Joberate is the world’s first technology platform that measures live job seeking activities of the global workforce leveraging publicly available Social Media data. Simply Joberate helps companies hire top talent quickly and cost-effectively. Below is our interview with Michael Beygelman Co-founder and Chief Executive Officer of Joberate:
Q: Joberate was founded in the fall of 2013, could you tell us your story?
A: We (co-founders, Aki Kakko and myself) met each other as a result of our client relationship. I was the Global RPO President of Pontoon Solutions (an Adecco Group brand for recruitment process outsourcing and managed service solutions), and Aki was a co-founder of Kiitos Oy, one of Pontoon’s local market partners in the Nordics and the Baltics. After nearly 8 years at Pontoon, having built the RPO business as it’s first employee into the dominant RPO market leader, I was ready for a new challenge and joined up with Aki in the fall of 2013 to lay the foundation for what has become Joberate. We agreed that most life events such as buying a house or a car, or going to college, or getting married or having children, have all been studied and better understood, while changing jobs — also an emotional life event — is something that society knows very little about. Our collaboration gave birth to the most innovative HR technology platform in decades, and their unified mission is to help society better understand job seeking behaviors of the global workforce.
Q: Could you explain what Joberate’s platform does?
A: Joberate’s technology platform measures a person’s job seeking activities by leveraging data science to extract relevant information about the person from Social Media data, and then applying more data science and machine learning to convert myriad extracted data points into a simple job seeking activity metric called J-Score™. Organizations are leveraging Joberate’s global platform to power a whole new generation of real-world business applications. Some clients are using Joberate’s platform to help with retention and recruitment of talent, others rely on Joberate’s analytics as indispensable Sales and Account Management tools. Joberate’s platform is at the epicenter of many business use cases including alternative credit scoring, financial hedging and risk management, succession planning and M&A integration, and in gathering market data and performing social and economic research.
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Q: Can you help us understand your business model, and the advantages to using Joberate?
A: We license access to Joberate’s platform to corporate clients based on one metric — how many people’s job seeking activities the client is tracking. It’s a simple model that enables clients to have unlimited users collaborating within Joberate’s platform. Job Boards, Social Media companies, Data Aggregators, and other high volume users can license access to Joberate’s API, and then pay per use, paying some nominal amount each time they pull information about a person they are tracking. Essentially we offer Joberate on a Platform-as-a-Service basis to our clients, so we don’t compete with SaaS software companies; in fact many of them are becoming our API partners, as evidenced by our recent announcements.
The primary advantages of Joberate’s platform is that it monitors real-time Social Media data, and that it measures what people actually do, so the output from Joberate is real-time, factual, observable behavior instead of using lagging surveys to try to predict future behavior. Joberate represents orders of magnitude improvements in methodology because Human Resource departments, for example, no longer have to rely on time consuming, expensive, and unreliable employee engagement surveys, which are self-reported and only elude to what a person might do.
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Q: Who is your ideal customer and why?
A: Ideal Joberate clients are Human Resources, Recruitment, and Sales organizations within a company, irrespective of their verticals. The business case for improving employee retention and measuring employee engagement in real-time, or the ability to quickly spot changes in client regimes, are high value business cases with measurable ROI. There are also a number of specific industry vertical applications. For example, an investment firm can track job seeking activities of their portfolio companies. One client uses Joberate’s platform to track executives at specific companies, and then short-sells a company’s stock where there is an increase in job seeking activities among their executives, which in some instances signals potential upcoming company turmoil. They do very well! Other potential clients include companies that are seeking alternative credit scoring methodologies, and organizations that do employment and/or economic research.
Q: You’ve recently announced API integration with Macromicro’s HR Analytics and workforce data-discovery platform; tell us something more?
A: The API integration and partnership enables clients to leverage their employees’ J-Score™ to study employee satisfaction and engagement. By visualizing J-Score™ in context of other HR data, clients can gain insights at the individual level (perhaps with the goal to retain a high performing employee), and also see enterprise-wide patterns to discern how entire groups or divisions are performing, in real-time. The unique combination of J-Score™ as a leading indicator, embedded within Macromicro workforce visualization platform that clients use to view historic employee attributes (e.g. span and control, appraisal scores, employee engagement scores, tenure, promotions, etc.) will help HR executives and line of business managers proactively reduce the risk of key employee attrition and to avoid expensive hiring mistakes.
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Q: Your technology demonstrates the power and the capability of leveraging Social Media “big data” and machine learning; What are your plans for the future?
A: Joberate’s platform will perform analysis of job seeking activities of more than 1.8 billion people globally over the next three years, which represents nearly half of the world’s employable population that will have a unique J-Score™. Some are already calling Joberate the “Equifax of HR,” which is humbling since Joberate is being compared to such a successful company, but our technology platform unquestionably demonstrates the power and the capability of leveraging Social Media “big data” and machine learning, to provide real-time insights about observable job seeking behaviors of the global workforce; helping companies know more about their employee engagement, do a better job retaining their key people, and hire top talent quickly and cost-effectively. Joberate’s platform will be used by economists and analysts to study job seeking activities of the global workforce, by U.S. state governments to monitor their respective unemployment programs, by financial institutions to assess people’s ability to pay their obligations, and many other use cases that society has yet to invent.Activate Social Media: