This is the kitchen sink of episodes for us. The stars have somehow aligned and we got news drop from all your favs this week: ZipRecruiter, LinkedIn, Indeed, Deel ... and of course, OnlyFans. We even mention the likes of CareerBuilder, Monster and HotJobs. Hell, we even through background check talk along with AI lawsuits on hiring practices with some of the most well-known companies in our space. Seriously, settle in for this one, grab a bourbon and enjoy. We're about to cause chaos and rock like Amadeus.
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[00:00:53] Hi, it's your kids. Lock the doors! You're listening to HR's most dangerous podcast.
[00:00:58] Chad Soosh and Joel Cheeseman are here to punch the recruiting industry right where hers.
[00:01:04] Complete with breaking news, brass opinion and loads of sirens.
[00:01:08] Bottle up boys and girls, it's time for the Chad and jeans podcast.
[00:01:12] Oh yeah, two guys who are taking time out from their day buying Nvidia and Bitcoin to give you another show.
[00:01:28] You're welcome. What's up kids? You're listening to the Chad and cheese podcast.
[00:01:31] I'm your co-host Joel Insurrectionist, BAN Cheeseman.
[00:01:35] This is Chad Surge Pricing Soosh.
[00:01:38] And on this episode, work day scores, deal deals and only fans saves lives. Let's do this.
[00:01:52] Okay, listener, how can you help your employees become more productive? I have answers.
[00:01:57] How about automating manual and repetitive tasks, giving meaning to data,
[00:02:03] then allowing that data to actually drive decisions?
[00:02:07] And how about matching people to your jobs quicker?
[00:02:10] Well, wait. The Chad and cheese has a new LLM.
[00:02:15] No, Cheeseman. I'm talking about text kernel.
[00:02:18] Okay, that makes more sense. What I'm hearing is the groundbreaking concept of
[00:02:24] wait for it. Simplicity. Seriously though, seriously.
[00:02:29] Text kernel cuts through the complexities like a tortilla chip through some hot nacho cheese.
[00:02:36] Oh my god, really? Nacho references already. Anyways, text kernel brings efficiency and productivity
[00:02:42] to your operations. Text kernel seamlessly unifies your tools and data to drive efficiencies and success.
[00:02:50] Text kernel is creating new opportunities for your recruitment journey,
[00:02:56] kind of like adding guac to my barbacoa burrito.
[00:02:59] Oh my god, how about extracting meaningful insights from data? I mean, that's something,
[00:03:05] swiftly matching people with jobs, automating repetitive tasks.
[00:03:10] Who knew such advanced concepts were even possible in the land of human resources?
[00:03:18] We did, Chad. We did. Dude, wrap it up. I'm a little hungry.
[00:03:23] Imagine that. Okay, listener, get ready to use today's tech to drive efficiencies and
[00:03:28] productivity. Visit text kernel.com. That's T-E-X-T-K-E-R-N-E-L dot com.
[00:03:39] Nachos.
[00:03:43] Chad, we're, we're trading the minds of young children apparently. Who sent you the video
[00:03:49] of the kids in the backseat giving our intro? I mean, I'm worried for the future enough as it is.
[00:03:56] The fact that parents are lighting their kids listen to us is really scary.
[00:03:59] So I'm not going to let that out. I don't want them having, you know, child custody taken away
[00:04:05] from them or something like that for having them listen to Chad and Jesus. But yes,
[00:04:08] I got a video from one of our listeners and his two kids, I'd say they're probably around 10 or so,
[00:04:15] 10, 12 maybe in the backseat of the minivan doing the Chad and cheese intro. So yeah, that was,
[00:04:21] that's pretty legit. Yeah, they're good. Love your doors. Yeah, they, they know it. And we know Adam
[00:04:25] Gordon's kid has been listening to the show. Violent and some purposes seems like a pleasant young
[00:04:31] man. So maybe it's not as bad listening to us as it would sound. That's the real world coming at you.
[00:04:37] So with this cold, this cold front in the Midwest, how, how much do you miss Portugal?
[00:04:42] Yeah, I don't even need a cold front to miss this Portugal. But I get a cold front and then I
[00:04:46] really miss Portugal. So yeah, it's, that's sure. It's, I'm Jones and I'm Jones and
[00:04:51] what is it? So we're talking before the show. This is like the, the Afro DZ act of a show
[00:04:57] that I'm not sure our listeners are ready for. We have thrown almost everything into the show.
[00:05:02] Zip is in the show. LinkedIn is in the show work day background check stuff. Indeed, of course,
[00:05:08] is in the show. Obviously, only fans has to be in the show. So if you're listening and you love
[00:05:15] the shows, take a seat, get comfortable because this thing is, is a loaded big potato to say the
[00:05:20] least we go. Big boy here we go. Shout out. All right, let's get to it. The four horsemen keep
[00:05:27] keep riding on Chad. Zipper Cruder announced their earnings recently. So if you're, if you're
[00:05:33] trading the stock and we know that all you job board lovers out there owning Zipper Cruder handover
[00:05:39] fist, that's ZIP at the NYSE. All right, so they face challenges in 2023 due to what Zipper Cruder
[00:05:47] described as quote, one of the slowest hiring markets in recent memory, end quote. Another top
[00:05:53] line headwinds impacting its fourth quarter in full year earnings. The company reported a 35.4%
[00:05:59] decrease in fourth quarter revenue to 135.92 million dollars. The number of quarterly paid
[00:06:06] employers declined by 35% year over year to a little over 70,000 primarily due to weakness among
[00:06:14] small and mid-sized businesses which are the majority of Zipper Cruder's customers revenue per
[00:06:19] paid employer also decreased by 1% to $1,922. First quarter 2024 revenue guidance is 120 million
[00:06:28] representing, yep, you guessed it, a 35% decline year over year. The stock was down 10% this week.
[00:06:40] To Zipper Cruder. Amazing. I mean any types of job sites they're going to have to go down,
[00:06:45] they're going to have to go down funnel. They need more data. This is going to be about data. This
[00:06:48] is going to be about targeting. This is going to be about being able to target qualified candidates
[00:06:54] as opposed to just clicks. Just bullshit clicks which is exactly what zip and the rest are giving.
[00:07:00] Yes, Zip has more of a matching algorithm but still it's just not far enough down the fun.
[00:07:05] What was there? What was there AIs guy name? The guy? What was his name? Do you remember it?
[00:07:09] Was it Phil? Phil yes it was Phil. Phil's not working out. Phil needs to get replaced by somebody else.
[00:07:16] Yeah I think Phil's going to get a pink slip anyway. I've got a shout out but this is for
[00:07:21] the dumb ass of the week who goes to the fast food chain Wendy's CEO Kirk Tanner for this
[00:07:29] indeed like dumb ass move. Yes, indeed like dumb ass move. Here it is kids watch it.
[00:07:37] Wendy's will soon test a plan to fluctuate its menu prices based on the time of day the location
[00:07:43] and demand. It would be similar to the surge pricing used by ride sharing companies like Uber
[00:07:49] raising fares during bad weather or rush hour. Wendy's baconator.
[00:07:53] In this case that baconator sandwich could cost a dollar more during your lunch hour.
[00:07:58] Dynamic pricing or pricing algorithms allow companies to change prices throughout the day
[00:08:06] or perhaps even throughout an hour. Wendy's CEO says digital menu boards could use artificial
[00:08:11] intelligence to raise and lower prices in real time allowing the company to be competitive
[00:08:17] and flexible with pricing. Customers are already voicing concerns. One claiming surge pricing
[00:08:23] is just price gouging by any other name. Yeah so hey Kirk buddy the big question here is will
[00:08:31] Wendy's employees receive dynamic wage increases during the surge times I mean the burgers themselves
[00:08:40] they're not going to they're not going to assemble themselves right and then there was this holy
[00:08:45] fuck moment they were talking about the baconator will gizmoto reports that the standard price of
[00:08:52] a Wendy's baconator in New York City costs get ready $12.24
[00:09:03] for a sandwich from a fast food restaurant and that's standard pricing. Yeah this is the dark side
[00:09:09] of AI when when they know traffic flows and and personally I can't wait till my my wings cost
[00:09:17] $84 during during the game in surge crazy. I think it's inevitable I think I think this is coming
[00:09:25] Wendy's just did a shitty job of like slowly boiling the frog they just threw the frog right into
[00:09:30] the boiling you know pit of death and the whole world freaked out and they've walked this back but
[00:09:35] don't think for a second that fast food restaurants etc are looking at ways to like increase
[00:09:41] prices when oh it's lunchtime are people going to change when they eat probably not
[00:09:48] so this is kind of a built-in price increase that doesn't look like a price. Don't stop going I
[00:09:53] mean they'll stop going to fast food I mean people go to fast food because it's cheap your
[00:09:57] last time is like three o'clock in the afternoon yeah because you're on your fasting thing so that's
[00:10:01] everyone will be at 3 p.m. eat at 10 at 10 p.m. we'll be on European meal times and do they increase
[00:10:08] or do the decrease I guess would be a question right they didn't say much about oh you're in the
[00:10:13] hours of three to four yeah those those nuggets are 25 cents like watch watch them sell some nuggets
[00:10:20] between three and four when it's you know really really. But again these poor saps who are the ones
[00:10:25] who have to assemble the burgers in the first place and they have to do it faster because of surge
[00:10:30] timing because there's so many there's so much demand to that's happening right yeah those dudes
[00:10:35] aren't getting paid more they're not getting more yeah this is just a way to soak the consumer I mean
[00:10:42] they're already getting amazing profit as it is so yeah hopefully we'll start to see and they did
[00:10:48] see on social media that people were like rising up and like fuck you I'll go across the street
[00:10:53] right yeah so yeah we'll see we'll see how it rolls out but I don't see this this is like gas
[00:10:59] prices right you pass and then five minutes later you go back past it and it's like 20 cents more
[00:11:04] it's like what the fuck just happened you know you you may be onto something from a marketing perspective
[00:11:10] if they would have come at this at like look our workers are getting paid anymore when it's lunch time
[00:11:16] or dinner time they're still pay the same amount so we are going to surge pricing and pass that on
[00:11:23] to our workers that might be something harder during these hours and then they could kind of split
[00:11:28] the hair right like we're gonna keep a little bit too and they're gonna get a little bit more
[00:11:32] like this could have been a home run for Wendy's from a recruiting retention like PR standpoint
[00:11:37] but they fucked it up go straight it up because you and I would be celebrating if Wendy said
[00:11:42] the burgers are dollar more during lunch time but we're gonna give 80 cents of that to our workers
[00:11:46] and then 20% to technology or innovation or whatever like we would have been applauding it instead
[00:11:52] they're getting killed for it lessons and PR with Chad and cheese kids that's what all that
[00:11:57] to do was watch indeed indeed comes out with new products and then they increase prices and then
[00:12:03] they and then they said oh sorry that pilot didn't work out that was not a fucking pilot
[00:12:09] I hope the folks at Chipotle are listening to the show
[00:12:12] how to do it right
[00:12:17] all right since we're in the mood for playing some ads I'm going to talk about
[00:12:21] LinkedIn's new ad campaign they've launched their first ever brand campaign for LinkedIn premium
[00:12:28] aiming to showcase the benefits of its subscription product the campaign running
[00:12:32] until the end of March features three videos highlighting relatable career experiences and
[00:12:37] emphasizing emphasizing LinkedIn premium as a tool to advance careers with 85% of US professionals
[00:12:44] considering a career change this year I say bravo to getting more cash out of those damn job seekers
[00:12:52] so if you're listening on the podcast which a lot of you are it's a it's a it's clones
[00:12:58] same woman same outfit she's in the office lobby waiting to be called for an interview
[00:13:04] she's like how do you stand out she opens her phone looks at LinkedIn LinkedIn gives her
[00:13:08] magically these three three guidelines to separate herself from everybody else they pan back to the
[00:13:14] lobby now everyone's different she stands out she gets called back for the interview you're
[00:13:19] shaking your head like you don't like this strategy Chad oh it's black mirror creepy as fuck right
[00:13:24] I mean you look at him like I don't I don't see myself in that bad haircut or that bad outfit
[00:13:30] trying to soak I understand it's an entirely different different revenue stream but trying
[00:13:35] to soak job seekers especially when they're looking to find another job for cash is always been
[00:13:42] just filthy just creepy just nasty right to me so in we'd actually talked about there are others
[00:13:49] who have done that right before uh the marks in adela's the ladders of the world who just focused
[00:13:55] on hey look if you want access to these you know special jobs pay us for this it was all bullshit
[00:14:03] in the first place but again it's just like why are you trying to zap cash out of individuals who
[00:14:10] are looking for a job versus the companies that actually have the money and they want the talent
[00:14:17] it's like it's like we have this backwards in this country that's fucked up yeah it's a long
[00:14:22] tradition of taking advantage let's be honest uh of desperate people fucking people over yes like
[00:14:28] I need a job and this ad tells me if I spend would you say 40 bucks a month or whatever it is now for
[00:14:34] the fuck for the job seeker one like I'll magically get a job and that's just not the case yeah
[00:14:40] I would say that this probably does very little uh to help you stand out and get the job of your
[00:14:45] dreams but what will help you stand out is free stuff which had in cheese you have to pay 40 dollars
[00:14:51] a month for this shit no way this is great stuff new t-shirts that we're getting ready to push out
[00:14:58] design wise that uh we've got a new sponsor air an app I love the logo on the back of the shirt by
[00:15:05] the way it's gonna look awesome actually beer from aspen tech labs on your door your step right
[00:15:13] there FedEx UPS however it gets there but it's going to be brought to you we're we're not coming
[00:15:19] to your house just yeah it's not that's from aspen tech labs whiskey from text kernel bottle
[00:15:24] from Joel bottom bottle from myself so some whiskey coming to you and if it's your birthday
[00:15:31] rum from plumb could you feel the tension in the air one lucky listen gotta love it
[00:15:39] I can feel all over again we're had an extra day we're recording on the 29th it's leap year
[00:15:43] so yeah i had a extra chance this month uh to get on there but uh yeah celebrating another
[00:15:48] trip around the son of our listeners is Kristen urban one of our fantasy favorites
[00:15:54] got there a vashali umri car call and parker adam salsa king chambers do we know where in the
[00:16:01] world he is now is he still in mexico is he in vietnam i think he's still in mexico and wherever
[00:16:07] adam is he's having a good time yeah that dude's a trip all right Christopher Chiminto John Turner Becky
[00:16:13] green molly northern water my uh my niece by the way uh boss vande had tattered obethridge
[00:16:21] and our favorite pier guy i happy heaven white celebrates a birthday all right happy birthday everybody
[00:16:30] our friend ever and white who were actually going to see march 11 through the 14th at transform that's
[00:16:36] right at the win in vegas over 3,000 attendees 100 plus investors hundreds of startups hundreds of
[00:16:46] speakers so much god i'm i'm tired just thinking about it right now um and we're giving away five
[00:16:52] free tickets we're going to shut this down sometime soon kids so get on chaggis.com slash free
[00:16:59] and you can register for everything that we talked about before for beer t-shirts everything and
[00:17:05] even possibly winning one of five free tickets to trans for all right all right all right good lord
[00:17:14] i don't know if we're turning into group on or your local lottery dealer but we are we're out of
[00:17:20] control by the way our travel is sponsored by our friends at shaker recruitment marketing and by
[00:17:25] the way chat i mentioned it was the end of february that means we're at the beginning of march which
[00:17:30] means we'll be recording our chat and cheese podcast does data with uh link up see toby toby date
[00:17:37] and the numbers a little bit weird a little bit of estimates coming out we'll know the numbers
[00:17:42] here in about a week or so and you and i will be on with toby talking about the real nitty gritty
[00:17:48] about where the markets and the economy is going yeah i'm gonna leave you that on youtube so subscribe
[00:17:56] youtube.com slash at chaggis and make sure you don't miss an episode excellent
[00:18:03] top of the earths in a shitload of topics jeez yep yep so much for workday acquiring beemory at
[00:18:12] least not yet work workday is acquiring hired score an a i power talent solutions provider to
[00:18:19] enhance talent management the deal aims to offer a comprehensive talent acquisition
[00:18:24] and internal mobility solution leveraging responsible a i and focusing on human centric decision making
[00:18:31] that position is expected to be finalized by april 30th subject to regulatory approval of course
[00:18:37] chat your thoughts so congrats to a thena carpe in the hired score team who stayed disciplined and
[00:18:45] focused on the problem they were solving this entire time hired score never played the we can do
[00:18:51] it all vaporware tam expansion game which i've always respected i've always respected that what
[00:18:58] this all comes down to though is one thing timing we've seen some big names rush generative a i
[00:19:05] products into the market to meet open a i and chat gpt amazon google facebook and twitter all either
[00:19:12] launching gen ii into the market or they're taking steps to do so so how does a hired score cut
[00:19:20] through all of those big names in the noise these the answer is they can't compete long term they
[00:19:26] they they can't with those big names and those deep pockets so this is a perfect time to sell
[00:19:31] right this is the perfect time to sell the question is why hired score when we take a look at
[00:19:37] like the beemories and in the eight folds and some of those other companies that are out there
[00:19:41] why hired score and why now what do you think uh because a i uh bleeds into everything and if you
[00:19:49] are a public company like workday is and you're not talking about a i introducing a i using a i
[00:19:56] profiting from a i you're going to be left you're going to be left out by the market i mean shareholders
[00:20:01] and people who buy this the stock are i i guarantee board meetings at work day were like where's our
[00:20:07] a i ship where's our a i we need a i and somebody said oh well we're working on that internally
[00:20:13] and finally someone said shit we we're not it's not working we need to at least buy something
[00:20:19] with a i in it and we can announce announce on our earnings call which was an awesome by the way
[00:20:26] uh that we are now we we've acquired this this itty bitty a i company the market didn't uh wasn't
[00:20:31] that impressed um apparently the stock uh what it was earning i don't know it wasn't a i but
[00:20:36] is more earnings thing just there wasn't a lot of people impressed that they had bought an a i
[00:20:40] company with 125 or 50 employees uh but why they do it because the market says if you're not
[00:20:47] a i you're not with it man you're not hip it's like that it's like the 90s like you need to
[00:20:52] calm you better have a website you better have some e-commerce shit it's it's it's just like
[00:20:57] the future the past is uh is present now well an adp applies pressure like they have
[00:21:03] over the past few months and being able to talk about the gen a i that they're putting out the data
[00:21:08] that they're actually crunching um not to mention you know we're talking about hired score has mature
[00:21:13] matching algorithms complete with what a thina would call defendability or explainability right
[00:21:19] which is something that um work workday does not have and one of the reasons why they're in court
[00:21:25] which we'll talk about um but this is also interesting from the standpoint of you know a buying binge
[00:21:31] does this start s a p oracle adp um will the dominoes start to fall uh and then then you look at the
[00:21:39] companies that were sucker punched in this case eightfold they have 400 close to four hundred
[00:21:44] million dollars in funding limited vendors out there will can afford to them this is one that
[00:21:50] is off the table now this is off the table now they're even limited more beamry 223 million right
[00:21:57] there's no way in hell they're buying beamry and then the vendor that i think has the most risk
[00:22:02] that we've talked about for a while we haven't talked about here lately is text you i mean they have
[00:22:07] 42.5 million in funding but again these are all companies i believe are at high risk uh with
[00:22:15] tech and the velocity that's out there today if they don't sell they're going to be worthless
[00:22:20] yeah just the tea. Harerscored didn't take any official money vc-wise from my understanding they had
[00:22:28] kind of a sugar daddy or a few people had money that kind of kept them in the early days going
[00:22:34] rich friend and friends and family yes this was a sweet deal for workday very little risk
[00:22:40] probably small price tag compared to what you're talking about eightfold they do the deal they probably
[00:22:44] get some employees i think a thing is probably going to move on uh after her year contract or
[00:22:50] everlong she's there i don't see her i don't see her enjoying her time at a huge ass company like
[00:22:55] workday yeah and you know look google's Gemini i'm sure you saw this uh hit a huge speed bump with
[00:23:02] its with its graphics and you know producing popes that were black and Vikings that were like
[00:23:08] people lost their minds this is google i think there's real questions about if google can get AI
[00:23:14] right how can a little company in the works workspace get it right i have my questions but for workday
[00:23:20] it was it was a market situation where let's do little risk we can say we have an AI company
[00:23:26] anyone that the lot of our network lost their minds over the steel that like revolutionary
[00:23:33] amazing yes like if people that we both respect yes and i would i would caution everybody and
[00:23:39] throw some cold water on this deal and say look if you think that workday a 20 000 person company
[00:23:44] i think the end of the day workday is not going to change and hired solved is gone hired scored sorry
[00:23:50] see i get a mixed up solved scored see a lot of the bigger companies really suffocating the the
[00:23:57] the platforms that they've bought and then they go away right to lay is going to go away i mean
[00:24:03] you take a look at kinexa right brass ring you take a look a lot of these big companies
[00:24:08] that were big in our space were acquired by larger organizations and then they were just freaking
[00:24:14] they were strangled you know in the not in the crib by the way but yeah they were strangled
[00:24:21] acquisitions are hard i mean you get company cultures you get politics you get things that you
[00:24:26] are not used to look we both applauded when uh andrea sold opening to isems uh what either of us say
[00:24:33] that isems is greatly different today than it was when they bought her company i would say from a
[00:24:38] technology standpoint internally yeah greatly like greatly changed the business okay that's the thing
[00:24:43] is that if you have a hired score like this and we can start to kind of like push into the next
[00:24:49] workday lawsuit um they needed to do something their ai was already on trial yeah or at least give
[00:24:56] the impression that we're doing something we'll see time will tell if this really does change
[00:25:01] the company and it isems is a much smaller company than workday by the way god day is a
[00:25:06] big big company all right all right well time will tell i guess on this one but we agree let
[00:25:11] Athena great job right god yeah hopefully pay out and then uh in a year so you can go do
[00:25:17] whatever the hell you want good for you that escalated quickly all right let's go to lawsuits
[00:25:22] Derek mobley has filed a lawsuit against workday alleging that it's ai powered hiring software
[00:25:27] discriminates based on race age and disability violating federal laws workday denies wrong doing
[00:25:34] stating it ensures its products comply with laws the case highlights concerns about AI bias
[00:25:39] and hiring but wait Chad there's more higher view has been partially relieved from a class action
[00:25:46] lawsuit in Illinois the court dismissed claims that higher view profited from selling the data
[00:25:51] focusing on software sales instead the case highlights legal complexity surrounding biometric
[00:25:56] data use in hiring we think a trend is developing Chad yes what are your thoughts so workday we're
[00:26:03] just talking about it hence the hired score acquisition well workday needs at this point as a show
[00:26:09] of contrition through this acquisition with a will do better statement and then pay a pissy little fine
[00:26:15] and thank the gods this case was not filed in in the EU because a 6% global revenue find for workday
[00:26:23] would have cost them 420 million dollars so hopefully hired score helps workday get through this
[00:26:30] shit together so i see this almost as an optics play as well it does make sense from a tech play
[00:26:38] i don't know if it'll actually work out that way for workday but we'll see show of contrition sorry
[00:26:43] we did wrong we actually bought these guys over here who understand AI they can explain AI etc etc
[00:26:51] now on the higher view side of the house collecting biometric data on candidates i mean illinois was
[00:26:58] the first date to craft what i would like to call an anti higher view legislation right and then
[00:27:04] massachusetts the plant the plaintiff Jesus claims that cvs this is not a claim against higher view
[00:27:12] this is what all companies should be aware of right now the plaintiff claims cvs non higher view cvs
[00:27:20] violated state law by subjecting him to an a i powered interview higher view that analyzed his
[00:27:27] facial expressions eye contact voiced annotation inflection etc etc so notice that once again
[00:27:34] that was not against higher view it was against cvs the bigger issue i cannot imagine see we know
[00:27:41] people who work there we know people who have worked there i cannot imagine cvs would be happy
[00:27:46] with the prospect that higher view is collecting biometric information on cvs candidates
[00:27:53] so the question is is that actually happening behind the scenes just because that the biometric
[00:27:59] data product isn't available or at least i don't believe it is anymore doesn't mean that higher view
[00:28:06] doesn't have the capability to actually collect that biometric information and that to me is the
[00:28:14] scary part if you are a cvs not only could you be taken to court because of this but wait a minute
[00:28:22] are they collecting data that we don't know that they're collecting and what are they using that data
[00:28:26] for right so then i reached out to a few practitioners and ask them about this and they've freaked
[00:28:32] the fuck out once said it is going to be an interesting case to follow as it could have huge
[00:28:39] implications on the tech space no kidding uh it's a fine line between listen it's a fine line
[00:28:45] between biometric data collection sentiment analysis which we hear a lot of companies talk about
[00:28:52] and lie detectors shall we play a game the recent news that Washington really cares about this
[00:29:00] issue is is promising it's an election year we've talked about the uh the chaos that could
[00:29:07] ensue with deepfakes uh phone calls from Joe Biden that aren't Joe Biden that really scares politicians
[00:29:14] a lot well guess who makes the laws the politicians so in the last 60 days they have moved really
[00:29:22] fiercely to to make sure that meta and some of these big tech companies number one it's illegal
[00:29:30] now to do that so the fdc now if you if you're candidate and you deep fake politicians and like
[00:29:37] you could be in trouble we're not sure what those penalties are but at least the government has
[00:29:41] said that's illegal right so the fact that the government cares about these issues to me is a good
[00:29:47] sign i don't know where where we'll go or how fast it will uh we'll evolve but with with
[00:29:53] Washington has their attention on this issue i don't know who's representing these these cases
[00:29:58] i don't know if it's dewey cheat them and how and our friends uh barren and bud but lawyer
[00:30:02] smell blood in the water they smell an opportunity where they can go after companies like cvs has
[00:30:08] more money than uh higher view so like let's go after them workday has a lot of money uh linked in
[00:30:14] the lawsuit with them so like i think it's more lawyers targeting looking at these laws and saying who
[00:30:19] can we who can we get and these are the top of the list if we need we need a healthy balance of laws
[00:30:26] so that everyone knows the rules and we need i think uh a greater certification a greater sort of
[00:30:33] third party that has everyone's trust that we're doing it the right way and fair now and companies
[00:30:39] like that i think are in a really great position to say look we've worked with the government we have
[00:30:44] all the a i stuff we're making sure that every company is dotting their eyes and codressing their
[00:30:49] so if you take us to court we are certified fair now or whoever it is that they can go into court
[00:30:55] and say look we're doing we're the law of the land we're doing this the right way until then it's
[00:30:59] still the wild west we're going to talk about more and more lawsuits more and more customers like
[00:31:03] cvs are going to be worried about using vendors that have a i because they're going to worry about am
[00:31:08] i going to be dragged into court because i'm using this vendor yeah well yeah y'all and by the way
[00:31:12] a lot of these terms and services on these companies say if you use our shit you're at fault
[00:31:18] if it goes to court like you're we're not at fault if you use our stuff so so something's got to come
[00:31:24] do ahead higher view specifically did that yes yes and more and more will because nobody wants
[00:31:30] to be sued that's not fun uh it's bad for bad for business so to speak so i think government giving
[00:31:36] a shit about this is a good thing you know companies that are dedicated to like let's make sure
[00:31:41] everyone's fine the rules let's certify people is a good thing but until then there's going to be some
[00:31:47] stories like this and more and more stories like this agreed because there's money to be made
[00:31:52] there is speaking speaking of money to be made let's take a quick break and we'll talk about deal
[00:31:59] doing some deals or at least one deal human resources is supposed to be about humans i mean
[00:32:08] it's right there in the name but when your hiring team is more like an assembly line glued to
[00:32:13] their computers manually posting heaps of jobs everywhere they can think of that human part feels
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[00:33:07] hey workday hold my beer deal that's d-e-l a twelve billion dollar hr business focusing on
[00:33:18] distributed workforces is acquiring zavi an a i based people development startup this move aligns
[00:33:25] with deals shift towards more a i integration and expanding its service portfolio deal plans to
[00:33:30] make its hr tool free for all existing customers terms of the deal get it chat terms of the terms
[00:33:37] of the deal yeah not good that was okay all right we're not disclosed chat as tech crunch says in
[00:33:46] their article quote consolidation is a foot in the world of hr services and quote no shit chat what are
[00:33:54] your thoughts so deal is one of the few unicorns that are killing the game right now so remember
[00:34:00] we reported that deals annual recurring revenue are over four hundred million and they have been
[00:34:06] profitable here that profitable since september twenty twenty two so zavi of people developments
[00:34:14] performance and training programs platform that's not something that you want to build from scratch
[00:34:20] so use some of those unicorn bucks to buy something that actually gives you much faster way
[00:34:27] to expand your total addressable market which means deal can now go take zavi to their twenty five
[00:34:33] thousand clients and start expanding wallet show they might they're going to have a free version
[00:34:38] that sounds like get out there get the tentacles out there and then boom they're gonna have some
[00:34:42] paid versions i can almost guarantee you let me also quickly point out that the tech crunch article
[00:34:48] also said quote originally deal approached zavi with a partnership proposal before making an offer
[00:34:54] to buy it out right if you are a startup founder and you don't have an understanding of the power
[00:35:01] of partnership development hire someone immediately who does this is how deals fucking happen get
[00:35:11] it deals this is how it happens i'm not the only one making dead jokes on her people it's interesting
[00:35:17] you mentioned partnerships like going back to uh the workday deal um Athena and their her team had
[00:35:24] made a really concert effort apparently to get into work day and in in in a grade and build that
[00:35:28] relationship so yes those relationships do pan out many many many times so this this is what
[00:35:34] successful companies do uh and that team goes out and says what pieces do we need what companies
[00:35:39] can we target um this wasn't like a small deal zavi's valuation was uh sixteen million at one point
[00:35:48] okay it's a small deal for deal uh let's be honest they were founded in twenty twenty one so they
[00:35:53] really hadn't gotten a lot of time to get traction uh i don't know what it was about them
[00:35:58] clearly it was a piece that they needed maybe some of their their skill sets and the talent
[00:36:02] that was on the zavi team really fit well into what deal is looking for but look these apex predators
[00:36:10] we've talked about it it's it's clearance rack time at tj max these companies are looking to sell
[00:36:15] the you know the runway is shorter than it used to be the profits aren't what they used to be
[00:36:20] it's time to sell and if zavi's not making those calls deal and others with money are making those
[00:36:26] calls and we're going to talk a lot about consolidation this year uh on the big end like we're about
[00:36:32] to talk about or the big eating a small fish it's there's gonna be a lot of consolidation and i
[00:36:37] think deal is going to be at the forefront of of gobbling up some of these companies that are
[00:36:41] are not super expensive but have a lot of value uh and are are up and coming and and and fill a need
[00:36:47] within deals uh feature set to one point uh zavi's only been around for a couple of years
[00:36:54] and yet again they were acquired timing timing you miss every shot you don't take so if you're not
[00:37:02] creating these partnerships and we're not trying to at least talk through and it takes a while to
[00:37:07] get these partnerships done integrations those types of things doesn't matter it's fucking worth it
[00:37:13] portfolio penetration not to mention also opportunities like this so no matter how early you are
[00:37:19] in the funnel as a startup start having those discussions right out of the game yeah and by the way
[00:37:26] you know we talk a lot about the companies who take too much money uh are the ones that are usually
[00:37:30] the ones on the short end of the stick yeah zavi raised four million dollars that's a really nice
[00:37:35] place to be as a startup you're still very you're still very saleable you've got enough money to get
[00:37:41] you through you know some some timing so like plot plot their efforts go going back to eightfold
[00:37:47] going back to bemory a lot of money raised very few options we do that and I think that's gonna
[00:37:53] be prevalent for them in the coming months yep well we talked about one acquisition that we like
[00:37:59] let's talk about another one that i don't know i guess the jury 60% of the time it works every time
[00:38:04] might be uh might be still still out for for opinion hey workday and deal hold our beer says first
[00:38:12] advantage who acquires sterling check in a two point two billion dollar cash and stock deal to
[00:38:19] bolster its background screening services the merger aims to generate at least 50 million in cost
[00:38:25] savings and create a combined firm with around 1.5 billion in annual revenue first advantage CEO
[00:38:32] got staples will lead the new entity focusing on AI tell me if you heard that one before driven
[00:38:38] automation and growth opportunities the deal values each share of sterling check at $16.73 a share
[00:38:47] that's a 35% premium to its previous closing price chat what are your thoughts on these two mega
[00:38:54] mega dons getting together and creating one huge ass background check company i first remembered
[00:39:01] back that in 2012 finally acquired first advantage remember that finally was was a gobbling up
[00:39:09] companies and they were doing it through symphony talent group money right before they were rebranded
[00:39:14] as symphony talent so back then first advantage was acquired 2012 they were then first
[00:39:20] advantage was acquired by silver silver lake in late 2019 silver lake has raised a total of 3.1 billion
[00:39:28] in funding over four rounds their last funding round on august 1st 2023 so whether we think
[00:39:36] background checks are exciting business or not they aren't going anywhere anytime soon so it's
[00:39:41] definitely a segment that needs disruption because the personal information a company keeps
[00:39:47] on an individual should be the individuals not stored in an applicant tracking system were a
[00:39:52] background check database somewhere it's what we've been talking about we've seen european legislation
[00:39:59] gdpr and even the us signaling that the days of building resume databases and housing personal
[00:40:06] information are nearing their end so knowing all of this this market segments will be disrupted much
[00:40:13] like the open little old open a i leaped over big names like google and and that was just in a
[00:40:19] single bound i see something like that happening uh with the background check companies now silver
[00:40:24] lake has a shit ton of cash the question is are they going to be looking for that disruptor or they
[00:40:30] just gonna sit back on their piles of cash and not worry about it i'm gonna go at the latter
[00:40:36] on that one look we've we're gonna be going from three publicly traded background check companies
[00:40:42] to one higher views now gone effectively they're gonna be career-builder by private equity higher
[00:40:48] and then these guys higher rights are yeah the edibles are kicking in clearly on this
[00:40:52] on this episode it's interesting that you mentioned history because i thought back to the early
[00:40:58] job board days there was a time where you had career builder monster and hot jobs yep career builder
[00:41:04] got private equity uh and monster public company hot jobs was public up by yahoo monster winning
[00:41:11] bot uh bought hot jobs we know how that ended uh how how all of that ended nobody was better off
[00:41:18] fortunately you had a disruptor like you mentioned uh and indeed at the time job postings aren't sexy
[00:41:25] but they're not going anywhere yeah background checks aren't sexy but they're not going anywhere this
[00:41:30] is a commoditized business it's a brace to zero but when you have two companies that are
[00:41:36] valued at two billion they come together like you you can fend off the meteor shower in the end
[00:41:41] of days a lot longer when you when you make those kinds of moves but i was thinking about that industry
[00:41:48] the question is is a checker uh going to be the disruptor i don't know but i think it's a great
[00:41:52] opportunity for them to be the non yeah sort of big company and background checks i think uh
[00:41:58] you know we talk about fauma there's an opportunity for fauma to go upstream where there's still
[00:42:04] tons of mom and pop background check companies um i know because i worked with a few of them at
[00:42:08] employee screen that that went off and did their own little background checks like fauma could get
[00:42:13] more into the holistic background check and social media check business that would be kind of
[00:42:18] interesting but ultimately this is two dinosaurs cuddling hope into and uh you know fend off
[00:42:24] the end of the world what is interesting is when i was researching this deal both sterling and first
[00:42:30] advantage well over half of their employee base are in india which is basically sweat shot for
[00:42:35] background checks so if they can if they can just eliminate 40% of that workforce like they're
[00:42:41] going to be more profitable and take a lot of the duplication out of the business so this this
[00:42:47] will be a nice deal uh but look background checks are still boring there's still shitty business it
[00:42:51] still erases the bottom and now you'll have less as an as a consumer you'll have less in terms of
[00:42:57] optionality than you did before which means a raise in prices which yes opens the door for a
[00:43:02] disruptor if i'm checker i'm in some serious meetings because i was less valued in 2021 at
[00:43:08] four point six billion dollars and this deal at at half that means we better create some value we
[00:43:15] better get the shit in gear and start either buying or merging with companies that can help us but
[00:43:20] checker needs to be really strategic right now and say this is an opportunity for us and if they
[00:43:26] take advantage of it great if not you know we'll we'll have other stuff to talk about now hey
[00:43:30] Ben Mona is over at fauna if the phone rings and you see it says checker on it you might want to
[00:43:35] answer it yeah yeah Ben's probably getting a few calls these days with all this activity uh
[00:43:42] good for him i want a great guy hopefully hopefully we're talking about fauna getting getting paid
[00:43:47] here soon uh speak and get in paid though Chad yes let's let's get to indeed uh which aside from
[00:43:53] only fans i think is our our full uh bingo card is full for all of our listeners uh it seems like
[00:43:59] it seems like you're indeed resume subscription will be replaced by indeed smart sourcing starting on
[00:44:05] april second there are some changes to pricing and features such as a price freeze for standard
[00:44:10] subscriptions but an increase in additional contact purchases to five dollars professional
[00:44:16] subscriptions we'll see a price increase to four hundred dollars per month with unlimited additional
[00:44:20] contacts and shared contacts pricing at four dollars the new features in indeed smart sourcing
[00:44:27] that's a mouthful focus on automation matching technology team collaboration and productivity
[00:44:33] and probably AI too anyway Chad what's what are your thoughts on the indeed pricing you think they'd
[00:44:38] learn they're just changing the name of something doesn't mean that they can just go raise prices
[00:44:44] they tried that with the cps air whatever the hell they want to call it you know cost per
[00:44:49] started apply uh and that got that went down in flames it's like okay we're gonna change the name
[00:44:55] we're gonna add some of this matching these great matching algorithms which we've talked about all
[00:44:59] the time linkedin indeed most of these companies who should be amazing at matching candidates the jobs
[00:45:07] are shit so all you're doing is giving me your shit tech and then you're charging me more for all
[00:45:13] of this now no thank you i want to go back to the cheaper version which is not going to be available
[00:45:18] right so the question is will this quote unquote pilot actually be kicked to the curb after all of
[00:45:25] the all of the people are like no fuck you i don't want that i want what i had yeah it's easier
[00:45:30] to get under the radar when it's part of your like terms and service sort of a you know uh
[00:45:35] terms terms and service still yeah look this to me is like okay customer you don't want the ppa
[00:45:40] you don't want other pricing model we're gonna stick it to you in a much more subtle way with uh
[00:45:45] smart sourcing or like yeah of all the names not like a growth industry sourcing why they would pick
[00:45:52] like why not just the indeed resume coal mining project or something yeah this is like we're
[00:45:58] gonna make money no matter what we're just gonna do it in a more uh covert way than we did before
[00:46:03] you know i was as we're talking about history um indeed the initial resume access product you
[00:46:09] probably remember this was a dollar per resume yeah if you wanted to contact the person yep it
[00:46:14] cost you a dollar which i thought was beautiful like okay i see the resume if i want to contact
[00:46:18] this person i got to pay a dollar like that's easy so this is sort of a nickel and dime it looks small
[00:46:24] but it's probably bigger at the end of the day than it was before but yeah indeed we see you
[00:46:29] we see what you're doing and now all our listeners see what you're doing too and i hope that you get
[00:46:33] to i hope you get to fill a lot of phone calls asking about this new pricing model this new indeed uh
[00:46:39] smart sourcing product tell them Chad and cheese sent you don't never learn they just won't they
[00:46:43] will never learn so so evil all right man let's take a quick break and uh close them with what
[00:46:50] they want a little only fans news are you struggling to attract the talent you need today do you
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[00:47:47] all right Chad Dre De Matteo known for her role in the sopranos oh hello credits only fans for
[00:47:54] saving her life what's it stating she paid off her mortgage in five minutes joining the platform
[00:48:02] facing financial difficulties due to being out of work and caring for her parent with dementia she turned
[00:48:08] to only fans after having just ten dollars in her bank account Chad what are your thoughts on this
[00:48:16] life saving technology called only fans well well two things first off just five minutes
[00:48:23] and secondly if it only took five minutes i want to see those pictures because they've got to be
[00:48:27] amazing they have to five minutes to be able to to totally just blow away somebody's debt
[00:48:34] they've got to be amazing she's 52 years old she looks wonderful but you'd better be able to see
[00:48:40] the Jesus toast or something like that out of this well it highlights the power of only fans and how
[00:48:47] many uh just horny dudes are out there ready to spend some money if you don't know if you don't
[00:48:54] know she was in sons of anarchy she was the the girlfriend or store the mistress of the main character
[00:48:59] but she was also in Joey really the spin-off from friends do you remember Joey I do not
[00:49:06] show that I never watched it no did you watch friends oh yeah you worked so good for friends where
[00:49:11] yeah yeah so friends friends is over Joey Tribiani he gets his own show he moves to LA she played
[00:49:18] his sister okay and the show her name was Gina Tribiani so she was in that show if you don't know
[00:49:24] her from from the sopranos which nobody watched you probably watch Joey and you remember her
[00:49:29] from that show so so she was apparently a big anti-vaxxer and she went on interviews and
[00:49:37] she was blackballed by Hollywood apparently this is part of her story okay I did love what she said
[00:49:43] she says quote anybody who wants to condemn me and put me down go for it I just hope you never find
[00:49:48] yourself in the position I was in to take care of two little kids her house was in foreclosure and
[00:49:53] her she lost uh her mom like she was in bad times and this thing bailed her out so so the old
[00:49:59] adage of those who live in glass houses should not throw stones tray like you said Chad is our age
[00:50:07] yeah 52 looks great like us uh so if this is an assign that Chad and she should finally launch our
[00:50:13] highly anticipated only fans page then I don't know what is I mean come on man I got three kids
[00:50:18] still at home and you got a blossoming real estate empire in Europe let's do a film on Louise
[00:50:24] let's hold hands and jump off this cliff together what do you say lover boy now uh shit we out we out
[00:50:32] wow look at you you made it through an entire episode of the Chad and Chase podcast or maybe
[00:50:38] you cheated and fast-forwarded to the end either way there's no doubt you wish you had that time back
[00:50:45] valuable time you could have used to buy a nutritious meal and talk about enjoy a poor of your
[00:50:52] favorite whiskey or just watch big booty latinas and bug fights on TikTok
[00:50:59] no you hung out with these two chuckleheads instead now go take a shower and wash off all the guilt
[00:51:07] but save some soap because you'll be back like an awful train wreck you can't look away
[00:51:15] and like Chad's favorite western you can't quit the mither we out
[00:51:26] the Jim Stroud podcast explores the discoveries and trends forming the future of our lives
[00:51:32] brain-to-brain communication robot bosses microchip implants for workers and artificial intelligence
[00:51:39] replacing human workers are all happening now if you want to know what's happening next subscribe
[00:51:46] now to the Jim Stroud podcast