Hiring is a hard job
You are looking for that ideal job. Conversely, you may be looking for the ideal candidate for an important vacancy.
LinkedIn, now under Microsoft, has become the default go-to resource. That status will soon face challenges from ambitious competitors.
Take a leap
Leap.ai, founded by two former Google executives, are making a bold claim: the LinkedIn model, a ubiquitous presence, can still be cumbersome. Looking to upend the antiquated “text crawler” methods that many HR departments use, they are promising a better way to match up candidates and employers— groundbreaking AI powered bots that will weigh candidate’s qualitative markers as efficiently as quantitative ones.
The result—an automated ideal match based on comprehensive aptitude and attitude variables, hitherto unheard of.
CEO Richard Liu was quoted saying, “We learned that hiring is hard. Your ability to learn, collaborate or take initiative are strong characteristics, but it is hard to get a feel for them from an interview”.
Users can sign up on the website or iOS app.
An algorithm matches candidate’s hiring criteria with available jobs, based on candidate profiles, which includes sections on self-assessment, personal values, and job preferences. “We not only send the user’s resume, but also an endorsement that explains why the candidate is a great fit for the company and role,” said Liu.
If successful, such development promises to revolutionize job hunting, significantly cutting down on hiring timeline, resources expended and the need for HR intermediaries eliminated.
But for now, the startup is only focusing on tech jobs.
Artificial Intelligence, artificial success?
Will AI powered data fare any better? Especially, when the suggestion was compiled based on data gathered from job seekers and employers? As such, the matchup is not unlike what dating apps promise—a high degree of relatability.
Future profitability will provide a more direct answer.
In its current model, the new startup makes money only when it facilitates a hire. Although the company is yet to announce profits, at least 70 per cent of their “matches” have passed the first rounds of interview.
Is that rate much higher than what LinkedIn achieves? That data seems to be missing, perhaps because the specific metrics are not being tracked.
Candidate matches are focused on five cities at present—Austin, Silicon Valley, Boulder and New York. However, since there is a lot of demand amongst Asian companies to re-acquire talents back from the America, Leap.ai has plans to expand globally. Interestingly, ZhenFund of China, a major Asian tech VC, has been the leading investor in the company.
“We’re actively seeking opportunities in China [but] we want to make sure we are well established in the U.S. before moving into China,” Liu said. “We’ve set our targets for the U.S., China and India from day one.”
Founded under two years ago, the company has only 10 staff (half of whom were hired via their service). Their small size, however, is not stopping the startup from dreaming big. They want to build a mentorship opportunity— guiding young employees through career goals with helpful AI powered data.
Exactly how that goal would be realized remains unclear at this stage.
For now, despite boasting 50 customers including Dropbox, Uber or Chinese companies like Baidu and Didi, the company would require more seed money to become competitive.
It is perhaps ironic that the best place to get a quick background on the founders of the startup that is daring to challenge Linkedin, is in fact, Linkedin.
Etsy is trying on second-hand fashion with purchase of Depop
(BUSINESS NEWS) With the younger generation moving away from fast fashion, it makes sense that Etsy has acquired one of the most popular Gen Z second hand apps.
Over the last few years, sustainable shopping has been a bullet point in the large-scale topic of the environment. Burning through clothing by disposing of old clothing and shopping from places specializing in “fast fashion” is causing damage to the earth.
According to the UN Environment Programme, the fashion industry is the second largest consumer of water and is responsible for 8-10% of global carbon emissions – more than all international flights and maritime shipping combined.
As a result, shopping second hand has become more popular, as opposed to mass-produced fast fashion. Online platforms like Poshmark and ThredUp have grown tremendously over the last 3 to 5 years.
Etsy paid $1.6 billion to acquire the UK-founded company, which has attracted a younger, Gen Z-based audience due to its social media use and messaging on shopping in an ethical and environmentally-friendly fashion.
Etsy CEO Josh Silverman said the company was “thrilled” to be adding what it believes to be the “resale home for Gen Z consumers” to Etsy. Depop has approximately 30 million registered users spanning 150 countries.
“Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale,” Silverman said in a statement Wednesday.
“We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous ‘house of brands’ portfolio of individually distinct, and very special, ecommerce brands.”
Due to the COVID-related e-commerce boom, shares of Etsy have more than doubled in the last year. The stock was up about 6.7% Wednesday afternoon.
According to data from Crunchbase, Depop had raised a total of $105.6 million from investors including General Atlantic, Creandum, Balderton Capital, Octopus Ventures and Klarna CEO and co-founder Sebastian Siemiatkowski, prior to their agreement with Etsy.
With fashion being so cyclical, it may be safe to say that second hand will never fully go out of style.
What are your thoughts on resale apps being the answer to fast fashion woes? Let us know in the comments.
As masks become optional, businesses find themselves stuck in the middle
(BUSINESS NEWS) One liquor store’s decision on mask policy following changes in local laws has become a recurring story throughout the nation.
The American mask debate has comprised a whirlwind of clashing political ideologies, legal dilemmas, and personal agendas, with businesses placed directly in the middle of the storm. As the pandemic continues to run its course, a disparity in state mandates and legislation is only serving to increase the strain on these establishments.
With increased access to vaccines and several states rolling back their COVID guidance, the option to wear—or not wear—masks is becoming more discretionary, with businesses often having the final say in whether or not they expect masks to be used on their premises. One such business, a liquor store, posted a notice regarding their staff’s decision to continue wearing masks:
“In accordance with Johnson County mandates: Masks are now optional. Please do not berate, verbally assault, or otherwise attack the staff over their choice to continue wearing masks.”
The notice went on to say, “It is painfully depressing we have to make this request.”
That last line epitomizes many business owners’ stances. Places across the country have started allowing customers to discard their masks with proof of vaccination, but if employees choose to keep their masks for the time being, it’s difficult for clients not to view it as a kind of political statement—despite their decisions often being corroborated by local laws.
And, as long as businesses continue to operate within the confines of those laws, their decisions should be free from public scrutiny.
Sadly, that’s not what’s happening as evidenced by the notice posted by the liquor store in Johnson County. The same disparity that allows for some freedom despite COVID still being present in many Americans’ lives often leaves those who choose not to wear masks to conclude that those who do wear them are being judgmental or unnecessarily cautious.
Those judgements work in reverse as well, with businesses who allow their employees to work maskless facing criticism from masked clients. It seems that the freedom to choose—something for which people strongly advocated throughout the pandemic—continues to cause separation.
As businesses change or adapt their regulations to fit state mandates and employee (and customer) concerns, everyone would do well to remember that the decisions these establishments make are usually meant to affect some kind of positive work environment—not to welcome harassment and abuse.
You should apply to be on a board – why and how
(BUSINESS NEWS) What do you need to think about and explore if you want to apply for a Board of Directors? Here’s a quick rundown of what, why, and when.
What does a Board of Directors do? Investopedia explains “A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors. Some private and nonprofit organizations also have a board of directors.”
It is time to have a diverse representation of thoughts, values and insights from intelligently minded people that can give you the intel you need to move forward – as they don’t have quite the same vested interests as you.
We have become the nation that works like a machine. Day in and day out we are consumed by our work (and have easy access to it with our smartphones). We do volunteer and participate in extra-curricular activities, but it’s possible that many of us have never understood or considered joining a Board of Directors. There’s a new wave of Gen Xers and Millennials that have plenty of years of life and work experience + insights that this might be the time to resurrect (or invigorate) interest.
Harvard Business Review shared a great article about identifying the FIVE key areas you would want to consider growing your knowledge if you want to join a board:
1. Financial – You need to be able to speak in numbers.
2. Strategic – You want to be able to speak to how to be strategic even if you know the numbers.
3. Relational – This is where communication is key – understanding what you want to share with others and what they are sharing with you. This is very different than being on the Operational side of things.
4. Role – You must be able to be clear and add value in your time allotted – and know where you especially add value from your skills, experiences and strengths.
5. Cultural – You must contribute the feeling that Executives can come forward to seek advice even if things aren’t going well and create that culture of collaboration.
As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket science.”
NOW! The time is now for all of us to get involved in helping to create a brighter future for organizations and businesses that we care about (including if they are our own business – you may want to create a Board of Directors).
The Harvard Business Review gave great explanations of the need to diversify those that have been on the Boards to continue to strive to better represent our population as a whole. Are you ready to take on this challenge? We need you.
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