On this week's episode, iCIMS buys a Trojan horse, Walmart adds a little sugar to make the layoff medicine go down and hiQ gets some good news regarding its epic battle with LinkedIn. You don't want to miss a second, but if you do, we can still be friends.
What else? Here you go:
- Harver.com gets $4.2 million to bring unbiased hiring to the masses - Iceland makes a certain employment practice illegal - Walmart has its cake and wants to eat it too (not so fast!) - Shoutouts to Sling, Monster, and the #ChadCheese faithful
... and much more.
Announcer: Hide your kids, lock the doors, you're listening to HR's most dangerous podcast. Chad Sowash and Joel Cheesman are here to punch the recruiting industry right where it hurts, complete with breaking news, brash opinion and loads of snark. Buckle up boys and girls, it's time for the Chad and Cheese podcast.
Joel: Hidy ho, boys and girls, we're back to our regularly scheduled show. This is Chad and Cheese, HR's most dangerous podcast. I'm Joel Cheesman.
Chad: I'm Chad Sowash.
Joel: On this week's episode, iCIMS buys a Trojan horse, Walmart adds a little sugar to make the layoff medicine go down. You like that one? And hiQ gets some good new regarding its epic battle with LinkedIn. You don't want to miss a second, but if you do, we can still be friends. Stay tuned after this word from our sponsor. Chad, there are a lot of employer review sites out there, we've talked about this before.
Chad: Yeah, we have.
Joel: We've talked about how they're sort of starting to specialize. One such example is review sites specifically for females.
Joel: Yeah, for sure. We don't frequent them because we're not women, but they are out there.
Chad: It would be really weird.
Joel: Probably, probably, my wife might ask some questions. There are out there and there are two that have been pretty prevalent for a while. One is called InHerSight. One is called is Fairygodboss ...
Joel: ... which are specifically for women, so they talk about the glass ceiling, they talk about pay equities, anything harassment, all that stuff. It takes it from that view point. Well, there's another site out there called WomenHack and so this is for women that are technology-focused.
Chad: Man, there's going to be a lot of flaming going on there.
Joel: There could be. We've talked a lot about the brogramming culture out there in Silicon Valley that sort of permeates everywhere. This site is out there for women to talk about specifically technology and jobs and bosses at these companies and technology. Anyway, it's a lot to keep up with. Monitoring these sites is a real headache. You might want a tool to help you monitor all these sites, which is why I created Ratedly. Ratedly goes out and monitors about 15 employer review sites. You don't have to do it, it does it automatically. Our little system goes out there and does it. We bring it back to you on an easy to read dashboard. We'll also alert you when new reviews come in. Sounds great, right?
Chad: That's more than great. Can you imagine the people that you don't have to do with this administrative shit that everything just comes together.
Joel: Look, we talk a lot about employer branding, about managing that system. You can't manage something unless you measure it and monitor it. Ratedly is there to help you do that. Now, how much would you expect to pay for such a service?
Chad: $10,000 a month.
Joel: A month, a year? A month, okay. Surprisingly, our price is only $147 per month for us to do that.
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Chad: Yeah, I'm going to try to talk you out of that dollar thing because the whole $149 a month is super cheap as it is. If you're out there and you want to try Ratedly, I'm going to try to talk Joe out of that dollar kind of coupon code thing, so you better use that shit quick.
Joel: I could be talked out of that, for sure. Anyway, use it while it lasts, cheddar, a dollar trial of Ratedly.
Joel: All right, let's get to the show.
Chad: Let's go.
Joel: Big news this week.
Joel: The biggest news by far, and January is usually slow, so this was nice to see. iCIMS, ATS, Susan Vitale has been on our show, we love her ...
Joel: ... acquired TextRecruit who we've been on a webinar with in the past. This was a big acquisition. I have some thoughts on it. We don't how much they paid. We do know that TextRecruit got three million in funding last year. If they got 10x then this is a 30 million dollar deal for them, which is nice. They'll be a standalone company for iCIMS for the foreseeable future. What do you think about this deal, Chad?
Chad: I think it was a no brainer. I think we knew that TextRecruit was going to be acquired somehow, someway. We've been talking about TextRecruit and just text recruiting overall for months. There's no question, I think it's incredibly smart for iCIMS. There's no question. Then you have to take a look at how smart it is for a company like Nexxt because they're already integrated into that TextRecruit system. They're already implemented into it. It's like they have a user base or a prospective employer base or customer base, that is going to be just add water. If you've partnered with these types of companies, it just makes a whole hell of lot of sense. Big ups to TextRecruit, to Nexxt. I know Monster just released that they're going to be partnering with them. Shit man, I think it's ...
Joel: We talked about that in the last show.
Chad: Yeah, so I think it's a good plan all the way around. Again, Erik and crew, they've been growing out there on the West Coast. This is something that you just had to see coming. There's going to be a lot more of this happening.
Joel: Yeah, good for them. I think it's potentially quite a Trojan horse for iCIMS to have. TextRecruit has done a fantastic job of being sort of the go to brand for text messaging and communications with candidates. They're integrated with everybody and everyone, most people that do text messaging are using TextRecruit, or using their underlying technology. They have a great API. I know Nexxt's solution is I think driven largely by TextRecruit. They're the either the underbelly or the underpinnings of a lot of these systems. If iCIMS ever wants to put a fat toll on all these other ATSes to use their text messaging service, I think that's a really dangerous thing for most other ATSes.
Joel: I think there's a question of is this just a feature or is an actual product? I think in most cases I would say it's a feature, but it's not easily replicatable. In other words, there are legal hurdles to text messaging. There are things from a globe perspective that are challenging. If I was a competing ATS, I would be looking at who are the competitors to TextRecruit. Canvas, I think we've talked about in the show, they're actually based here in Indianapolis. If they're not getting calls from ATSes and job boards about acquisition or how can we partner together, then I would be shocked at that. Text messaging is future. Email is dying. Mail is not as effective as text messaging by far. This is the way of the future. This is how millennials as much as I hate them are communicating.
Chad: Everybody does that.
Joel: If you're not recruiting in this fashion, you're in trouble. iCIMS did a very brilliant thing in buying these guys.
Joel: We'll see how it plays out. I don't think it's a warm and fuzzy, we're going to let them operate as they have for the next forever. I think eventually it will be rolled into iCIMS and they'll have it exclusively as an iCIMS product. All the other ATSes who don't have it will be screwed.
Chad: Yeah, I think it's smart for iCIMS to obviously have different features and different types of dashboards and things like that that are integrated into iCIMS. I think it would be a big mistake if they cut it off to other applicant tracking systems, because there's a huge revenue base there that they would be cutting off. That makes no sense whatsoever. I think it's smart from them from a strategic standpoint to be able to take a look at products that can prospectively generate revenue outside of their system, outside of iCIMS itself.
Joel: Yeah, that's definitely one way that it could go. There are a lot of ways that they can pull the levers to make it beneficial to use iCIMS. You can say, hey, if you're an iCIMS customer, you get TextRecruit for free.
Joel: It's an incentive to use iCIMS because it's their partner, maybe the integration is better, or maybe they have features that the other partners don't have because they ... They could make it better, they could incentivize people to use iCIMS in a lot of different ways. They don't necessarily have to just cut it off for everybody. It will be interesting to see how they leverage this new toy because this new toy is a hammer that's pretty powerful and we'll see what they do with it.
Chad: It is but every single thing that we think about, the whole, is going to be attached to revenue. The broader base of revenue that they're going to be able to tap into it's there man, it's there. Now, what about the like you're talking about Canvas. We also heard about the Jobalign this week.
Joel: Yeah, tell us about the Jobalign.