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The Use Case Podcast – Storytelling about LaborIQ by way of ThinkWhy with Claudine Zachara

Welcome to the Use Case Podcast, episode 109. This week we've storytelling about LaborIQ through ThinkWhy with Claudine Zachara. during this episode, Claudine and that i discuss how practitioners make the business case or the use case for procuring LaborIQ.

Claudine is an authority in all issues AI-pushed SaaS and labor market options. Her ardour to create a SaaS product designed to radically change labor market intelligence really comes through all over the podcast.

provide the demonstrate a listen and please let me recognize what you believe.

Thanks, William

show size: 28 minutes

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make certain to check out all our episodes and subscribe via your favorite platform. Of direction, feedback are at all times welcome. Thanks for tuning in to this episode of the Use Case Podcast!

demonstrate Transcript

William:   00:25Ladies and gentlemen, here is William Tincup and also you are paying attention to the Use Case podcast. today, we have Claudine on from ThinkWhy and we’re going to be gaining knowledge of all about her enterprise. We’re going to jump right into it. Claudine, would you do us a want and introduce each yourself and ThinkWhy.

Claudine:   00:43Yeah, satisfied to William. first off, thanks for having me. I’m Claudine Zachara everybody and that i am the president and COO and co-founder of a corporation called ThinkWhy. we are a SaaS platform for skill intelligence application and launching a fresh product at the moment for our LaborIQ platform.

William:   01:03Well, skill intelligence. first of all, it could possibly mean loads of various things to lots of different people so let’s sort of destroy down earlier than we get into the LaborIQ list. for those who all consider about talent intelligence, deliver us some insight into sort of the techniques that you all feel about it.

Claudine:   01:32Well, that’s a really high-quality query. once we first began pondering via this, our ThinkWhy americans impressed focus turned into creating a brand new era of AI driven SaaS solutions. And in reality the total center of attention became on remodeling the labor market solutions for employers and job seekers. And so once we focus on skill intelligence at this time, it’s actually from a B2B standpoint, it is about assembly an unparalleled length of time right now in our nation’s history. April, four million people left their jobs, they’re calling it the brilliant resignation, but it’s a time in our history the place all and sundry are rethinking not just how we work, however why we work. and that i believe here's a fine issue. And in order that’s how we believe about ability intelligence. We’ve bought compensation, retention in specific, which is massive for employers presently after which labor market options and analytics that foretell precisely what's transpiring in existing day economics for business leaders.

William:   02:32With the LaborIQ product, so certainly you developed this. A, how did it kind of occur? turned into it things that your shoppers have been telling you? Or simply form of a gap in the marketplace? firstly, simply speak about the product itself. what's LaborIQ?

Claudine:   02:56Yeah. On the outset, ThinkWhy’s mission became to create a SaaS product that would radically change labor market intelligence. And so in 2018, our focal point become on frankly, out of the need for our ourselves but we knew we desired a labor market for a spotlight. The disparate condition related to four, five, six various kinds of application structures, the idea changed into to create something more desirable and sooner and an intelligence device product that could inform and create options. The theory become to more desirable align and support agencies power individuals and growth suggestions by means of proposing solutions that they need that at the moment are in a lot of different places and land them in a single actual, confirmed platform that might permit this. skill intelligence is powered via an advanced AI know-how that we’ve created. It’s proprietary. It’s an intelligent gaining knowledge of algorithm and we cover the entire US for each metropolis and every job title available in the market, even if you’re knowledgeable labor or hourly, revenue or hourly.

Claudine:   04:04And of direction the brand new product that we’re launching at the moment is complete Compensation. And that permits each agency to customise each little bit of their complete comp kit. all of the further facets that they allow to are attempting to win talent and preserve skill in the variable compensation category to permit a truly customizable approach to hiring and holding ability. That’s the new feature launching now. but the LaborIQ platform changed into born out of necessity to answer your question, we as employers obligatory it but we knew that we may create something that could be sooner, greater streamlined and you could count on the solutions.

William:   04:44When I suppose of labor market, one of the most issues I think of is deliver demand in comp. I form of feel it in those methods. I’m like, okay, what’s the office supervisor in Topeka, what’s the deliver appear to be? What’s the demand appear to be? and then what is the comp, the relative compensation? Now that changed into pre-COVID that might had been my framework of brooding about issues. all the way through COVID and publish-COVID deliver and demand from my viewpoint and you’re the skilled, but from my point of view, it obtained stronger since the aperture of faraway work and work at home and perhaps hybrid work fashions et cetera, has now opened the aperture of, okay well, take that position. We’ll do a software engineer, DevOps adult in Topeka. neatly, they don’t deserve to be in Topeka. They can be in Paris or wherever. It’s unfolded an aperture for talent and for agencies. For the sourcers and recruiters and hiring managers who appoint ability, a long means of getting round to, how has that modified the style your consumers study give, demand and comp?

Claudine:   06:09Well, amazing question. enjoyable situation, let’s go lower back 365 days, a bit over a 12 months in the past when pre-COVID, February 2020 and we had been in the nation’s tightest labor market in history.

William:   06:22Right. neatly, we within the recruiting industry, what we call a candidate pushed market.

Claudine:   06:27Yeah. And so it turned into so tight. We could not locate ability. We’re a transforming into tech business, we’re looking, we’re competing and we’re in Dallas, which of direction is a extremely instantly turning out to be [inaudible 00:06:40].

William:   06:40Oh, I’m in Arlington. I’m common.

Claudine:   06:43There you go. well, fast ahead. Then when you have the COVID loopy that happened related to employment, so the tightness basically is as bad as it was earlier than. Now you’re correct, exactly right William, about the aperture opening since the flexibility that’s been created with the aid of faraway work is actually a element but the variables that have been regarding what acquired impacted in the labor market from a deliver and demand standpoint had been really pushed by using very certain markets. And particular industries. Industries and sub-markets had been affected a lot otherwise and vastly. And so as the business sector, professional business capabilities as an instance, have been no longer impacted from a loss of skill. We’re as tight or if ever than we now have been before in terms of competing for expert labor. The change now could be, and one of the definitely cool features we've on our platform anyway the supply and demand meter is that we can stack up six diverse metros at one time and assist you to have in mind for that position, where is it going to be most in your price range? And the place’s the talent provide most powerful to be able to find it?

Claudine:   07:57If you have the pliability of being capable of rent remotely and many employers don’t, but if you do, we’ve obtained a very cool function that lets you stack rank up a number of metros at one time, to be able to have in mind where are these people in greatest give? And at what cost so that i will be able to stronger fill my roles that i need. really useful for skill acquisition authorities, recruiters and hiring managers across the nation.

William:   08:23I wrote a piece of writing for certainly a few months in the past and first off, I do loads of work with indeed in order that they love me and that i love them, but I wrote a comparatively controversial article related to disposing of vicinity primarily based pay.

Claudine:   08:44Yeah, I could see how that may well be a bit controversial.

William:   08:47It became for them, specially as a result of every thing’s based on region. however my coronary heart was in the appropriate location within the experience of if it’s a director of demand gen job and the job is net new 20,000 results in the income group, that you may work from any place on the earth. Why are we paying a person that chooses to live in los angeles 30% more than somebody that lives in Wichita, Kansas? And the real, the darkish a part of this as an HR grownup, i'd tell you is here's the place probably the most pay inequities exist. We cover them basically delicately. We hide them, however this is how men from time to time are paid more than ladies. It’s according to their place. It’s like, neatly, but they’re doing the accurate same job so are we paying for the job? Are we paying for region? Now, firstly, i do know that that’s quote unquote controversial, but I believe the more we work in a far off ambiance, the greater I consider people are going to look at comp in another way. Now I’ve observed all that to then talk to the knowledgeable. What are you hearing out of your valued clientele?

Claudine:   10:02Well, you convey up a extremely good element. It’s a controversial aspect because so a good deal of here's traditionally based. Pay inequity, for instance. We’ve acquired a characteristic on the advisory element of our platform, in the LaborIQ analytics part, which is all about diversity and inclusion, and being capable of more desirable understand that. We’ve obtained all that facts to be in a position to take into account how one can improved meet those metrics. That’s going to talk plenty to what you’re talking to, however I believe part of here is old. We’re at an unprecedented time as a result of COVID rather actually turned every thing on its ear in the sense that you probably have the flexibleness, far flung work could have an impact on exactly what you just mentioned concerning pay as a result of then people have the choice to, let’s say they are looking to live in El Paso or they need to live in Kansas metropolis versus the Bay area’s cost of living and then nonetheless be paid a wage for that developer function that calls for, one of the crucial fastest turning out to be areas and least renowned when it comes to most sparse is information scientists.

Claudine:   eleven:07What in case you’re in that field? That’s the place you wish to be at this time as a result of they're hotly sought after. And so wherever they are living, they could decide to are living on a beach in Hawaii in the event that they want to and nevertheless garner the same. I suppose if employers have that means and that flexibility, that’s nice. but every business goes to be governed via a special set of values. For us in particular, it’s concerning the core tradition and riding something that’s in reality transformative and constructing a product through collaboration. My americans are all right here. We’re now not far flung. and each enterprise goes to have a different set of core values regarding how they control.

Claudine:   eleven:42I suppose your point, that faraway influence goes to see adjustments in pay equality, range, choices. We’re speakme in regards to the excellent resignation at this time. americans are determining different things that make them chuffed. more people should be doing work they love at organizations they believe captivated with, leading to stronger successes for agencies and frankly that’ll interact their employees with accountability, caring, and have confidence. It’s a win win. We’re at a really atypical time in our historical past and it’s pleasing to be a part of it with a platform that helps create answers for employers to more desirable get that fit correct between worker and service provider.

William:   12:27Because we may speak for hours about ThinkWhy, however let’s center of attention on the LaborIQ product in specific. where within the workflow do you need TA and HR to work with the LaborIQ product? where does it, once they’re growing job descriptions and that they’re inserting in comp, issues like that, however where? And but I simply pulled that out of thin air.

Claudine:   12:52You obtained it. You nailed it. it's precisely at that point. It’s truly, should you’re making a job description, we've a customized characteristic that lets you create complicated abilities and tender talents without delay for the role that you simply want. You find the function, you take into account what the demand for that position is after which you customise training, experience, whatever thing your using drive is at your business. If it’s talents based most effective, which is a extremely sizzling buzzword at the moment the place it’s a potential based talent acquisition, you set that up in a job profile, take into account exactly what the compensation is and then you personalize it on your wants nevertheless it’s at that stage if you happen to’re creating the job and also you deserve to remember the compensation for it at that stage. and then it lets you migrate into the retention of your employees from a complete enterprise to teams and people.

Claudine:   13:42The LaborIQ platform enables total compensation solutions so you can comprehend what to make the present and win the ability. It has a retention tool to help you add full groups, create full teams from scratch to consider what it's going to charge you. but most significantly, in a funds surroundings season, to understand the charge of equality. as an instance, what in case your right americans aren't being paid to market demands? You need to be aware of what your risk is. It’s a retention device that permits you to benchmark your normal compensation method and remember what the gap analysis is.

Claudine:   14:13And then of direction, the market analytics side, which is the third component that nobody else has in terms of during this space, which permits you to take into account labor market forecasts. What’s happening in your metro versus each metro you do business in or where you've got assorted satellite tv for pc places of work. bear in mind the forecast in your selected industry versus different industries that you simply promote into so for you to superior force your usual business approach and so that’s what LaborIQ is, it’s compensation, retention and market analytics involving the job market so so that you can definitely stronger strategically plan and grow.

William:   14:49When we feel about labor, we’ve been speaking about this for a couple of years, however we’re starting to think about labor otherwise, in terms of fractional, gig people, freelance, offshore, near shore. The traditional ways that we’ve notion about skill, of full-time, part time, seasonal, et cetera. if you happen to’re looking at at labor, greater importantly, when your consumers are looking at labor, they’re the entire several types of labor?

Claudine:   15:25Well, yeah. One size doesn’t healthy all. And that’s the captivating thing about US, we’re all so unique. There’s no person taste. And so the improvement of getting the custom function capabilities of you get to pressure the company the manner you’re developed and what your needs are and we forecast the deliver, now not best the provide and demand at the moment, but out six years so then employers can greater remember what is the going price?

William:   15:48Oh that’s cool.

Claudine:   15:48What am I going to ought to brace myself for subsequent yr involving the tightness of the market in any selected occupation?

William:   15:56Apologies for me interrupting, however that also gets into staff planning and succession planning if completed well.

Claudine:   16:02Exactly right.

William:   16:05When you and your crew demo LaborIQ, what do individuals fall in love with?

Claudine:   sixteen:12For bound, the UI initially. the primary response is, wow. It’s a 100% cloud based platform. It’s very quickly and solutions are at your fingertips. With only two records inputs virtually from the compensation standpoint, your metro and the position, you get tips impulsively and it transforms in entrance of your eyes with a ten to 90 percentile bell curve to take into account what the charges are in the whole combination marketplace for that role however then additionally refining it all the way down to what you can find the money for and what you need to anticipate affordability is in accordance with how abruptly the market is adjusting. That’s the primary response is, wow. It’s quickly. It gets solutions right away. and then it’s, I obtained so much greater tips at my fingertips. I used to must go to 4 diverse places in distinct software structures to get all of this in a single.

Claudine:   17:04And that’s truly been our mission from the starting was to create some thing smarter and faster and more intelligent within the skill class. And in order that’s been fantastic to hear and we proceed to innovate again for this most contemporary launch, which is the total compensation feature. It goes beyond simply earnings and hourly comp now it’s complete comp to permit you the variable compensation. however I think originally it’s, wow, here's so a lot quicker and more convenient to make use of than the rest I’ve viewed earlier than. I consider that’s the preliminary reaction we get.

William:   17:34I’ve handled and worked with lots of comp specialists and i’ll say this, and i’ve spoke of it publicly to their faces so I don’t mind this. They’re a bit wonky. They’re very at ease in Excel, and with Excel, very complex Excel spreadsheets. They’re observing a comp records the entire time so they’re comfy with this. It’s the people that are around them that might not be as at ease with comp information that I discover is variety of charming. if you contend with efficiency, you’re doing with hiring managers, coping with individuals that aren’t looking at this stuff all the time. i do know americans are going to question me put up exhibit, your comp records and not moving into any secret sauce or stuff, however where does your comp records come from?

Claudine:   18:28Well, that’s an outstanding question. We’ve bought nearly eight distinct sources of compensation information.

William:   18:33Oh cool.

Claudine:   18:34But I’ll clarify what that ability. We use whatever we name the ATILA know-how that we’ve trademarked and is proprietary to us. We birth with probably the most relied on, longest lasting survey information in the world, which is the local markets. every enterprise has to report their compensation to the government every single month. we have a regular hobbies method that’s long past on for 30 years. It’s probably the most tried and proper systematized manner on earth. all the executive reporting entities within the labor market. We also take US Census statistics Bureau. We take the VEA, IPEDS statistics, O*net statistics. We take all of those sources of information, we compile it into our equipment from an information intake standpoint after which we add in our records science methodology. we now have a big crew of records scientists and information engineers. Then we usher in the augmentation of the proprietary research and a five step information consumption process that then cleanses and adds to, to get to over 20,000 occupations.

Claudine:   19:34It’s truly 18 trillion statistics facets for over 20,000 jobs, 1,600 industries in 388 US metros within the country after which to be certain that each one of our algorithms, our proprietary algorithm system is accurate, then we validate it towards an exterior supply, the validation source and that’s over eight million pay stubs of US groups across the country to make sure that we are on the mark. when it comes to accuracy, you may find no improved answer but the proprietary facts preference and the data science, the proprietary analysis and then the validation method, I think in our opinion, there’s nothing greater accurate to permit it to be a relied on source because you’re making very effective selections, not most effective for hiring however also conserving. And that’s a part of our secret sauce. And we’re very open about that. We share that ATILA system and what that appears like and the way we do what we do in that secret sauce you outlined, William.

William:   20:34I love that. first of all, i like that. And trillion, that became with a T in case those.

Claudine:   20:40It’s with a T, 18 trillion data aspects.

William:   20:42Yeah. The counsel, and i understand you get this out of your shoppers, in particular on the job posting aspect. ability shortage obtained it. especially in definite markets in definite job.

Claudine:   20:55Industries.

William:   20:57Industries. one of the things is a debate that’s going on for ages now about inserting comp statistics into the publish itself. What’s your advice when purchasers ask you about this?

Claudine:   21:14Into the put up? Oh, you mean in terms of the job posting?

William:   21:16Into the job posting, yeah.

Claudine:   21:18Yeah, that’s a kind of things, it’s convenient for me to say, but working a company myself, it basically comes down to, you actually can deliver ranges however i know that there’s, I believe you’re likely referring to the most accurate information out of the Denver area, is that correct? Colorado?

William:   21:35Yes.

Claudine:   21:35Yeah, it’s certainly controversial.

William:   21:36A bit.

Claudine:   21:36I’ve been analyzing about that too. I suppose that it distills the aggressive advantage that every business enterprise wants to have concerning finding the correct talent that matches their needs. And so I’m no longer going to be able to govern that or even to propose on it other than to claim, I think you eliminate a part of competitors, which is what this US market is all about. each the labor market and the free business market and i consider it does us a disservice as employers but also for the employee who may probably more suitable, who may get more funds, who can earn extra funds in preference to having something posted because the compensation metric. And so my counsel could be, let’s keep it as open of a market as possible to permit the highest quality competitive edge and the win for each the worker and the corporation.

William:   22:30First of all, outstanding answer. I’ve struggled with this in the past. and also you’re the expert so I in fact want to get your take on this. we now have an organization, we've 10 application engineers. And so we recognize in keeping with experience, we understand in line with what they do, et cetera, we comprehend what they make. We be aware of precisely what they make. Why is there a negotiation when it comes to revenue? and i’ll do exactly earnings. I’ll separate that from comp for just a 2nd. And the rationale I’m asking this certain question is I also believe that here is the place bias and additionally some inequities exist.

William:   23:18If we recognize the utility engineer too, that has 10 years of experience, had this faculty and does these items we, that we pay on standard, we’ve bought three americans within the enterprise that do that, they’re all paid $185,000 length. Why is it left to recruiting and recruiters in certain to negotiate? because I’ve checked out it as a minimum traditionally is if i will get, and that i’ll just say it the manner I believe it, if Sally comes on and Sally says, “165,” Sally starts $20,000 below what all and sundry else is being paid. And we’ll make it a worst-case scenario, the entire other three guys, they’re all guys. She’s $20,000 in the back of doing the exact identical job, simply as a result of she poorly negotiated her salary. When, why changed into that even a negotiation? according to, you’re a knowledge adult, in keeping with if we know what the records is, here’s what the job can pay.

Claudine:   24:29Exactly. neatly, you nailed it. look, I don’t suppose each service provider creates a negotiation with employees but i will be able to say this.

William:   24:36Right. actuality.

Claudine:   24:37The LaborIQ platform, LaborIQ via ThinkWhy removes that because now you’ve got the demand and it’s removed all bias. It’s removed gender, it’s removed even the ancient element of training or adventure. in case you want to get rid of that and you want to baseline it, it permits you to be mindful what the demand for that position is even with who’s making use of for that position. but i'll say this from a aggressive standpoint, this specific product allows for small and medium dimension agencies to not simplest compete but win against the large massive behemoth agencies. as a result of what we’ve viewed, notably in speakme to a couple of of the CEOs which are on our platform but additionally all of the skill acquisition HR specialists that are on our platform. What they say is that this now helps me bear in mind exactly what I’m up in opposition t. where I didn’t have that visibility before. I should recognize precisely what americans in a tech space that might possibly be a Google dimension, what I’m competing with at my size company, at ThinkWhy, as an example.

Claudine:   25:35And now they’ve obtained a competitive part. they can get rid of the bias as their personal DI initiative, they eliminate the bias, you don’t have to have a negotiation however they’ll understand what’s favorite. They’ll be aware of what that demand, after which pay that grownup what they’re worth according to their expertise that they deliver to the table and what that company can have enough money. as long as that is the aspect, because now not every enterprise is going to be able to have enough money the same amount, but now in case you can compete with the greatest industries out there, you even the taking part in field and enable improved increase chance. And that’s basically what this platform is all about.

William:   26:08I love that. final query and just curious greater than anything else is, are your purchasers dealing with any of the pay compression considerations?

Claudine:   26:19Oh yeah, fully. We’re hearing about every little thing from DNI initiatives, pay compression. every thing presently is a sensitivity because of the skill provide. individuals making selections.

William:   26:31Good point.

Claudine:   26:32And so sure, we hear about it. in reality we take that remarks on a regular basis related to how we inform the product and what points get delivered to improved inform new product roadmap solutions. but yes, we're hearing about that from our valued clientele, as smartly because the individuals that we ballot on a regular groundwork who're already the usage of our product to be mindful the way to optimize and leverage.

William:   26:54I love this. neatly, we might speak continuously however we both have issues to do nowadays. Claudine, thank you so a whole lot for coming on the display and explaining both ThinkWhy in general, but additionally more above all the LaborIQ product that you are launching.

Claudine:   27:11Well William, thanks. Recruiting day by day’s exceptional. i love paying attention to your podcast and i admire the chance.

William:   27:18Well, accomplished deal and thanks for all and sundry listening to the Use Case podcast. until next time.

William is the President of RecruitingDaily. at the intersection of HR and technology, he’s a creator, speaker, marketing consultant, consultant, investor, storyteller & teacher. He’s written over 250 HR articles, spoken at over 375 HR & recruiting conferences and he’s performed over 1350 HR podcasts & webinars. William prides himself on being handy to find on The Internets, Google him, and connect with him by the use of Twitter, facebook, Instagram, LinkedIn, and YouTube.

William serves on the Board of Advisors for appoint Wells, Worksense, Wedge, premiere, Rolebot, Gustav, Humantic, TechScreen, Brazen, Engagedly, Echovate, VibeCatch, Continu, Happie, Work4, and SmartRecruiters. He’s an lively mentor with ATK LABS (Israel) and talent Tech Labs (ny metropolis). He became up to now an advisor to Altru (offered to iCIMS this autumn 2020), Hyphen (bought to Betterworks Q1 2020), Causecast (sold to the us’s Charities Q3 2019), RolePoint (bought to Jobvite this autumn 2018), PeopleMatter (offered to Snag Q2 2016), (bought to StepStone Q1 2016) Smarterer (offered to Pluralsight this fall 2014) and a board member of Talentegy (sold to Jobvite Q3 2020), Chequed (merged to create OutMatch Q3 2015).

William is a graduate of the school of Alabama of Birmingham with a BA in artwork heritage. He additionally earned an MA in American Indian reviews from the school of Arizona and an MBA from Case Western Reserve tuition. William holds six different certifications: “Trustee management & building” from United method Blueprint for Board service, “management development” from management fortress worth, “certificate in Nonprofit management” from The Mandel middle for Nonprofit organizations, “Trustee administration & development” from enterprise Volunteers limitless, “SHRM – SCP Certification (Senior licensed knowledgeable)” from SHRM and, “Senior skilled in Human substances (SPHR)” from the HR Certification Institute.


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