Latest / Buying Local Podcast / Episode 34: Jacob Goldman (Layoff Lookout)

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Episode 34: Jacob Goldman (Layoff Lookout) · Buying Local Podcast

• 0:00
  The superpower that every citizen has is the ability to
• 0:02
  control where they spend their time, money and attention by
• 0:06
  focusing these on supporting local businesses who are having
• 0:09
  a profound impact on your friends, your family and your
• 0:12
  local community. So if you want to change the.
• 0:15
  You can start with buying local. All right.
• 0:21
  Welcome back everyone, to buying local.
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  Each week we sit down with local business owners.
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  And this week, actually, we're sitting down with someone who
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  has a, let's call it a startup, right?
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  Call it a startup. Yeah.
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  So I want to go ahead and tell the audience who you are and the
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  name of or just what your startup is.
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  Give us a rundown. Hi, thanks again for having me
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  on. My name is Jacob Goldman and I'm
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  the cofounder of Layoff Lookout and layofflookout.com.
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  We're a free early e-mail alert service that will let you know
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  up to two months in advance if your employer will be is
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  planning to do layoffs. So yeah, so I cofounded the the
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  the website with my cousin Noah. He's a engineering student up at
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  University of Vermont. And a few months ago we came
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  across war notices. And if you don't know what that
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  is, every company that employs over 100 people in the United
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  States is required to post something called a war notice.
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  Which is a notice to their state when they're doing when they're
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  planning mass layoff 60 days in advance.
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  So when they're laying off 50 people or more, this notice will
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  be posted. And that's public records.
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  But it's really hard to find, hard to understand.
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  You don't want to scrape the government documents every day.
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  So what we can do is make it easy, come to our site, you put
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  in your employer state in e-mail and then we'll send you an
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  e-mail if your employer posted notice so you can know two
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  months in advance. In New York, it's it's different
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  for every state. The federal law is.
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  And if this company employs over 100 people and 60 days in
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  advance in New York, it's 5th. If they employ 50 people,
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  they'll be a notice posted So. And this is, this is for mass
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  layup. So like they're going to lay
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  off, you know, 10 people or 15 people or whatever it is.
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  Yeah, the federal law is fifth if they're planning 50 people.
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  Oh, if they're laying off 50 people, not if they employ. 50
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  in New York if they employ 50 people.
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  It's 100 is the federal law, and it varies state by state.
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  OK, got it. Bob Fitch.
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  Your local State Farm Insurance agent with a mission of helping
• 2:29
  people manage the risks of everyday life, recover from the
• 2:32
  unexpected, and realize their dreams.
• 2:34
  Whatever your needs may be, State Farm has got you covered.
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  And Bob? Fitch is your man, so let's just
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  to back up a little bit, right? So how old are you?
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  19 All right, and you're in college right now.
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  Too right, I just. Finished my first and I and I
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  just think that's really cool because you know, obviously you
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  and I, we talked previously and you and your cousin or you know
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  your young guys, you had this this idea and and what was it
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  that originally, you know like sparked the idea?
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  Well, we we came across war notices and we just thought it
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  was so interesting that not not predicting the future, but just
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  a new stream of information that could really.
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  You know, affects really anyone with a with a job out there.
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  You know it's there's different figures but around half of
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  Americans are concerned about their job security.
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  You know this is a this is a big a big big market where there's
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  really no services for it. Everyone's focused on on resume
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  building, job search and need zip recruiter stuff like that.
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  And no one's worried about, you know, whatever one's worried
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  about so. We we're taking upon ourselves
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  to really lean into that side of the job market.
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  Yeah, I thought it was a really cool idea.
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  So like, you know, something that we keep seeing in the news
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  right now, right? So, you know, Meta's laying off
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  people and Twitter's laying in all the big, the big tech
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  companies are laying off hundreds if not thousands of
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  employees, right? So.
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  The value add, if I'm understanding correctly, is I I
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  work at Twitter, Elon's about to do a big big labor cut.
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  Yeah, Yeah. I It's at least going to give me
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  60 days to know that, like I I could be on the chopping.
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  So I mean, just think about what a two-month head start on that
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  kind of information can do. You have 60 days to start saving
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  money, get your finances together.
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  You know you have 60 days to start your job search.
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  I think if you had two months, you already have interviews
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  lined up. You already maybe even have an
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  offer lined up, so when you feel that hand on your shoulder, your
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  boss calling you into their office.
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  And on your. Shoulder.
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  That's not the end of your life. What's the start of your next
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  one? Yeah, Yeah.
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  And so and like what do employers like try to make
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  those, you know, slide those announcements under the radar so
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  to speak? Yeah, I mean think if you're if
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  you're a manager or. Some place up high in the in the
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  ladder, you don't want to just destroy morale for the next two
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  months, you know and ruin you know the next two months of your
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  of your revenue of your workforce, all of that.
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  You know that's something you want to hide out And so this
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  this is something you know it's not.
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  It's not, it's not fair. And you know, obviously working
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  in corporate America, it's, you know.
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  Nothing's. Fair, right.
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  Nothing's fair, you know. They're not looking out for you.
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  Your boss doesn't necessarily have your best interest in mind,
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  so we're providing an opportunity for you to take
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  control of your job security as an employer, and this is the
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  only place to do that. Okay, so now I think it's
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  interesting. So you.
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  Were able to get some seed money for this.
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  Tell us. Tell us where the seed money
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  came from, tell the listeners, Rick.
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  So we competed in two different business pitch competitions, one
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  at my school and one at the University of Vermont, where my
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  cofounder Noah Schwartz competed and presented.
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  So we were awarded seed money. I go to.
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  I attend Flagler College in St. Augustine, FL.
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  It's about 40 minutes South of Jacksonville and a couple months
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  ago we had a pitch competition at the school and.
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  There was two days, the first day was set up similar to like a
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  science fair. People walk around and then they
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  voted on their on their top businesses.
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  And then the five companies with the biggest with the most votes
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  where they moved on to the next day in like a Shark Tank style
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  pitch competition. So you go in, got your, got your
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  presentation all set up and you had five minutes to pitch and 5
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  minutes for Q&A. And and we ended up receiving
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  some seed money, which we're very excited about.
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  And with that money, we're able to start.
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  We were able to hire our development team and get move
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  forward with that And then so for the second competition, Noah
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  competed at his school at UVM. Now we actually won that
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  competition and received the most innovative technology
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  award. So big awards there and some
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  really great money to keep to get us rolling.
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  Yeah, yeah, that's pretty cool. I think the whole thing's really
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  great, man. Like, you know, obviously coming
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  up with an innovative idea. Being able to put a pitch
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  together for it, winning some seed money, hiring your
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  development team, I mean it's really kind of the, you know,
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  the whole what's the word? It's the dream, right behind
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  entrepreneurism and and startup culture and all that.
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  It's really fun and exciting. So, so you guys got the startup
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  money, you've got so Layoff Lookout is the name of the
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  business? Right layofflookout.com.
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  You can go ahead and sign up right now.
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  It's completely free and. I mean, there's really, if you
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  have a job, there's no reason to not be signed off.
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  Right, right. And So what kind of information
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  are you sending out, just layoff information or is there other
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  information that you're? Sending out, Yeah.
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  So right now we are we're just it will just be sending out the
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  layoff notifications for the WARN notices.
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  In the in the future we plan to expand into into a newsletter
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  that would come out weekly and then give you more information
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  on a broader scale because we want to focus at this point
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  specifically on that side of the job market and information
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  related to that because right now any other business,
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  newsletter business news, economic news, it's very broad.
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  And this is something that affects a lot of people.
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  You want to know, like if you work at a bank and the bank
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  across the street is doing layoffs, that's something you
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  want to know about. You want to know if you work for
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  a meeting. I thought that was actually kind
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  of interesting too, like where, you know, I'm working at a bank
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  and the bank cross Street is kind of like.
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  You know, that gives me some information competitively that I
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  could possibly use. I could reach out, you know,
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  that was one of the things when we talked before that I thought
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  was really cool that, you know, if I'm hiring and someone else
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  is getting ready to do layoffs, like I can start targeting those
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  employees. Right.
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  And that's another thing, is, if you have that, say you're a
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  computer science engineer, right?
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  And Google's laying off 500 of you guys.
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  All 500, You are going to be gunning for jobs in two months,
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  but if you have a two-month head start to get maybe you have a
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  position lined up, then you're not competing with the best of
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  the best that's been laid off from these big companies.
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  Yeah, you can kind of hit the market before the supply gets,
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  before it gets flooded, right, Demand drops down.
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  So what kind of, I guess you know that the developers that
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  you hired right now these guys? If I understand correctly,
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  you're you're pulling information from somewhere from
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  all over the country, like how does.
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  That work, Yeah. So each state has their own
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  Warren database. So it's there's 51 with with
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  Washington DC And so we, our developers and also build
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  scrapers that collect that data every day and then we run a
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  comparison with our user data. So when you come onto our site,
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  you put in your employer, your state in your e-mail.
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  And so then we we compare the employers in each state.
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  So that states list every day and so if there's a new notice
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  posted then you're notified. Interesting.
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  And now what if I want to be notified of at all notices?
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  How many notices do you think you send out on a regular basis?
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  Is it a lot? It's it's not a ton at this
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  point, yeah, but like it. I mean, that's probably good
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  from a market. From a market standpoint, yes,
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  but I mean we hope to. You know, just notify whenever
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  there's a notice. We hope there's someone getting
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  notified that can really take that into account and prepare
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  themselves and set themselves up for their future.
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  And how long, how long have you guys been?
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  How long has the site been active?
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  Sites. Well, we started working on the
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  project about three months ago. OK, All right.
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  So you're still really new in the exception, yeah?
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  Yeah, we got. Yeah, we are.
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  We push it. We got 100 organic users in the
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  last 30 days. That's awesome.
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  With no money spent on on advertising.
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  It's all just social media word of mouth.
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  So, so we should talk about the social media site because you
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  gave me a rundown about your social once you tell the
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  listeners about your your social media.
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  Strategy currently so we're we're at layoff lookout on on
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  everything on Instagram, TikTok, Twitter, Facebook, LinkedIn,
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  YouTube as of last night. So yeah, we've been just, I've
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  been making short form content and really pushing on TikTok as
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  our as our main driver, but then also.
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  You know and everything else, we got 32,000 TikTok views in the
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  last in the lifetime of our of our account which I think it's
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  about 60 days and 20% of our profile views become sign up.
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  So that's our conversion rate on that which is actually which is
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  pretty phenomenal. We're really proud of that.
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  So and on there it's, you know anything from trying to tackle
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  trends to to news to just trying to inform people, we really just
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  we want to make a dent in. In the ethicacy and transparency
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  of of the job layoff process. So.
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  So just really anything to that can get us in front of people
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  and really help people is is what we're doing.
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  Yeah, I think that could, you know, get some.
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  So you're spending most of your time on TikTok.
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  At this point, yes. Why?
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  Why TikTok? We feel TikTok at this point is
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  is the best springboard for? For organic growth, I mean we've
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  had a couple videos do really well.
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  One of them got 20,000 views and like a week and that's and from
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  that one we got over 80 signups from one video alone.
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  That's amazing. Yeah, So it's and that's, you
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  know, no money spent. Took me 20 minutes to make the
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  video. So yeah, we're just doing as
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  much as we can to try to catch on.
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  Now and it's funny because I know you know, obviously we own
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  a marketing company, 5 Towers Media and.
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  Everyone's asked us about social media all the time, organic
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  social media specifically. And I tell them all the same
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  things that pretty much all of it's a waste of time.
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  Except for TikTok, because Tik Tok's the only one handing out
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  organic traffic like like like Facebook and Instagram used to.
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  Can you tell me the contrast between?
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  TikTok and Instagram for the same because I assume you're
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  making the videos on TikTok and then sending it to the rest of
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  your channels. Yes.
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  Yeah. At this point, that's what we're
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  doing. So yeah, it really just feels
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  like TikTok really has the emphasis on pushing that organic
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  content. Now there's many different ways
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  to pump the algorithm on on different platforms, so like.
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  TikTok and Instagram. So Instagram has Instagram
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  reels. That's their short form content
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  and they really prefer you to edit in house in their app and
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  record in their app. And so there are videos that
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  I've made or edited in Adobe suites and and then made and
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  posted the different different social media outlets and those
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  don't do as well. They really like they'll
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  literally get 50 views compared to if I make the same video and
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  edit it in app, then it'll get pushed to 900 like at like right
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  away. Like within within 20 minutes.
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  Interesting. So there's there's things like
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  that they like to you to use their trending sounds, they like
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  you to try to catch on the trends and different things that
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  you see like similar videos that are popping up all over the
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  place relating to current events.
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  Stuff like that, because they want their app to feel as fresh
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  as possible because so you kind of have to play into their game.
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  Yeah. Yeah, of of what the algorithm
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  likes. Damn algorithms.
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  Damn damn algorithms. Just making it hard for
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  everybody but you. So you're on average, though you
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  feel like your numbers are better on TikTok or?
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  Yeah, yeah. Compared, yeah.
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  We're really pushing emphasis in the last couple days and weeks
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  of trying to push our content through different on the
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  different outlets. Like just last night we were
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  focusing on reposting a lot of the tik toks on the YouTube
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  shorts, which I mean. I don't know the comparison and
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  numbers to that. Obviously YouTube has a massive,
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  massive audience and we want to tap into that and just help as
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  many people as possible. So we've been just trying to get
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  in front of as many people as we can with with that.
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  What was the video about that got got all the the new sign
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  yeah. So that one we we saw in our
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  database that Meadow was going to be doing layoffs in August
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  and I think they were laying off something like 500 people out of
• 15:17
  their New York offices. So I I put a little green screen
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  up behind me with the with the screenshot of the PDF and the
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  war notice that had all the information and I I just ran
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  through it. I was like so we see this just
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  came out Meadows going to be doing layoffs.
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  August I think 16th was the date or something like that.
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  And then it also has the offices that would be affected so
• 15:37
  different all over the all over New York and down towards the
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  city in that. Area Yeah.
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  Does Meta employ that many people in New York State?
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  Yeah, they employ a lot. I mean, a lot of the big tech
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  companies employ a lot of people down there.
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  Big banks, big firms like that, Yeah.
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  But yeah, I mean it's also like a different like it's not just
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  tech companies, there's, you know, everybody has to do it,
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  yeah. Is Meta out of California?
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  They're out of California, right?
• 16:07
  I think so. They have a couple head killers.
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  Do they have? They have big.
• 16:11
  I have no idea how they're set up.
• 16:12
  Right. Yeah, it's.
• 16:13
  Well, so many people work remote now.
• 16:15
  It's like, yeah, they got, you know, it's all over the place.
• 16:18
  I know during COVID we specifically with meta, they
• 16:20
  started having like this concierge support service.
• 16:25
  It was like the worst thing ever because you'd be talking to
• 16:29
  people all over the place, like maybe New York City or wherever
• 16:31
  it was, but they didn't actually work for meta.
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  Yeah, they outsource a lot of, Yeah, they'll they'll run out
• 16:36
  call centers and stuff like. That.
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  Yeah. And then we get on the phone
• 16:39
  with them and like all right. Well, the and and you know again
• 16:41
  if you do marketing on Facebook like you'll know how glitchy
• 16:44
  that platform is or at least in my experience.
• 16:47
  And you know we'd get on and you'd be on weight hold these
• 16:50
  guys and then they'd be like well let me call you back from
• 16:52
  my personal number. It was just it was such a
• 16:54
  nightmare and then they would never be able to help you.
• 16:56
  They would just basically. Read stuff off of the support
• 16:59
  card and then if that didn't fix the problem, they'd be like, Oh
• 17:02
  well, we're gonna have to escalate this up to.
• 17:04
  Takes an hour and a. Half.
• 17:05
  Oh my God. How?
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  Longer I I never used Facebook personally and we I opened an
• 17:10
  account for us a week or two ago.
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  I mean, we didn't even pop up like I was looking up on my
• 17:15
  mom's phone. Our account.
• 17:16
  It wasn't possible for like for like days.
• 17:19
  For those of you listening, this is a real testimonial for the
• 17:22
  demographics of social media right now.
• 17:26
  People that are under 20 or not on Facebook I.
• 17:30
  Mean. There's a few of us, but.
• 17:31
  There's not one of them. Well, yeah, right.
• 17:32
  Like and you're only on now because.
• 17:34
  Of. Yeah.
• 17:35
  Because of work. Yeah.
• 17:36
  So, I mean, we were just trying to reach that audience of.
• 17:39
  Yeah, that that 35 to 55 year old audience, yeah for sure.
• 17:46
  So as you're looking towards the future and I know we're we're
• 17:50
  probably getting close on time, but as you're looking about
• 17:52
  moving forward to you know where are you guys trying to take
• 17:55
  this? Right.
• 17:56
  So we our goal is to help as many people as possible with
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  this, with something that, with something that is not already
• 18:07
  there. There's no service, there's
• 18:08
  nothing that that targets this side of the job market, right.
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  Everyone's worried, worried about their job security.
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  Unless you're a a professor with tenure or a a job even.
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  A. Company owner yourself, right?
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  You're not getting laid. You're not.
• 18:21
  You're concerned about getting laid off, right?
• 18:24
  So. Our goal is to make a dent, as
• 18:27
  big a dent in that thing in that side of the market as possible.
• 18:31
  Now we want to expand on that. So in the future we're looking
• 18:35
  towards the newsletter as I purchase.
• 18:37
  As I mentioned previously, we also want to have the data
• 18:41
  public and have different of different visualizations,
• 18:46
  charts, graphs and have it searchable, filterable.
• 18:50
  Like on your website, someone goes your site and they can.
• 18:54
  Sit on so think. This data is not only applicable
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  to to employees, right? Right.
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  If you're a stock trader and you see that that, for example,
• 19:04
  Facebook is laying off a lot of people in two months, that's
• 19:06
  probably something you want to get ahead of.
• 19:08
  You know, maybe you own that stock, you want to sell it, you
• 19:10
  want to short it, something of that before.
• 19:12
  The general public finds out in the stock tanks, yeah.
• 19:15
  If you're a if you're a freelancer, right, maybe you you
• 19:18
  work in a freelance marketing agency.
• 19:21
  I think all these, this type of company is doing a lot of
• 19:24
  layoffs. Maybe we go reach out with them
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  and see what we can do to try to help out in in that sense is it
• 19:31
  like there's a lot of different ways of this data could be used
• 19:34
  and it's it can be utilized by not just people that have the
• 19:37
  jobs but also that work and can affect those industries, which
• 19:42
  is really every industry. Yeah.
• 19:45
  And then, so you know, we just want to.
• 19:50
  We wanna make public this public data as accessible and as
• 19:53
  consumable to an average an average employee, an average a
• 19:59
  person as possible. So here's the business question.
• 20:02
  How are you gonna monetize this? Yeah.
• 20:04
  So we're our plan is to work with affiliates and advertisers.
• 20:09
  To run ads and partners on our on our newsletter with our site,
• 20:15
  we don't want to have ads on like on the site site itself but
• 20:18
  on our newsletter site we're open to that.
• 20:21
  And then also we want to do in the future a a premium tier of
• 20:27
  our thing that would provide that data, that database openly
• 20:30
  and maybe have have data analyst reports and.
• 20:35
  And like professional work on that so you can you can pull
• 20:39
  different things from the data. Yeah, yeah I'm just thinking
• 20:44
  about that. So and I I like the stock trader
• 20:47
  angle too. I mean because it's these so
• 20:49
  these just to kind of back up. So I understand that portion of
• 20:52
  it. So I'm a stock trader.
• 20:55
  I'm signing up for your emails because the minute employers,
• 21:02
  employers have to do 60 days prior to and so the minute they
• 21:06
  file that is it like instantaneous.
• 21:08
  The minute they file that that it hits your system, that your
• 21:10
  system pulls from it or. Yeah, as soon as it's posted to
• 21:13
  a state's website, we have it. Interesting.
• 21:16
  That's cool. That's really cool, man.
• 21:21
  All right. So if people wanted to learn
• 21:24
  more about layofflookout.com, obviously the website.
• 21:29
  Yeah, you can sign off. Sign up at layofflookout.com.
• 21:33
  All the information's on there. You can follow us at Layoff
• 21:36
  Lookout LAYO FFL00K 0UT on on everything on Instagram,
• 21:43
  Twitter, TikTok, Facebook, LinkedIn, YouTube.
• 21:46
  I think that's it and everything.
• 21:49
  All updates will be posted through there.
• 21:53
  All notifications can come through your e-mail.
• 21:55
  Yeah, yeah, that's cool. Listen, I think it's great.
• 22:01
  Glad to be able to have you on the show today and talk about
• 22:04
  what you're doing. I think as a couple of young
• 22:06
  guys with an idea being innovative, taking a shot at it,
• 22:10
  I think it's amazing. And I mean, it sounds like a
• 22:13
  great idea. So I'm sure you guys are going
• 22:14
  to be successful with it. So thank you so much.
• 22:16
  Yeah, thanks again for coming on the show, man.
• 22:18
  Yeah, absolutely. And thanks everybody for
• 22:20
  listening. As always, you can find us on
• 22:22
  glensfallstoday.com, Saratoga businessreport.com and
• 22:26
  saratogatodaynewspaper.com. And you know, as we said, each
• 22:30
  week we're sitting down with people that are coming up with
• 22:34
  great ideas or running businesses in the local
• 22:36
  communities and just trying to make everything better.
• 22:39
  So keep listening. The superpower that every
• 22:42
  citizen has is the ability to control where they spend their
• 22:45
  time, money and attention by focusing these on supporting
• 22:49
  local businesses who are having a profound impact on your
• 22:52
  friends, your family and your local community.
• 22:55
  So if you want to change the world, you can start.
• 22:58
  With buying local.