The Best Recruiting Tool Ever
Male Voice: Hello and welcome to Eightfold Radio. Joe Belluomini is principal recruiter at Coit Group and has been deeply involved in recruiting technology for many years. Coit relies extensively on LinkedIn and has demoed dozens of recruitment tools over the past ten years. Let’s listen now as Joanne McDougald speaks with Joe about why Eightfold was the first recruiting tool and really stood out from the pack.
Joe: My name’s Joe Belluomini. I’m from the Coit Group. We provide strategic staffing solutions to high growth companies here in the Bay area and across the world. We have been in business for 17 years, and we’ve been working with the top VCs in the valley, working on companies that are really looking to hit the gas and grow their teams, which makes me kind of a subject matter expert on recruiting technologies.
So as a matter of fact, very early on I got the privilege to work with the founding team at LinkedIn. We did a lot of their early recruiting, and they actually brought me down one day to figure out how we could make LinkedIn, which was just like a business platform at the time – a business social network – how they could actually take it and monetize it and leverage it for the recruiting industry. So we came up with what is now called the InMail. At the time you had to reach out through your network of friends to try to reach people. So if I wanted to get ahold of someone you know I had to reach out to you, and then you would have to connect me with your friend. And that could take three, four or five weeks.
Eightfold: I remember, yeah.
Joe: And so I said, “Look, guys. If you could just allow me to reach out directly I would pay you for that.” And they said, “Well, how much would you pay for that?” And I said, “Well, I’d pay $5 per message.” Then InMail was born, and now the company’s worth billions and billions of dollars. As a matter of fact, I sent the first InMail on LinkedIn. That was one of the cool things they allowed me to do. Since then companies all around the world have relied on LinkedIn to provide them with a database of candidates.
Eightfold: And candidates have relied on LinkedIn to provide them with a list of companies that they should pursue.
Joe: No longer are the job boards – if you went on a job board you were actively looking for a job. And if your employer found you he might think otherwise, but here you’re in this network of people that allows you to have access to candidates. And now with the InMail we can communicate directly with them. So my company, which is an RPO shop, which means we go into fast-growing high-growth companies, and we outsource projects. So some of our clients are looking to quickly scale a sales organization or an engineering team to meet product deadlines.
And they just don’t have the recruiting capacity to be able to find these engineers or sales reps. So we come in there and augment their current staffing solutions and provide those candidates. So we’ve been a full stack LinkedIn company. Our company’s relied on LinkedIn. Our budget – almost 80 percent of it – goes to LinkedIn every year as our tool. And throughout the last 10 years I’ve probably demoed no less than 50 recruiting technologies, and I’ve never bought one.
I’ve done proof of concepts. I’ve done trials, but I’ve never purchased a tool other than LinkedIn. And then Kamal, who’s the new president of Eightfold AI came to me, and he was actually the chief revenue officer of Apttus where they had outsourced all of their recruitment to us. So we grew Apttus from 20 people to over 1,200. And Kamal was the chief revenue officer, and he said, “Joe, I stepped down to go work for this AI company.” And I was like, “Okay, Kamal, another recruiting tool? I’m not too sure that was the best move.”
Eightfold: Number 51 on the chopping block – if you’re keeping track.
Joe: I’m like, “Are you sure you’re gonna go to another recruiting tool because I’ve said no to all of them. LinkedIn owns the market, and I’m not too sure that was the best move. But I will come over and take a look.” We literally met in the alley the day after he left. Obviously Kamal’s a smart guy. He was an incredible man to work with, and I was thinking, “Oh my God, I better go meet with him,” because I was curious. What are these guys doing? And the next day they brought me down to their office, and they sat me down, and they demoed the software to me, and all of a sudden I realized, “Oh my God, this is the tool I have been looking for over the last 10 years.”
And I said, “This is a tool that can immediately impact my business and allow my recruiters to have –” It’s basically a sourcing automation tool, and it’ll allow them to go into my clients’ databases or applicant tracking systems and nurture those databases and go in there and start talking to all the folks in those – all the different candidates that have applied in what is typically called a black hole. I don’t know if you’ve ever applied for a job, but everybody said, “You applied for a job, and you didn’t go through a recruiter? You just sent your résumé into a black hole.”
And that is what most applicant tracking systems are. They’re a black hole. And with Eightfold their product goes in there and it nurtures that database. It looks for folks that might have the same skills as the open recs you’re looking for, and it messages them, and it sees what they’re up to. And it eliminates that human element that needs to go in there and write a message, spend the time looking at their résumé.
You’ll never remove the human element from recruiting. It’s just like sales and real estate and insurance. Making these decisions to join a new company, to invest your money into a fund or to buy a house – those are big decisions in life, and you usually need someone holding your hand during that process. But what it does is it frees up the recruiters to focus on the part where the human element’s important and allow them to go in and eliminate having to spend all day looking through that database for pockets of gold.
Eightfold: I think that’s the most interesting thing that’s part of this story. You’re using high technology, using AI in order to become more humane and have real human interactions. Because as it is, it’s just a numbers game. The statistics that I’ve read are that somewhere around only 10 percent of applications ever get really a review at all, and it’s 10 seconds or less by an individual recruiter.
Joe: There’s just not the human capacity to go and look at everybody’s application. At best they get glanced at. It’s usually when a recruiter calls a hiring manager and has a conviction or a story or some passion around a candidate that that candidate gets in the hiring process. But the sheer volume of résumés that are flowing, with only about 1 or 2 percent of them actually being relevant to the position, causes the recruiter to take his eye off the ball and focus on working with someone else who has a very well-vetted candidate.
So I’m really excited about the power and the opportunity for Eightfold in the marketplace and with my clients. Kamal and I have really laid out a great plan for my existing clients, and we’re going to market together because we are experts at implementing the technology and being able to power it. So we’re looking forward to a great partnership, and I think the success of Eightfold is going to be –
Eightfold: Tenfold – I love it. That’s your quote, all right.
Joe: They should have called it Tenfold because it’s going to be a very – I’m excited about these guys, and I’ve never been excited about any recruiting tools or platforms, except for LinkedIn, over the last 17 years. So this is exciting stuff.
Eightfold: So once again, thanks for joining us. That was Joe – say your last name.
Joe: Joe Belluomini.
Joe: Joe Belluomini from the Coit Group located in San Francisco. We’re a strategic solutions provider for fast growing companies here in the technology arena.
Eightfold: Thank you so much for joining us, Joe.
Joe: Thank you, Jo. Have a great day.
Eightfold: You too.
Male Voice: Thanks for listening to Eightfold Radio. To find out more about Eightfold, please visit us at Eightfold.ai and be sure to listen to our other episodes chronicling the experiences of Eightfold’s customers and partners.
In this episode, we hear from Joe Belluomini, principal recruiter at Coit Group. Joe has been deeply involved in recruiting technology for many years, most recently relying heavily on LinkedIn. Joe discusses how new recruiting tools are a dime a dozen, but Eightfold.ai was the first to deeply impress him.