Blockchain Recruiting and Cryptocurrency with Jeff Tennery - CEO Moonlighting.com - A NEXXT EXCLUSIV
The Chad and Cheese listeners know that Artificial Intelligence and Machine Learning has taken center stage as the bright and shiny objects of the recruitment industry over the last year, but what about the entrance of Blockchain and Cryptocurrency?
What the Hell does Blockchain and Cryptocurrency have to do with RECRUITING?
We haven't a damned clue which is why we have Jeff Tennery the CEO of Moonlighting.com is on the podcast to answer questions like:
- Why do we need Blockchain Recruiting?
- What could cryptocurrency mean to the world talent economy?
- and.... Is Moonlighting backed by Bruce Willis?
Don't forget this edu-tainment is made possible by the gang over at Nexxt and in the spirit of saving some currency (in dollars) – YOU can receive 25% off your first Text2Hire campaign by visiting nexxt.com/chadandcheese25. You are recruiting with text messages... Aren't you?!?
Chad: This is, the Chad and Cheese podcast brought to you in partnership with TA Tech. TA Tech the association for talent acquisition solutions. Visit Tatech.org.
Announer: Hide your kids, lock your 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, rash opinion, and loads of snark. Buckle up boys and girls, it's time for the Chad and Cheese podcast.
Joel: Alright everybody. This is Joel Cheesman, Chad and Cheese show, welcome. Today we have a really special, cool show that Chad and I are super psyched about. We have Jeff ...
Chad: So psyched.
Joel: We have Jeff Tennery of Moonlighting on the show. Jeff, welcome.
Jeff Tennery: Great to be here.
Joel: Great to have you. Look everybody if you're in the dark as much as Chad and I are about crypto whatever, ICO's, block chain, and what that means to employment. This is your show. We're gonna talk to Jeff, who's doing a lot of things around this space and get down to the bottom of what it means and is it really as much bullshit as
Chad and I think.
Jeff Tennery: There you go.
Joel: It's commercial time.
Chad: Okay Joel, quick question. What happens when your phone vibrates or your text alert goes off?
Joel: Dude I pretty much check it immediately. I bet everyone listening is reaching to check their phones right now.
Chad: Yeah I know. I call it Pavlovian dog reflex to text messaging.
Joel: Yeah, that's probably why text messaging has a fricking 97% open rate.
Joel: Crazy high candidate response rate within the first hour alone.
Chad: Which are all great reasons why the Chad and Cheese podcast love Text to Hire from Nexxt.
Joel: Love it.
Chad: Yeah that's right. Next with the double X, not the triple X.
Joel: So if you're in talent acquisition, you want true engagement and great ROI, that stands for return on investment folks, and because this is the Chad and Cheese podcast, you can try your first Text to Hire campaign for just 25% off.
Chad: Wow. So how do you get this discount you're asking yourself right now.
Joel: Tell them Chad.
Chad: No long URL to remember, just go where you know. Chadcheese.com and Nexxt with two X's.
Chad: It's showtime!
Joel: Well lets hear a little bit about you and Moonlighting I guess to start off for those who don't know you.
Jeff Tennery: Yeah well Moonlighting is a three, almost three and a half year old company that is focused in on helping people generate and create their own form of income. So back in 2008 my colleagues and I and co-founders, we suffered through, like many the great recession and kind of the fall out of the market and found ourselves not quite unemployed but scared at the concept of being unemployed. So it took us a few years to kind of come up with the plan and the vision, but Moonlighting's been called the Craigslist without the creepiness, which is something we always giggle at. We focused in on mobile and speed by which we can get people connected and so it's a labor of love, we're very passionate and we've grown very quickly. We have over 600,000 people signed up to be a Moonlighter on our platform here in the states.
Jeff Tennery: Backed by the three largest news media companies in the US. Gannett, Tronc, and McClatchy and we're a top ten app in the app store for the past two years in the jobs' category. So we're definitely capturing people's attention and really focused in what we think is, instead of working for the man, we think you should be working for yourself and creating some form of independence, just in case, god forbid the market turns again from an employment perspective.
Joel: I know Chad's champing at the bit to ask a question, but I have to make a comment that, thank god you have a solid URL, because when I found out it was actually Moonlighting.com I about fell out of my seat, cause every URL today is go blank dot IO or go blank dot CA dot UK. So I just wanna say thank you for having a simple URL that I and everyone else can figure out.
Jeff Tennery: Well it took us a few years to get there. We had to raise some money and actually had to go buy that and thinking maybe that the old Bruce Willis, Sybil Shepherd show would somehow have a hold of that. It did not and so we were able to buy it, but we went through those iterations in the early days. That's sometimes the path by which you have to go.
Chad: And obviously you thought it was worth it because you stepped back and you had cash available and you went after a URL that you though was gonna make sense and it was a .com. You weren't playing the IO, IA game. Awesome.
Joel: Yes, thank you for that. And yes Chad is still trying to look like Bruce Willis to this day and he has a full head of hair, but he shaves it just to try to look like Bruce.
Chad: I'm actually more sexy than Bruce is.
Joel: A little hidden secret for the show, it's for the fans.
Chad: Okay so I gotta get into this. So it was funny that you started off by saying something about not being as creepy, especially with most of us kind of like on the outside of block chain and the BIT coin and the currency side of the house, because really that are of the quote unquote feeling like the dark web, has been crazy shady with Silkroad, all the crazy shady things that have been happening with Bit coin, Bit coin foundations. How do you separate yourself from that? Because everybody automatically starts seeing ICO, oh Bit coin and they start to really attach you to things that have happened in the past.
Joel: And what is an ICO? That might be a better place to start for some people.
Jeff Tennery: So an ICO is short for Initial Coin Offering, used very similar to an initial public offering, which most people and investors are familiar with and it's phenomena that's taken place over the last 18 months where smaller upstart companies are leveraging block chain and they're leveraging crypto currency to be able to raise funding for their companies, projects, very similar to crowd funding or crowdsourcing. But they're also doing it where they're finding a utility that can be used. So when you create a token, it's not just a token for the sake of tokens sake, but putting it out there so you can use it within your particular use case or solution, so in this case with Moonlighting we have a very strong use case, which is using the Moonbit, which is what we're calling the Moonbit for our coin, to be able to use it to make payments or receive payments and also to be able to buy services, premium services.
Jeff Tennery: So it's not unlike a lot of the gaming world when you think about a lot of the gaming that goes on, people buying digital weapons or digital coins or using currency for the Candy Crush of the world. So it's a phenomena that's given some leverage back to start ups instead of having to chase always after the venture money, which can be very challenging.
Chad: So back to the original question, how do you separate yourself from the shadiness that we've seen from Bit coin and some of the other Silkroads of the world in that arena? Because again the rest of the world, we're only seeing the bad stuff thus far and not the good stuff. What are you guys doing to be able to separate yourself?
Jeff Tennery: We've been around for three years, so unlike a lot of these ICO projects that are literally nothing more than PowerPoints or demonstrations of thought around a white paper, we have been around for three years so we've seen what has been working in the gig economy and what hasn't, what's been holding it back and the number one issue is trust. People don't know who they're hiring. If you think about Craigslist analogy, but even Uber, you don't know who your driver is. Yeah you're relying on maybe an $8 background check that Uber did to find the right person to drive you and the safe person to drive you. So what we're doing with Moonlighting is we've got 600,000 people signed up, so a very rich profile data.
Jeff Tennery: That data's great, but it's all user generated by the folks that have signed up and so we believe moving those profiles onto the block chain, makes it more authentic, makes it more real, and these are things like your recommendations, your reviews, your payment, transaction history, all those things on the block chain will bring more credibility to a freelancer, make it more trusted and so we're migrating over where some of the people on our platform won't make it over. They won't cut the mustard because they may not be operating in the best fashion or don't have the best reviews, so I think what will happen, specifically with Moonlighting is the cream will rise to the top, block chain profiles will be the new norm, and then also using crypto currency to exchange payments makes a lot of sense as we look to ... We're planning to go global towards the tail end of this year in Canada, UK, and Latin America.
Chad: And those are two entirely different subjects that I definitely wanna hit head on, but first the validation. The resume validation piece and also the background checks, which obviously is great for block chain or at least it seems like it is. But you said user generated and we're seeing and we've seen over the years that trying to get somebody to actually fill out a ton of information about themselves is really heard, which is why you see a ton of these organizations right now are going out to the web, they're scouring it and they're pulling data back about you to make your profile more full. Are you guys doing something like that or are you just really focused on the only data we're taking is directly from point A being the actual candidate themselves?