one i know he's gonna be negative on this one so i'm glad i'm glad you came out with

[00:34:25] guns blaring on walmart you may not like it but wall street does wall street has granted

[00:34:31] walmart year-to-date 26 increase while target its competitor is only up two percent amazon

[00:34:37] by the way is up 21 percent year-to-date walmart also granted their average salary to store

[00:34:44] managers 228 000 and increasing their bonus to as high as 200 these all make really great

[00:34:51] headlines but as you because you are you you dig in you dig into the numbers you dig into

[00:34:57] like ceo salaries and that's why our listeners love you is that this rosy headline that we

[00:35:03] see on cnbc and bloomberg really is kind of shitty when you when you pull back the curtain

[00:35:09] and really look at at what it is the good news is rubio is laying off a lot of people

[00:35:14] so people are going to need jobs and they're going to go to walmart so for every rubio

[00:35:18] that we report on every walmart is is rejoicing i hope they open a fish truck a fish taco truck

[00:35:24] yeah you know this this is why unions are so important because the average employee goes

[00:35:28] oh i'm getting a bonus that's cool and then the union goes wait a minute you're getting

[00:35:33] screwed here because our stock is up how much and our profits are up how much and

[00:35:38] you're only getting how much and our ceo is getting how much so kudos to you my friend

[00:35:42] for uh as as always pulling back the curtain and seeing what is really going on at walmart

[00:35:48] i expect that your your boycott of walmart continues whenever you're back in the states

[00:35:53] and you do your shopping elsewhere thanks walmart assholes well in more power to the people news

[00:36:02] american airlines this is from reuters the association of professional flight attendants the

[00:36:07] apfa for those who love acronyms which represents over 23 000 american flight attendants 23 000

[00:36:16] said on wednesday that it unanimously rejects the latest proposal from american airlines the

[00:36:22] airline had offered its flight attendants immediate wage increases of 17 percent in a

[00:36:28] new formula for higher profit sharing in 2024 in their new contract said ceo robert iso so

[00:36:35] looks like the apfa is taking a page out of sean fain's uaw book what do you think i would

[00:36:41] agree with that i would agree with that i feel like i'm taking crazy pills so let's stick

[00:36:46] with the stock stock prices shall we delta airlines up 26 percent year to date united

[00:36:52] airlines up 31 percent year to date the airline industry is is pretty good some airlines better

[00:36:58] than others but uh in general people are traveling more than ever ever before i know

[00:37:03] you and i travel quite a bit and i know that ticket prices are not going down where is that

[00:37:08] money going pilots machinery etc but not enough is going to the flight attendants who let's

[00:37:15] be honest put up a lot of bullshit including from yours truly right now they're underpaid

[00:37:20] frankly with whatever uh they're making i was shocked to find out that the the average

[00:37:25] salary for a flight attendant in the first seven years of the job is roughly 35 000 per

[00:37:32] year let me repeat that 35 000 per year as a flight attendant the max salary the old vets

[00:37:40] get maxes out roughly at 65 000 so this is a job that is demanding i know it's a job that's

[00:37:49] that's in demand because you get to travel and everything but clearly there is a mismatch between

[00:37:54] profits and how these companies are doing and what they're paying flight attendants i fear

[00:37:59] that in the tradition of airlines they're going to make us pay for flight attendant

[00:38:04] service just like they make they make me pay for the luxuries that you know should be taken

[00:38:10] for granted what if we get to a place where i have to pay extra for the flight attendant

[00:38:15] to pay attention to me that to bring me my pillow and to bring me my blanket i fear that

[00:38:20] the flight the companies the airlines are going to move to this place where if you want service

[00:38:26] you're going to have to pay for it and i hope it doesn't get to that but i fear that it will

[00:38:30] otherwise it's clear that flight attendants are underpaid underappreciated and i'm glad that the

[00:38:35] union rejected the initial offer and i'm glad they're holding out for more money because from

[00:38:39] my perspective they deserve it yeah and so the the median wage of a flight attendant is 42 000

[00:38:47] right so looking at that so more on the lower the lower end 17 percent is only going to take

[00:38:52] you to not even 50 000 dollars right and and they and the union's asking for 33 percent which

[00:38:58] gets them close to 55 000 i mean okay so again here we're going to get to the math kids ceo

[00:39:05] robert isoms made 31.4 million in 2023 which is nearly 750 times that the average compensation

[00:39:14] for a flight attendant at 42 000 a year as i said before there are over 23 000 american

[00:39:21] airlines flight attendants what happens if they walk off the job i bet it would take hours

[00:39:26] not days not days to come to an agreement at nearly 6 700 flights per day would not be able

[00:39:34] to operate now let's turn the tables real quick how long do you think the company would operate

[00:39:38] without the ceo and that salary right let's just say six months let's say you have a

[00:39:43] part-time fractional ceo how long do you think it would go 23 000 flight attendants

[00:39:48] versus one fucking ceo you let that ceo go away for a while don't even tell anybody

[00:39:53] i guarantee you that organization 6 700 flights still happen every day but not without the people

[00:40:00] who actually do the goddamn job we are finally getting into i feel an area where unions are

[00:40:07] going to gain more strength people are going to understand for the last 40 plus years they've

[00:40:11] been fucked and we're finally going to hopefully start targeting those sons of bitches in the

[00:40:18] ivory tower who are making crazy cash and they might make 30 or 40 times as opposed to

[00:40:24] 750 or a thousand times that of the median wage of an employee you're so dumb you are really

[00:40:31] dumb by the way we talk about automation this is a job that will never be automated because

[00:40:36] there are federal rules around if your flight goes down you need a human being helping get

[00:40:41] everyone to safety right like you can't come to a place where there's a robot going up and

[00:40:46] down the aisle and you get your you get your delta app and you say yeah i want to rum and coke

[00:40:51] and then the robot brings it to you like the robot's going to short circuit in the case of an

[00:40:56] emergency so like this isn't something that the airlines can automate they need people in

[00:41:01] those positions just from just some right from regulations in the industry so yeah yeah pay

[00:41:07] them man pay him you don't mess up all right let's take a quick break and uh get to what we

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[00:42:01] us at acquire roi.com and start transforming your talent acquisition today first greetings

[00:42:11] from evergreen podcasts we're rolling out a listener survey and we want to hear from you

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[00:42:51] you enough for the support now back to the show call it the battle for the stanley d cups

[00:43:00] you like that that that's an original that's a cheeseman original an edmonton eulers fan

[00:43:05] i don't you're in europe i don't know the nhl hockey playoffs have been going on and we

[00:43:09] got edmonton in florida in the fall really oh okay an edmonton eulers fan has been offered deals

[00:43:15] for multiple adult websites after flashing her breasts during an nhl conference finals game

[00:43:21] have you seen the highlights of this chat have you seen they're kind of making the rounds

[00:43:25] yeah i've i've only seen the still and i have to say if there are boobs on the internet

[00:43:31] it was out there uh anyway it's it's not hard to find the offers the offers were going

[00:43:35] to come obviously so the offers came from the porn dude whoever that is and cam soda with only

[00:43:42] fans no shocker here also expressing interest getting her on the platform the incident occurred

[00:43:48] during game five against the dallas stars which the eulers did when the team is now

[00:43:53] set to play the florida panthers in the final quick reminder in 2009 a florida panthers

[00:43:59] fan flashed her boobs and pressed them against the glass she had really good seats

[00:44:05] apparently so this may turn out to be a battle of the boobs let them out canada versus america

[00:44:11] like i'm here for it so uh let's see let's see what happens any more thoughts on on the

[00:44:16] the hockey hooters segment of our show we said it on a on a most one of the most recent

[00:44:22] podcasts that boobs make everybody happy everybody loves boobs and in a very divisive time i say

[00:44:28] we just let them out you know just just let it go bring people together and whether

[00:44:33] it's in ireland through a portal or at a hockey match or on a beach if you want to bring people

[00:44:39] to the sport this is a way a way to possibly do it by the way the portal the portal update

[00:44:45] and for a quick refresher uh the city of dublin and new york two of the most drunkest

[00:44:50] towns in the world decided like let's have a screen showing each other what's going on

[00:44:55] a woman obviously on only fans flashed dublin she was rewarded with many more users of her

[00:45:02] only fans account so she's cashing in word is the jury's out whether or not this oilers fan

[00:45:08] cash out on her uh her obscenity at the game but yeah this this is turning out to be the year

[00:45:14] of the boobs and frankly chad i'm here for it as i think i think you are too let's end this

[00:45:19] show as always on a dad joke what do you get when you cross an ice hockey rink and a vampire

[00:45:25] got nothing got nothing frostbite

[00:45:30] we out so bad we out thank you for listening to what's it called a podcast the chat the cheese

[00:45:40] brilliant they talk about recruiting they talk about technology but most of all they talk

[00:45:46] about nothing just a lot of shout outs of people you don't even know and yet you're

[00:45:51] listening it's incredible and not one word about cheese not one cheddar blue nacho pepper

[00:46:00] jack swiss so many cheeses and not one word so weird anywho be sure to subscribe today on

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[00:46:17] miss an episode and while you're at it visit www.chat cheese dot com just don't expect to find

[00:46:26] any recipes for grilled cheese is so weird we out how much do you understand the future of

[00:46:34] finance i'm jim russ a top 10 banking influencer and host of the podcast banking transform

[00:46:41] where we dive deeply into the rapidly evolving world of banking and financial technology

[00:46:47] join me as i interview industry experts thought leaders and innovators as they unravel the

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