In 2015, almost a quarter of U.S. employees voluntarily quit their jobs. These losses are increasingly draining employers’ resources — total costs associated with a turnover, including hiring, training and waiting until the employee is productive, can exceed 150-200 percent of an employee’s actual yearly salary. Employers not only have to worry about whether a new hire will fulfill their role, but also about whether or not they will stay.
Why so much turnover? There has been a paradigm shift across the workforce, changing what employees expect from the companies they work for. Work-life integration is an important deciding factor for some, cultural alignment for others.
To solve this problem, tech-enabled service platform My Cabinet matches employers and job seekers based on technical, personal and cultural alignment. Their diverse team (three generations from an array of industries) aims to make matches that set employees up for the long-term. Here, My Cabinet’s co-founder Hakeem Isaac shares more about their vision and how they identified this need in the recruiting marketplace.
How did you come up with this idea?
The company started as a virtual business card application, where a corporation could easily gather and manage data such as resumes collected at career fairs by integrating our platform with their applicant tracking system. As we studied the market and defined the core of what we were trying to solve, the startup morphed into what it is today. We created a way for companies to attract and onboard dedicated talent who will stay. We also help job seekers, particularly college graduates, identify and work within a company where they feel valued.
Ultimately, we are restoring companies’ faith in the future of our workforce, which is millennials.
What is your funding status?
Bootstrapped.
What is your revenue model?
We have a SaaS model. Corporations and staffing companies pay a monthly/yearly fee, which allots a designated number of user subscriptions. My Cabinet marries service and technology. For smaller corporations who do not have the human capital to actively recruit, we offer the service of staffing their positions. In this case, My Cabinet’s technology increases efficiency and our service component fine-tailors the recommendation.
Who are some current customers?
State Farm, Genesis Innovation Academy and Pexip.
How do you stand out among your competitors?
Our competitors are Glassdoor, LinkedIn, Robert & Half, Handshake and Jobvite. Three key differences make us distinguishable among our competition. One, we have a holistic process of working with companies and candidates to find out what they value and allow each party to tell their tale on a leveled playing field. We are also the first platform to develop an algorithm to take into account not only technical fit, but character and culture, too. Lastly, our team is comprised of three generations (Baby Boomer, Gen X and Millennial), which has allowed us to develop a product for our market, by our market.
For a company that’s all about employee fit, what does the My Cabinet team look like?
Diverse – we currently have 4 employees from three generations and varied expertise. Our technical engineer Kendra has an education in Industrial Engineering and Mathematics and was trained by Goldman Sachs and Oracle. I am “The Mouthpiece” of the team, as I learned to speak all things business from my experience at Goldman Sachs and PwC. Our Sales and Culture Coach, Paul, although from Gen X, constantly stresses the importance of building a ‘millennial-friendly’ environment, having worked with a number of Fortune 500 companies to identify and train talent. My Cabinet’s Baby Boomer, Richard, is a Serial Entrepreneur and Consultant that shares his experience and wisdom with our team.
We are looking to hire developers for Full Stack, iOS, Web and Android.
