Early this month, at an event for analysts, news media, customers and others, the artificial intelligence-powered global talent platform formerly known as Hiretual announced that it had renamed itself hireEZ. I enjoyed attending virtually and learning the rationale for the name change. We also heard details around the $26 million in venture capital that hireEZ noted it had just raised to help drive the objective of the rebrand: becoming the first vendor to define outbound recruiting as a market segment. Following the event, it seemed natural to invite hireEZ CEO Steven Jiang and Head of Marketing Shannon Pritchett to the #HRTechChat video podcast.
“We chose to rebrand to align with our company’s mission to create a new category,” Jiang said, during the podcast. “Our mission is to make outbound recruiting easy. We want to make it easy for recruiters to bring jobs to people. Our vision, three words, is ‘jobs find people.'”
Outbound recruiting itself is a collection of practices that have surfaced over the past several years. This market alert we published on the development delves into things. Suffice it to say, outbound recruiting is the yin to inbound recruiting’s yang….
Once a novel idea made possible by the then-novelty of the Internet, inbound recruiting is the idea that you can use the web as a fast way to attract large numbers of candidates to apply to your open jobs. This has its benefits. In contrast, think of outbound recruiting as a return to classic headhunting, but now aided by marked evolution in technologies such as AI and the cloud — and the Internet, of course. Within the external online environment, recruiters are better able to find and choose their targets. It is now possible for organizations to identify and approach right-fit candidates online for open requisitions and, thus, spare themselves the tedious task of sifting through a slew of information on candidates that found their way into the applicant tracking system. A thorough search may be impossible in the ATS. And it’s hit-or-miss on who, among these candidates in the database, may or may not be good matches anyway.
Outbound recruiting is far more efficient, and recruiters with the means to do so have increasingly been deploying it, in bits and pieces, as essential arrows for their quiver. “We’ve evolved into a more candidate-centric, candidate experience model,” Shannon said.
This is where the pinpointed, 1:1 nature of outbound recruiting comes into play, and that means to do so is where hireEZ enters the equation. The vendor’s technology already supports all five pillars of outbound recruiting: AI sourcing; robust, searchable data; email automation; diversity, equity and inclusion; and system integration. During the podcast, Steven, Shannon and I dove deeply into the details of these five pillars, which the aforementioned market alert also describes.
Against the backdrop of The Great Resignation and a job market that looks like it’s going to be topsy-turvy for the long term, what hireEZ is doing in the recruiting space is remarkable, really. Steven and Shannon brought much wisdom to the podcast. Following are a few snippets:
- Building on an analogy with inbound and outbound marketing mentioned during the conversation, Steven drew a parallel and noted that outbound recruiting is “a behavior. It’s also a very effective, cost-effective and cost-efficient business strategy. We don’t want to just promote a concept. We need to show that this is a better strategy for recruiting. A business owner, or business decision makers, they need to see this as a higher ROI. Take the sales and marketing analogy again. […] When we measure our inbound customer acquisition cost versus outbound acquisition cost, it’s a four times difference. […] If this is our bar, then we know how precious, how valuable, that proactiveness [of outbound recruiting] is.”
- Musing on how, as opposed to one to two decades ago, recruiters in today’s economy need tools to be outbound, Shannon noted, “Although technology has changed, recruiters really haven’t changed how they find and identify talent. They’re still using the same outdated methods and methodology that they did 15 to 20 years ago. And what worked back then doesn’t necessarily work today. So it’s a whole new mission. It’s a change in mindset.”
- On the importance of careful timing when deciding to define a new market segment, Shannon said, “The market conditions need to be right to launch a new category and really drive change. And that’s what we are seeing today. Recruiters don’t have time to do the old type of recruiting. […] Casting a wide net and spraying and praying, or posting and praying, is not as effective as it used to be. It’s a great brand opportunity. We need to bring in a more proactive mindset, a more proactive approach, and be able to give recruiters and talent acquisition teams the data that they need to make more intelligent decisions.”
What struck me most, possibly, is around something Steven said. He noted that, for recruiters to embrace outbound recruiting, they must internalize a fundamental shift in mentality. Inbound recruiting remains a piece of the puzzle, yes. But the passivity associated with waiting for candidates to pour in is incompatible with outbound recruiting, whose ethos is proactive, can-do, recruiting with intentionality. The talent acquisition departments that deploy outbound recruiting the most successfully will commence all their recruiting activities with an outbound mindset first, with inbound activities playing a supporting role in their pursuit of the objective.
If your work intersects in any way with talent acquisition, functionally or in terms of your purview, do yourself a huge favor and watch the full episode of this podcast. hireEZ is poised very well in this important new recruiting-related market segment.
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Brent Skinner 00:00
Well welcome everybody to this the latest episode of the HRTechChat video podcast. And today I have a very couple of very interesting guests. And this isn’t just an awesome story and very excited for today’s podcast are with us today we have Steven Jiang, who is CEO and founder of hireEZ. And there’s a little bit of story behind that, which we’ll get to in a moment. And we also have Shannon Pritchett, who is head of marketing there at hireEZ Welcome to you both.
Steven Jian 00:34
Thank you. Thank you. Thank you, Brent.
Brent Skinner 00:37
Yeah, yeah, really looking forward to today’s conversation a couple weeks ago, I was at your virtual, I was attending virtually your event on and you had a very, very exciting announcement and sort of the nice kickoff point for our conversation today. Hire tool was the previous name of your of your company. And now it’s hireEZ. Congratulations. First of all, that’s a big deal. What was some of the thinking behind that?
Steven Jian 01:11
I’m sure I saw it shut out, you can give me your comments later. But in short, we chose to rebrand hydro to high easy to align with our company’s mission to create a new category. The new category is called outbound recruiting. So basically, our mission is to make that outbound recruiting easy, okay, we want to make it easy for recruiters to bring jobs to people. So our vision, also three words, jobs, find people. Okay, so our mission, our goal recruiting made easy. So the rebranding is the kickoff effort for Data View, DOD upgraded mission and vision.
Brent Skinner 02:01
Shannon, anything to anything to add there?
Shannon Pritchett 02:05
Yeah, absolutely. We’re super excited about this new category. You know, with new category comes a whole new company. And so, you know, it’s the, I’ve been in this industry for a very long time. You know, I’ve been, I don’t want to date myself, but we’ll say, a previous economy. And, you know, back in 2008, when I was really finding my craft, as an actual recruiter, within the space, you know, that there was a very uncertain time to be a recruiter, you know, I think just about all of us had every single position eliminated, I was working for T Mobile in the call center at the time, and believe it or not, I would take calls just to keep it my job, right, I was certainly not recruiting. And back then, as Steven said, you know, the economy was the exact opposite. People needed to find jobs, we didn’t have very many jobs, we had people out of work. And there was a lot of inbound recruitment activity that really launched and accelerated, you know, with that, and employers got to be a lot more selective when it came to finding candidates, right? We all remember those Silicon Valley interview questions, right? Like, you know, how many tennis balls fit into a bus. And, you know, to the silly nature of making candidates, Trump jumped through hoops. And since then, we’ve evolved into a more candidate centric candidate experience model within talent acquisition, and with the current state of our economy where there are more jobs than people. You know, that’s why we wanted to change our mission and align our product with what works today. And something that hasn’t changed. Although technology has recruiters really haven’t changed how they find and identify talent, they’re still using the same outdated methods and methodology that they did 1520 years ago, than they are today. And what worked back then not doesn’t necessarily work today. So it’s a whole new companies a whole new mission, it’s a change in mindset. And we’re very excited to be able to help recruiters make their jobs easier, because it’s as difficult and as in demand as ever has been. And so we’re glad that we can, you know, make technology more readily available for them, and to give them the time back to concentrate on you know, the soft skill part of their day to day job.
Brent Skinner 04:32
I love the way you describe it and in sharing the thanks for kind of delving a little bit into what outbound recruiting is a couple things that come to mind for me, just observations. One is, you know, the previous name of the company hired tool kind of matched what, what the what the normal was back then recruiting had become sort of virtual, and it was an and I liked the plan. Words, hire virtual I like that. But in any event, you know, it’s not that so the technology has changed. And it’s made it possible to do outbound recruiting where you can go one to one go out to find those candidates and interact with them one to one as a recruiter to, to get that, that relationship going early and to define those folks instead of just waiting for them to come to you, which is a very inefficient, very inefficient way of doing things even back when it was the only thing you could do. Right. And I think that’s what’s interesting is that evolution of the technology has helped to nudge along attitudes to this point where, Soomi job seekers actually may expect to be found by a recruiter online. So they’re expecting and the other thing that just want to throw in there is that this is almost like the old pre internet, you know, Paleolithic era.
Shannon Pritchett 06:04
That’s right. head hunting.
Brent Skinner 06:07
Right. And hunters. I mean, yeah, that’s all I heard about when I was growing up, but I’m dating myself now to get a head teacher, you know. And it’s so it’s almost, it’s very interesting. And it’s funny, because, and then we’ll kind of move on here in a second. But the one other thing I want to get out there is that the old way without the internet, right? Just the old analog way of doing it with headhunting, you know, it was very personalized. But at the same time, it was it also wasn’t efficient. So he said, it’s right, so now, we have all of the all of the good of the old ways, with the newfound efficiency of technology, it’s some of those things conversion, which is incredibly interesting to me.
Shannon Pritchett 06:51
Yeah, yeah, that’s when, you know, and one of the key components that still worked really well, today are referrals. You know, and to me, that is a form of outbound recruiting that we still can capitalize on. But, you know, the market conditions need to be right one to launch new category into to really drive change. And that’s what we are seeing today. You know, recruiters don’t have time to do the old type of recruiting, you know, the cold calling, but I don’t know anyone in recruiting that really cold calls anymore. And you can use a product like ours, and those cold calls become warm. But you know, they don’t have time to do that, and casting a wide net and spraying and praying, as we call our posting and praying, you know, is not as effective as it used to be, it’s a great brand opportunity. But now, you know, we need to bring in a more proactive mindset, more proactive approach, and be able to give recruiters and TA teams the data that they need to make more intelligent decisions. And so that is something that you didn’t have, you know, previously that we can provide nowadays, the beauty about, like, let’s say, our product is, you know, so this is a good explanation of it, you know, we have over 45 different data sources. So when using our product, you can search 45 systems at once, and give you access to, you know, almost a billion people 750 million people, you know, within that system, and it’s not like oh, my God, that’s a lot to go through. That’s when the power of machine learning, and artificial intelligence and data really combined to make outbound recruiting not only more successful for you as recruiter in your organization, but also again, we’re trying to make it easy. And the easiest way we can do this is to help match those jobs to the people as fast as we can to give recruiters back the time that they need.
Brent Skinner 08:46
Yeah, Steven, maybe you could delve a little bit into this. I’d like to dive a little bit because AI is one of my favorite subjects in the future of work. What’s an example of how the AI and machine learning in your in your solution helps it you uniquely or in an uncommon way to facilitate outbound recruiting?
Steven Jian 09:08
Yeah, and so we first brought the AI to sauce. So we said AI sauce and nowadays, I think every, almost every vendor uses AI sauce like okay, so and we ate it back in 2016. And the AI driven saucing basically made the sourcing extremely efficient, right and when it comes to sourcing it’s about how to process that data to have more holistic profiles. And then we need to index a analyze the data in a machine needs weight gain and in average the recommendation system and average match engine to do that. Quick ranking aim also poor file enrichment and to show the recruiters the best results based on their filters. Right. And that’s, that’s basically the AI search. Okay, I saw. But that’s not enough. And then more and more our users, we have a huge user base hanging over 100,000 people, recruiters globally. So they have been asking for many AI empowered features in many scenarios. So for example, how to quickly identify the right candidates during their profile review. Okay, so that’s very challenging for natural language processing. And they also asked for more AI and machine learning capabilities in engagement, how to make the engagement more customized how to make more insightful actions, right, for example, when, how what to engage with the right candidates, those are all great scenarios, in the machine intending acquisition process, we said Machine Learning Technologies.
Brent Skinner 11:17
That’s interesting to me. So in other words, if I can just kind of unpack this a little bit, so AI in your solution will help will help inform recruiters on the best way to interact with Candidate A versus Candidate B, versus Candidate C, that’s what I’m hearing. And also, in also the, it helps with sourcing in a huge way. And by the way, that makes a lot of sense to me. Because sourcing is one of those complex variable workflows that are sort of the next level of, of, of automation. And I know we’re not calling it automation, because it’s a little it’s more than that, but it’s one of those one of those time consuming activities and in recruiting that if you can, if you can apply some machine learning and AI to it, you’re going to be saving, you’re gonna be saving talent acquisition departments time, and making them more accurate. And therefore efficient. To me, accuracy and efficiency are very much go hand in hand when we’re talking about these sorts of things. Yeah,
Steven Jian 12:29
exactly. So actually, I want a, our BI t a marketing team, they have the benchmark of all customers, and we caught more than 50% of their time from the sourcing process. And that’s a huge improvement. Right? So I seriously in the past years, AI, machine learning has been a boss was everywhere. But it’s really hard to find the measurable value in a real use case scenario. And we are very rigorous at measuring how AI truly bring efficiency.
Brent Skinner 13:08
Yeah, yeah. No, I recall that AI is one of the I believe five pillars of outbound recruiting, that we that that that I think that you folks have sort of sort of established or stated, what are the what are the other of the five? I think it’s five of them,
Steven Jian 13:30
qualify or Shinae? Sharing? Absolutely. We’re elaborate. I give all the details about his outgoing recruiting in our definition. Okay. So, Shannon?
Shannon Pritchett 13:44
Yeah, I mean, so artificial intelligence. The reason why we put that as a pillar is for exactly what we’ve been talking about the speed, the accuracy, right? You know, you need it to be successful, especially today. And I’m so glad we’ve gone from before it was the buzzword, it was actually a fear of elimination, within our job, you know, Can the machine replaced a person and, you know, we stand behind a product that actually empowers the person with that technology doesn’t necessarily eliminate them, you know, drives that decision, you know, sourcing plays a huge part of that those pillars as well being able to go out and self identify, and that having that proactive mindset. Also, engagement is a huge component of it, as well. So you have to have the different engagement. And what we mean by engagement is just because you found someone doesn’t Missmiss saralee mean, they’re going to be interested. And keep in mind, right, that it is a very much candidate driven marketplace nowadays, right? People can pick and choose as much as they want. That’s where we got the term the great resignation, right is because people have the choice. And so, you know, what our product does is we have a wonderful drip campaign, which it’s kind of like a built in lights. CRM, which allows recruiters to effectively continue to message and deliver the candidates. And you know, we’re proud users of our own product within our own company. And our recruiting staff has been so wildly successful with our drip campaigns, and being able to reach candidates by just using that automation as part of their feature. And then we also talked about data is how can data be played within this? You know, are you using data to make better decisions? You know, are you looking at data to help guide your search to help let tell you who you can be identified. And so that all plays a huge part in outbound recruiting, and then I’m going to throw in, you know, diversity D in AI. That’s a huge, huge thing that outbound recruiting can help make successful for any organization. And we’ve seen the movement to, you know, be more proactive with DNI. And we’ve seen searches up on our product by 250%. But they only account for about 10% of the actual searches. And when you use a product, like hireEZ, we have the largest database of D 90 talent that’s assessable for you to have access to. And so we’re really allowing recruiters to help go out there practically identify those actual different diverse talents, underrepresented talents, that can drive change within the organization, and that change is coming from, you know, economic demand as well. And so, you know, those are some of the pillars that we think will make outbound recruiters successful.
Brent Skinner 16:29
Yeah, yeah, it is so fantastic to be in a position than the position that you folks are to, to kind of throw down the gauntlet or plant the flag, maybe that’s a better term is, you know, these are the five pillars of outbound recruiting, outbound recruiting is as just a, as a, as a word for practice has been, it’s been around for a while, right? People have been doing up down recruiting, but nobody has actually said, Oh, no, yeah, this is Yeah, exactly. So I mean, you know, great, great, I think, timing, sense of timing here, sort of seizing the moment, a couple of things that you mentioned in the five pillars, Shannon, was the drip campaigns, which of course, involve lots of email and matching, right. And that, to me, is, is huge. I mean, if you really dissect recruiters day to day work, you know, there’s several things they’re doing that’s this incredibly time consuming, repetitive, or just tedious, right, and sending out emails, and, you know, we’ve all been our computer, you know, we all have that day where it seems like all morning, we’re just sending emails and scheduling, you know, getting calendar invitations out or receiving them and figuring out what times work and what don’t invite, you know, that next thing, you know, and it’s noon time, and you haven’t gotten to any of the meat of your day yet. So, you know, I can’t imagine what it’s like for recruiters so to have that, that makes entirely good sense to me. And that’s a no brainer. And then the DNI piece of it, you know, obviously, you know, at first blush, it seems like kind of almost in bold, you know, it’s Yeah, D DNI is part of outbound recruiting, but we really think about it. That’s that it? I mean, that is very intuitive, right? I mean, you’re going to improve your accuracy, and D and I by several orders of magnitude by having a, a strong, solid, robust outbound recruiting solution in workflow in place. And I guess the other piece of that is, you know, I think outbound recruiting is probably a compliance play as well, isn’t it?
Shannon Pritchett 18:48
Oh, yeah. It could be, you know, depend on what you mean by compliance.
Brent Skinner 18:55
I say you’re sorry to interrupt. But let’s say if you’re a federal contractor, and you have certain, you know,
Steven Jian 19:02
CPA, you’re talking about CCPA right? Yeah. that’s absolutely one of the favorite things for those big organizations that decision makers and they need to measure and they need to they need to track a also and they need to see report I every man saw or anytime based on the cycle and outbound because this is a very poor active processing, everything is measured measurable. Okay. So invoice something out of your control and you put the ads over there a job posting a really not sure when people were okay, there might be many in there by these small but the outbound a things for the CCPA compliance and things are more predictable.
Brent Skinner 19:57
controllable Yeah. Yeah, there’s,
Shannon Pritchett 20:00
there’s how are you as an organization, you know, going to make the investment into hiring underrepresented talent, if you’re just going to sit back and wait for them to come to you as an organization, right? It to me that shows a lack of commitment and a lack of investment into, you know, a company’s greatest asset, which is people.
Brent Skinner 20:23
Yeah. It’s it’s, you know what this is kind of an interesting segue into one, one of the things I think we wanted to talk about, and that is, some of the similarities, we have to spend too much time on it. But some of the similarities or analogies between, you know, inbound and outbound recruiting and inbound and outbound marketing. You know, one thing that comes to mind right off the bat is, you know, inbound marketing, obviously, a very novel innovative concept, say maybe 10 or 15 years ago. Right. And, and, but we got to the point where there was a, it was sort of a point of diminishing returns, or I put this so there were just a preponderance of leads, right? Just a slew of rates of high volume of leads, but many low volume is gonna be low value, it’s gonna be low value leads in the mix, and no way to really, you know, decipher between them all, you know, and so, what do you do there? Now, same thing with inbound recruiting, right? You’re bringing, okay, you’re bringing in a bunch of people, you might, you may have a fantastic inbound recruiting system, and it might be actually, it may actually be attracting a whole slew of people, maybe you don’t have a problem there. But you still have the problem of, okay, who’s who and which of these leads are candidates? We’ll call it candidates leads are analogous here, right, that which of these candidates is a good potential new hire? And which of them you know, no offense, but probably not the greatest new hire, at least for us, you know? So there’s that it? How are you going to sift through that in an efficient way when you’re trying to be as pinpointed and targeted as possible with your D and I? That’s, that’s what it there are other similarities, I think between inbound and outbound recruiting and marketing. I think there’s some others. Anything, anything else here? I mean, trying to you know, there’s Account Based Marketing, which is kind of, like outbound recruiting.
Shannon Pritchett 22:29
Absolutely. Yeah. It’s, it’s, you’re right. So the whole MQL marketing, qualified leads, you know, 100%, inbound initiative and inbound approach. Absolutely. And then, you know, the shift now, and that we’re doing as a marketing department is a more strategic ABM style, which is, in my opinion, outbound marketing, right? You know, we are going out, and we’re identifying the companies that have not yet engaged in our product that we think would be very successful with us. And so and we’ve completely evolved from that approach. And so then there is a lot of similarities of Steven and I always joke around about, we would like to see recruitment teams structured, like marketing teams. And it makes complete sense. Brent, you talk about email, how that’s such a time consuming task for recruiters and it very much is, which is often why they’re templated. But you know, we have an email marketer on our team, you know, imagine that skill set somebody who’s skilled at nurturing and converting over on the recruitment side of AV fabulous. And so, you know, with love my vision, a town acquisition is not that the structure like marketing, but they start to bring in more of those marketing elements into their recruitment system. And you can definitely do that with a product like ours. And the last piece to when we’re talking about marketing, recruiting, you know, what makes it so easy, I think, on the tech side with what we do, is the seamless integration with all of our systems. And this was the last pillar I didn’t mention, and that is so important with outbound recruiters as well to be able to do that as well, because, you know, every recruitment team will have an applicant tracking system, you know, a lot of them have CRMs, right, and then we sit on top of that funnel, with the whole hireEZ outbound approach. And so you do need that seamless integration into your systems. Because, you know, back in 2000, in the 90s, when we started to set up these applicant tracking systems, the theory was in the future, that this is going to be the greatest repository for us to be able to select candidates, these are every single candidate that has told us they are interested in our organization 20 years later, right, millions of candidates in your database, how do you sort source that? People change, you know, I mean, they’ve matured their job. She’s these are all candidates who have identified and have been silver medalist and say, hey, I want to work for this company. And then that’s the beauty about the integration with our product is we can update all that information with you. And then one quick search within our system. Now you now you’re using not only our data sources that I mentioned earlier, but you’re using the greatest data source which is your own applicant tracking system.
Steven Jian 25:15
Yeah, spot on. So completely agree with what you just said. discussed. So Brent, I think Shannon is qualified to give the her opinions about recruiting and marketing. So she was a, in a sourcing and recruiting community went on a well established, and now she’s heading our marketing function. So she knows there’s a two deployments very, very well, and a lot of almost the say, anyways, okay, so, a one thing I want to say about outbound versus inbound, it’s really just about what is your first step, if your first step is to identify and to make your target very identical, okay, you know, who you want to target? Right? That time thinks that workflow into our already. So we are not saying, hey, with an album recording, your whole department cannot use an inbox anymore? No, it’s a co exist. Okay. So co exist in buying album, just like a marketing, our marketing, inbound marketing will help soften the outbound names, okay, help those accounts and easier to respond our outbound emails, right. So for recruiting similar, so we want to make our product work very well with what have been there in inbound work from, okay, for integrations, and for the route discovery, and you have a lot of inbound leads, the inbound candidates are sitting there, but they are very old data already. So how to make those data meaningful, make highest form your internal data, that is very great example, but about how to leverage the album technology to make your inbound higher ROI. Right. And also, we are talking about that ABM. But in a recruiting, I think that’s also very similar. In my opinion, people should adopt that strategy. And I observe one customer of our of our saying, Katie, keybase, man, okay, and they located in Danis, they are doing ABM in recruiting, but that’s a very successful recruiting firm. Okay, so, and we see that so I think I am motivated by so many innovations in our industry in the recruiting industry as well. Okay, so, but we just need to work together, right, all of us work together to give the category name and give the pattern A give the model and give a summarize the best practice and the playbook where people to replicate the success.
Brent Skinner 28:26
Those are some great points. Absolutely. And if I were to synthesize it, say that what I’m hearing you say is that, you know, this isn’t an either or this isn’t a binary thing. This is, you know, this is just a shifting of the calculus. Right. You know, this is, you know, your, your, your, your, your first foot forward, sorry for the centering they’re here, first foot forward, there is the outbound recruiting. Right, that that’s what you’re thinking about first. Is in that, to me is a that’s an that’s a that’s sort of a fun, if you really think about that’s a fundamental shift in attitude, right? Because if you’re if you’re as a recruiting organization, if you’re thinking about in an outbound if you have an outbound attitude first, right, you’re not forgetting inbound or you know, neglecting inbound but if your first attitude is outbound, that’s, that’s proactive versus reactive recruiting. Right there, you know, fundamentally, yeah, changed your attitude, your fundamental ration rationale, not rationality or philosophy around recruiting, and that’s, that’s incredibly, I mean, that that I think, that can’t be overstated. One thing I wanted to go back to also what Shannon said around, you know, structuring a recruiting department in an analogous way to a marketing department maybe right that that’s super interesting, right? Because recruiting is it It’s It’s funny, you know, like recruiters, it’s just recruiters. I mean, there are others in talent acquisition, but when it comes to recruiter, they’re expected to do so many different things and, and then one hand that that makes them very well rounded professionals, at least the good ones, right. But at the same time, that’s a lot to ask one person and to, to, to sort of divide and conquer. You know, the, the delegation of various tasks is a term that’s a tip of my tongue for that that just gave him Yeah. Yeah, yeah, it’s that that makes a lot of sense. And, you know, also doing it that way, you also are able to one of our themes this year at 360 insights that we’re looking at is talent acquisition, and the increasing sort of sales mentality that to apply to recruiting. And to me, you know, you have a much better, better chance of being able to live up to that, to that create, I guess, if you would call it as if you if you have a an outbound recruiting a solid out outbound recruiting system in place. And one last thing I was gonna mention also, up to this point is around this theme is the idea that, you know, just as you in marketing, you’d be nurturing leads, you know, before you even think they have a need for your product, you just want them to be in the ecosystem, you know, you want to be nurturing. You want to be nurturing candidates before they even are going to be candidates, right? And if you have those strong outbound recruiting program,
you can do that. Yeah, yep. Absolutely.
Steven Jian 31:43
Yeah, absolutely. And also brand eight, outbound recruiting, it’s a turn, it’s a category. It’s a behavior, that it’s also a very effective, cost effective and cost efficient business strategy. So we don’t want to just promote a concept, right? A is not a good storyteller. So we need to see if this is a better strategy for recruiting. Right? Hey, at least from it, business owner, or business decision makers, they need to see this as a higher ROI. That’s take the sales and marketing analogy again, was, and we measure our inbound customer acquisition cost versus outbound acquisition cost? It’s a four times difference. Well, what ties? So it’s just a quarter of the cost, if this is our bar, know how precious how valuable that proactiveness is. So and that basically tells us one signal very clear. If the recruiter is claiming, I am very proud of one recruiter, as a CEO, I am willing to pay at least 50% more to diversity.
Brent Skinner 33:14
Hmm. Yeah, in a way, that that four times number right there, you know, when you’re when you’re dealing with sort of nudging people out of well set ideas, right, because inbound recruiting, you know, as being sort of the, the, the, the way that we’ve done things for so long, right? It’s sort of set it set in stone, in a sense, right? I won’t say stone, but it’s kind of they’re set in their ways. And it’s also kind of it can be a sunk cost, right? And so, or at least a sunk cost in terms of a like an emotional sunk cost, if you will, right. And so, if you want to kind of Jolt people out of that and really get them to start seeing how things can be different. There’s no, there are few better ways to do that than to present them with a very compelling are essentially ROI, a number, which is what was what, which is what you share. So, I mean, I think that makes a lot of sense. Steven, I’m looking at the time and, and I just want to make sure we get this one question in here, because I wanted to ask you guys, congratulations on the significant VC funding that you recently brought into the company that the actual number escapes me at the moment, but I know it’s, it’s, it’s in the millions and, and several millions. And I wanted to just ask you, how are you going to be allocating some to the extent that you can answer this I understand some of this is the secret sauce, but to the extent that you can answer you know how he can be allocating this or sort of using this to, to, to invest in outbound recruiting. What are some of your plans?
Steven Jian 34:58
Yes, it’s a great question. So it’s a couple million dollars a to 10s of million dollars. Okay. Yeah. To, to me, it’s very clear all the money that $26 million will be fully dedicated on this education, our bond, including there will be three areas we were put allocating the resources, first technology, right. And no matter how and what we say, at the end, we did the technology to fulfill what we promise. Okay. And ongoing recruiting is hot, very, very hot. It’s not that hot, and we will see all the outbound activity already. Right. So it’s hot, how to make it easier. So that recruiters, okay, all of us will adopt. Okay, recruiters and hiring managers, often we adopt this outbound recruiting now requires technology, but technology is unlimited. And the other part is a community. And we need to cultivate a community, our bond community to evangelize the outbound recruiting this strategy, and also share the best practice the playbook of outbound recruiting, how to be successful, okay, it’s not only speech, it’s about daily work, and what is the process? What is the productivity? What is the dashboard? And what is the content message, and what is the timing, so everything is very concrete, we need to have a bigger and bigger, stronger and stronger community to most to promote, okay, that are going recruiting. But community is also a wolf, the author, a lot of IT investment, okay, and who will invest that in the community, we have to need that our efforts, of course, I, I, my team and I, we were many vendors, they also follow us and join this outbound recruiting category. Okay, they basically the community, we have more resources, okay. But at least for now, we will be the first vendor to invest in that community and cultivate the best practice, okay. And the third part, it’s really about the water sales and marketing, right. And we need to make sure that more and more accounts, more and more countries, they were hear about this story and hear about as a strategy. And they will also some of the percentage of day will be the pipe year to deploy the album recruiting process. And they will start to share a also when people switch from Company A to B, we also bring that at best practice. Right? So sales and marketing and our revenue growth must be there ever we succeed. And we have more resources. Okay. But that’s the last piece and we need to prioritize technology and prioritize community before our revenue.
Brent Skinner 38:14
Yeah, yeah, that’s, I mean, it’s, it’s pretty methodical. I mean, it makes a lot of sense. And sounds like you’ve thought about it quite a bit. And, and, in one thing I wanted to get in here is that, you know, in terms of the five pillars of a of Soomi, of outbound recruiting, hireEZ, has capabilities around all five, five of those now. And so the job now within the technology is to build on those. So I wanted to make sure that our, that our you know, our viewers were aware of that. And, and one of the things just that occurred to me is, you know, it was something that you said a couple minutes ago, Stephen, around your plans for the future. And that is, you know, outbound recruiting is this real regimen to it, you know, there’s an ethic to it, you know, it’s not, it’s not something that you can just kind of like set and forget, it’s a much more sort of involved type of recruiting in a sense, as proactive and it requires, you know, persistence. So, you know, it’s great to have tools that enable recruiters so, so inclined to proactive recruiters to actually do what they want to do.
Steven Jian 39:25
Yes, absolutely. I can breathe. We also, Shannon’s team is working extremely closely. We serve the community with a lot of very successful and also very innovative recruiters in our space recruiters and sauces. So we also are very open minded and open to integrate partnership with other vendors in our space. As you said, we have this whole workflow functions already. But we don’t require our users and our customers say, only use Hi easy. No, we want them to use the outbound recruiting. It doesn’t have to be high easy. Okay, so if they use an auto vendors engagement, fine. We integrate wisdom as long as the other side also that are open minded, right. So we will work with many technology in this space to make our users workflow truly powerful and sufficient for our coding.
Brent Skinner 40:33
I love it. I love it working together. Yeah, absolutely. Well, thank you both. For being our guests today. This has been a fantastic very, you know, intriguing, interesting conversation, one of my favorites HRTechChat’s thank you so much.