Handshake's Ultimate Hand Job


It's an episode full of head scratchers and high fivers. Oh, and a unicorn!

  • Handshake is now in the Billionaire Valuations Club... Really?

  • Outmatch acquired Harver, which sets them up nicely for The Great Reopening,

  • Glassdoor wannabe Blind raised a bunch of money

...and the post-pandemic segment:

  • Google's labor union keeps kicking ass,

  • Wendy's comes up short,

  • and UBI isn't happening anytime soon.

Another aural orgasm brought to you by Jobvite, Sovren, and JobAdx.


PODCAST TRANSCRIPTION sponsored by:

Disability Solutions is your bridge to the disability community, delivering custom solutions in outreach, recruiting, talent management and compliance.


INTRO (1s):

Hide your kids! Lock the doors! You're listening to HR’s most dangerous podcast. Chad Sowash and Joel Cheeseman 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 (21s):

Oh yeah. The pipelines never get hacked on this podcast, baby. Welcome to Chad and Cheese boys and girls HR's most dangerous podcast. I'm Joel "no gas shortage here "Cheeseman.


Chad (34s):

and I'm Chad, "you murdered Muderder" Sowash!


Joel (39s):

On this week's episode, Handshake scores the ultimate hand job blind finds the light and Oh hell really TikTok Jobs is born. Just fucking shoot me. Now.


2 (54s):

You already know that Sovren makes the world's best resume CV parser, but did you know that Sovren also makes the world's best AI matching engine? Only Sovren's AI matching engine goes beyond the buzzwords. With Sovren you control how the engine thinks with every match the Sovren engine tells you what matched and exactly how each matching document was scored. And if you don't agree with the way it's scored the matches, you can simply move some sliders to tell it, to score the matches your way. No other engine on earth gives you that combination of insight and control. With Sovren, matching isn't some frustrating "black box, trust us, it's magic, one shot deal"


2 (1m 38s):

like all the others. No, with Sovren, matching is completely understandable, completely controllable, and actually kind of fun. Sovren ~ software so human you'll want to take it to dinner.


Chad (1m 59s):

Hey, so, so all of those individuals who didn't watch Elon Musk on SNL, okay. Joel, give us that. That's what the murder McDurder is from, but give what, what did you think about the performance? Did you watch the entire thing?


Joel (2m 14s):

I did watch the entire thing. I thought he came off more human than I probably expected. He came off a little funnier than expected. Now it wasn't, it was a great layup from a PR standpoint and that his mom showed up and he rolled with the Asperger's comment, which apparently was really impactful for a lot of families that have that issue in there. I think the best skits gets that he was in were the ones that sort of really leveraged his mythology or his life's work. So the one where he's a cowboy and they're like, let's just go in there, guns blaze. And he's like, wait a minute, hear me out here. We could dig a tunnel underneath and then so like they don't get it, that feels really pertinent to the world now.


Joel (3m 1s):

And then the, the Chad skit, which I'm sure you love where he's like, okay. Okay. And then blows up at the end, taking his helmet off. Like those were, those are really good moments. And then of course like the, the mayor of East town, which if you're not watching, it's almost worth getting HBO max, just to watch that show was fantastic. Also enjoyed the gen Z skit, which was sort of the first one I've seen where we make fun of gen Z. So they they're gonna have their moment of ridicule here, soon.


Chad (3m 34s):

I'd like to say I haven't watched an SNL all the way through for years, usually a weekend update, we eject, but we watched the entire thing and I didn't expect this from Elon Musk. He did anything. He dressed up as fucking Wario. I mean, he just, it was like he was in all these stupid outfits and costumes and doing all these stupid, stupid skits. And I could see a guy like him going, no, I'm not going to do that. I don't know if they threw anything at him that he just wouldn't do. And also NBC must have made some major bank because every fucking electric car company that's out there, other than Tesla bought ads during SNL.


Joel (4m 19s):

Yeah. It didn't work out as well for the, the crypto currency guys. But yeah, the EV companies had a good run of it for sure. Oh yeah. That was good. Is that third highest rank show after a Chappelle and Chris rock. So shit, I want, I want to see your boy Bezos on the show. That's next.


Chad (4m 38s):

No that would suck. I, you know who else is getting some pretty high ratings right now? I believe is a governor of Ohio Mike DeWine, who is starting a lottery for everyone who has received their first vaccine every Wednesday for five weeks, two winners are going to receive a million dollars. What does that say about Ohio? Does that say?


Joel (5m 4s):

What does it say about humanity that we have to give cash prizes to get vaccinated?


Chad (5m 10s):

And look at what's happening in India?


Joel (5m 12s):

Oh, for sure. For sure. Like, yeah, that's totally reprehensible. But like I'm all for the beer companies that are like free beer for getting vaccinated or even a little cash payments or gift cards to Target. But when you have to have a lottery for millions of dollars, Holy shit. It's the end of civilization.


Chad (5m 34s):

And then McDonald's is actually working with the Biden administration to drive vaccine awareness with a, we can do this campaign, sporting ads in times square on a McAfee coffee mugs. There's a TV buy that's coming out. My big question is why haven't we just figured out a Big Mac and Whopper vaccine dosage and just put it in those fucking burgers by now. I mean, we'd have most of America vaccinated by now.


Joel (6m 4s):

Yeah. Yeah. It's noble that McDonald's is doing this, but don't hold your breath for that obesity awareness campaign from McDonalds.


Chad (6m 12s):

Wait, wait, wait, wait better yet. If, if they both put out MAGA burgers and dosed them, it would be over. We wouldn't be like a hundred percent at this point.


Joel (6m 25s):

MAGA awareness at McDonald's.


Chad (6m 27s):

Oh fuck.


Joel (6m 29s):

Well, shout out to, and you're going to think this is a total hustle job, but we have, we have a beer drop winner.


Chad (6m 36s):

Ooh.


Joel (6m 37s):

This month it's Dan Cheeseman. No shit. Randomly picked. He's a ZipRecruiter guy.


Chad (6m 45s):

Really?


Joel (6m 46s):

He's head of their agency relations. Dan Cheesman out of Chicago is this month's beer drop winner sponsored by AdZuna. We'll be scheduling that Zoom tasting soon. It'll be a double cheese edition of zoom tasting. Gotta love it. We could get Abby Cheeseman on and really, really triple cheese that shit up good.


Chad (7m 5s):

There are too many fucking Cheesemans in this world. Let me tell ya.


Joel (7m 8s):

It's weird. Right? It's weird. Right? We got some Spotify data this month. You want to let people know what, what we discovered about our listeners from Spotify?


Chad (7m 19s):

So we've been doing a lot of work in Spotify, creating playlists, doing a lot of really cool shit. So you know, how is in the actual backend, looking at the analytics and our listeners, it actually on Spotify, you can see the aggregate of your followers, music tastes, and here are the top five.


Joel (7m 38s):

I would have guessed one, maybe.


Chad (7m 40s):

Top five.


Joel (7m 43s):

Is this one to five or five to one?


Chad (7m 45s):

Number five, Elton John.


Joel (7m 47s):

Number five.


Chad (7m 48s):

Elton John number five, Fleetwood Mac number four. I get that. I get that.


Joel (7m 54s):

Ok, ok.


Chad (7m 54s):

Number three. Drake. Okay.


Joel (7m 57s):

Yeah, now it gets weird.


Chad (7m 60s):

Number two, Taylor Swift and number one, kids. Drum roll please. Justin Bieber.


Joel (8m 10s):

Oh, come on. Where's the wham listeners? God damn it. Okay. So our listeners primarily listen to Justin Bieber, Taylor Swift, Drake, Fleetwood Mac, and Elton John. Let that sink in for a second.


Chad (8m 28s):

It's hard. It really is.


Joel (8m 30s):

It is hard. It is hard. We're huge in Canada, I guess, Bieber and Drake. Jesus. Well, I'm going to give a shout out to tigers who are having a moment now. I don't know if you've seen this, but there's a, there's a bad guy on the loose that, well, the, the bad guy has been apprehended, but his tiger is on the loose. I checked it this morning. And as of Thursday afternoon, they still haven't located this tiger, which is pretty fucking impressive for the tiger if can disappear in a major metropolitan area like Houston, but hey tiger king tigers on the loose tigers are still popular kids. And that makes me happy.


Chad (9m 5s):

Yeah. We have 5,000 tigers in captivity here in the United States.


Joel (9m 11s):

That we know of.


Chad (9m 12s):

Yeah. That we know of. And that's more than the 3,900 that are actually out running loose on Safari and whatnot throughout the rest of the world. It's like the redneck Riviera. That's all I got to say. Fuck. Yeah.


Joel (9m 28s):

Yeah. We talked about this on our zoom tasting with, by the way, I'll give a shout out to Jennifer Riley from New York and her husband, Kevin, we had a nice talk with them. She won the whiskey giveaway sponsored by Sovren on the show.


Chad (9m 46s):

Two bottles.


Joel (9m 47s):

We talked about this. We wondered if there were other countries where you can just like own a tiger or a lion. And we couldn't think of any. So here's a little, little help that we need from the community. If any other countries out there that, you know, have kids allow people to have tigers roaming in their backyard, let us know. Cause we're pretty sure America might be the only one.


Chad (10m 5s):

Fucking ridiculous. Oh, shout out to Chris Selah over a Great People, another leader making the Chad and Cheese required listening. Mandatory people.


Joel (10m 17s):

So you might've realized I had a little hard time remembering Jennifer Riley's name. So I want to give a shout out to Matt Alder, who I forgot last week I get Lou Adler and Matt Alder mixed up all the time. So I get a little confused there. So I called him the British guy, which I will forever now call him. Matt, sorry about that buddy, but the British guy I've called people a lot worse.


Chad (10m 41s):

Yes.


Joel (10m 42s):

He was very, very polite about it, which was nice. He was very British about it.


Chad (10m 46s):

He's an Evergreen Fellow. He's a part of the evergreen network with us.


Joel (10m 50s):

He's in the family. I forgot. Yeah.


Chad (10m 53s):

It's like Uncle George calling him, you know, the crazy uncle guy. But, that being said, apparently this communicator award that we won is a pretty big thing. Again, big, thanks to Evergreen and the, the team over at Evergreen and all the listeners giving us love on social media. Quick and fast list: Tracy Parsons, Debora Horowitz, Jamie Hornstein, Charlotte Overus. Aaron Stewart, Sean Horton, Shelley Careless-Whisper Billinghurst, Josh Zywein, Trent Cotton, Liz Scully, Manjuri Sinhih Christy Spilka, and Jasper Spannjart.


Chad (11m 36s):

Thanks so much that wasn't everybody. I couldn't get through them all. Thanks so much.


Joel (11m 41s):

What percent of those names do you think you said correctly now? 50/50?


Chad (11m 46s):

If I was lucky.


Joel (11m 49s):

I want to say a shout out/Sianora to Clubhouse. It was knowing you guys, if you haven't seen the number drop in terms of downloads and exodus of Clubhouse users, it's pretty impressive. I'm not going to put the nail in the coffin just yet, but the hammer and the nail are definitely out of the toolbox at this point.


Chad (12m 10s):

I have to say they just dropped the Android app and I downloaded it and I have attended a few sessions and I can now say, yeah, I don't fucking get it.


Joel (12m 22s):

And that is my opinion as well.


Chad (12m 27s):

What I do get though is we have an event and it's a pandologic events that we're hosting co-hosting and panel logic. They know how to throw a VIP event. They sent everybody, who's going to be on this event tonight, a spread of bourbon, we're doing a bourbon tasting and it's coming from Buffalo Trace. A Buffalo Trace employee's going to be on the line today and to go through some of that psychology and that kind of shit. But overall dude, we got Blanton's. We got Eagle Rare. We got Buffalo Trace.


Chad (13m 9s):

We got the White Dog.


Joel (13m 12s):

Is that that's just moonshine with a better label.


Chad (13m 15s):

Put the hair on your chest. And then the best thing for every single morning for your coffee, bourbon cream. I mean all of that, along with all the glass, the proper drinks.


Joel (13m 26s):

Yes. Yup, yup. Yup. The glass, the coaster. Jesus. If you're still sending out pins and calendars to people, Jesus, your way, your way out of bounds, man, you gotta, you gotta send good shit out to people.


Chad (13m 43s):

You're not in pando league.


Joel (13m 46s):

It's not a three package delivery. Just forget it. Just quit now. Yeah. So that's great. So you're on vacation next week. Why don't you gloat about that for a second for those of us who still are cooped up inside.


Chad (14m 2s):

It's time to live our fully vaxxed life, my friend, and obviously we're coming up on our birthday, our big Five-O Julie bought tickets to Costa Rica, baby. So we're going to be in Costa Rica for a week. Can't wait!


Joel (14m 18s):

And you're going to see some friends of the show while you're down there, allegedly.


Chad (14m 22s):

Yep. Yep. Nick from Hone It. Going to see Ethan he's been on. So Nick's actually been on firing squad. He did really well on that. You can check out, Hone It. And Ethan was on, Oh, I think late last year, early this year sometime. So yeah. Can't wait to see those guys.


Joel (14m 38s):

You do have a return ticket, right? This is a round trip vacation, correct? Just want to make sure I don't have to, you know, make scheduling changes to the podcas?


Chad (14m 54s):

Topics!


Joel (14m 58s):

All right. So you shredded this bad boy. Our buddies at Outmatch have acquired our buddies at Harver. What's up with that.


Chad (15m 5s):

So huge, thanks to all of our sources in Europe for providing amazing intel and insights. We actually dropped the news pretty much nearly a week before they planned, before Outmatch planned to drop the press release in itself. So all the props go to our fine friends and listeners over in Europe, keep the good stuff coming, we appreciate it. But since last September, Outmatch has acquired Launchpad, First Person, Checkster and now Harbor, can you dig into the press release a little?


Joel (15m 39s):

Yeah. So Harbor for those that don't know or don't remember, they basically help manage mass hiring for people. So that's their expertise and Outmatch is focused primarily on candidate experience. So if you, you know, if you combine mass hiring with a solid candidate experience should be a match made in heaven. So Harbor has raised around $25 million compared to Outmatches meager in comparison, $8 million. The combination is backed by existing Outmatch shareholders, including Rubicon, Technology Partners and Camden Partners, which is private equity. So similar to Jobvite, this definitely has the recipe of let's buy as much shit as we can to create one platform to rule them all.


Joel (16m 26s):

So we're watching a heavyweight match in the making with a lot of these companies. And I think it's fair to say that Outmatch is getting in the ring in a big way.


Chad (16m 36s):

Yeah, they're definitely in the ring. This is obviously filling core gaps with better technology than they already had. They're also growing their client portfolio and global footprint all through acquisition. So we've seen this with iCIMS as well with their acquisition of easier crew.


Joel (16m 55s):

For sure.


Chad (16m 55s):

They have 300 now, 300 global employees, 1300 combined customers and Harbor has big names like Peloton Teleperformance, McDonald's, Valvoline, KPMG, et cetera, et cetera. So Harbor actually raised, I think it was like 27 million euros, which is about 35 million USD. And my sources say that Harbor was actually prepping for a series C. So this wasn't, this was not a clearance rack sale. Harbor has been experiencing excellent growth just in the past couple of years, they have expanded their footprint in London and also New York, they're out of the Netherlands primarily.


Chad (17m 41s):

So this has been growth. And I think the combination between the two Outmatch already being a us organization and then Harbor being able to really focus, I think more on what they can do in Europe. It's a great concept to each other.


Joel (17m 56s):

Yeah. Listeners of our show will know that there's a bit of a hiring squeeze in these kinds of industries. And at some point the fed money is going to run out. The government checks are going to dry up. The Bitcoin millions are going to dry up as well, and people are going to go back to work. So having a technology to better manage the flow of candidates, as well as improve the experience that these folks have. It really feels like this deal is hitting at the right time. And these guys are gonna really, you know, hit the ground running with this partnership. So kudos to them for sure. And as a side note, yes, Harbor named us, this podcast, a 12 best recruiting podcasts to listen to in 2020.


Joel (18m 40s):

So good things happen to companies that suck up to us. I just want to add that to this new story, for sure. For sure. Yeah.


Chad (18m 49s):

We'll just use this as an isolated incident.


Joel (18m 53s):

Yeah. And we won't name the other 11 podcasts that they talked about in their show. So Handshake is also in the news. Jesus Christ, we just talked about them getting a bunch of money, but yeah. Unicorn alert, unicorn alert. We have a new billion dollar plus valuation company. So student focused recruitment site handshake has closed its second $80 million funding round in the last eight months. Listeners will remember that October was the last round. They now claim a valuation of $1.5 billion. The San Fran based startup has raised a total of 235.5 million since its founding in 2016.


Joel (19m 35s):

Handshake has more than doubled its revenue every year for the past three years and is nearing 100 million in annual revenue. The new funding Handshake says it will increase its footprint overseas. You remember the last round was all about virtual job fairs. Handshake says it has 18 million users, which is interesting because the total student population in the U S is around 20 million, so I'll let you do your own investigative research on that. They claim 1200 educational institutions and 550,000 enterprise clients. So Chad, are you ready for a Handshake job or are you looking for something a little more gratifying?


Chad (20m 15s):

I know hand jobs over here, kid. I want more than that. So from the Forbes article, it says "with the new funding Handshake hopes to create new features on Handshake that will help students and recent grads develop the skills they need to further their careers" end quote. Okay. So wasn't that what all of the college student debt was for in the first place? This is really weird first and foremost, to, to say that they have 18 million users. When I, I would like to say obviously 25% of that I would assume are maybe even a larger percent of a percentage of that actually falls off every year because they go into, they're leaving university, they're going into corporate America.


Joel (21m 2s):

There's a little claim of people still keep their email address and they still kind of keep touch. But it's a little, it's a little sketchy to say 18 million out of the 20 are you users.


Chad (21m 12s):

I have to say Handshake owns the college recruiting market for the university platform side of the house, especially around onsite event, scheduling virtual, virtual interviews, those types of things. But remember students can and will go anywhere and everywhere to search for jobs. And here's a quick quote from our friend, Steven Rothberg, over at college recruiter. Who's been doing this for a little while.


Joel (21m 40s):

He's been doing it for a minute.


Chad (21m 41s):

So quote, "They Handshake have almost no penetration after the day of graduation, but now say that they want into that. They can't succeed with that by leveraging career services as grads don't use career services," end quote. Again, Steven points out what pretty much they're not talking about at handshake, other than saying, we want to push forward into the post-grad side of the house, which again is an entirely different market that they, I don't think have a handle on.


Joel (22m 14s):

So we've dropped hand jobs, penetration and pushing in this new story and I'm going to drop another sexual innuendo and that's horniness. You know, I think part of this is investors are horny to go public. We're going to see ZipRecruiter go public. There's talk of a talent.com going public, which we covered on the show recently, why the hell not Handshake? So I think there's a lot of push from investors to get this company out into the public markets. And I think a lot of it is partly driven by there's still a lot of horniness by companies to grab these graduates sort of, off the tree. And I think that apparently Handshake has found some secret recipe to get companies really excited about the access that they have to college students.


Joel (23m 0s):

So something's working, this is a historically shitty business. There's no track record. You know, you mentioned Steve and doing this for a long time. We've had after college. That's also in the old school category. We have other companies that we've talked about, like Ripple Match. Recently companies just kind of come and go in this space, the ones that are long, long timers, you know, they're not big public billion dollar companies. They sort of find their niche and their groove and they get into it. So Handshake is going into uncharted territory. It'll be interesting to watch, but I'm not betting any money that they're going to come out on the other end, a winner in the long-term.


Chad (23m 38s):

Yeah, it's weird. I think the only company who had a hold on the market like handshake does today, job track back in the early two thousands before they were bought by Monster and Monster just fucked it all up with Monster Track and Monster Campus. So yeah, I think there is an opportunity here for organizations that we talk this about this and, and other shows about universities to be able to be more efficient. The problem with that is the efficiencies are going to lie within kicking career services to the curb, because this is a self-service platform instead of needing a full career services unit and/or department, you might just need a few people.


Joel (24m 23s):

Which is part of the challenge as well, right? You're you're working in an environment where tenure is a thing, right? Like where the status quo is embraced colleges don't want to get rid of their job placement and career hell plague. Nope, No, University wants to do that. So it's just a very hard balancing act of colleges and employers and keeping students engaged because they're always looking for the next big thing, which we'll get to in the end part of the show. But like, it's just a really hard business if they figure it out more power to 'em man, but the history is not in their favor.


Chad (24m 59s):

Yes. And I also think it's ripe for competition because I don't see, especially in what Handshake is doing with the universities, that there's really enough competition. So I think that it's right for competition in this space.


Joel (25m 12s):

Competition is good for business. Like the competition they might get from Jobvite.


Jobvite PROMO (25m 17s):

You know, Steve, it feels like we keep getting pushed to hire more and better candidates with no more budget. Right? I wish there was a way to get better results from what we're doing. Actually, I heard in episode of Chad and Cheese about this framework from Jobvite. Oh yeah. Evolve. It's a technology agnostic framework to help TA teams get better results from their recruiting efforts. And we don't even have to be a Jobvite by customer to use it. I bet we would get better results if we orchestrated all of our efforts. You mean like a centralized process and all of our channels working together? For sure, whether it's job boards, social, or even texting with candidates. Let's do that. jobvite.com/evolve.


Jobvite PROMO (25m 57s):

I'll send you the link. Cool. I'm going to finish watching this episode of Bridgerton. So what are you, what are you bingeing on these days? Chad,


Chad (26m 5s):

We are looking at was it the Mar of East town? That's what we we're looking to actually start. We just finished Jupiter's legacy, which was not amazing, but it was superheroes. So fuck it. We're going to watch it anyway. We binged through that in like, you know, the weekend. So there's just a ton of content that's out there. Winter Soldier, Falcon and Winter Soldier was amazing. So yeah. I mean, I'm just bouncing around for the most part. How about you?