GE 184: Jacobo Lumbreras On Why New Hires Cost 30% More than Their Salary & How Yoi Helps Retain Them Longer [podcast]

Hey everyone, in today’s episode I share the mic with Jacobo Lumbreras, co-founder of Yoi Corp, a SaaS company that leverages advanced analytics to significantly accelerate an employee’s ramp to productivity.

Listen as Jacobo takes us through his unexpected journey of founding Yoi, the importance cultivating authentic relationships, how his connections linked him to Keith Ferrazzi, and why mindset is the most crucial element in business and personal outcomes.  

Download podcast transcript [PDF] here: Jacobo Lumbreras On Why New Hires Cost 30% More than Their Salary & How Yoi Helps Retain Them Longer TRANSCRIPT

Time Stamped Show Notes:

• 01:24 – Jacobo was born and raised in Spain, did engineering and design in the UK
• 01:36 – He moved to the U.S.to start his own business after leaving his job in London, but the business didn’t quite work out
• 02:06 – A friend of Jacobo, Keith Ferrazzi, was building a software business that was similar to Jacobo’s business
  • 02:37 – Jacobo and Keith connected right before Jacobo was about to fly back to Spain
  • 03:00 – After their talk, Keith got Jacobo a flight to L.A. to see if there was a way that they could work together
• 04:23 – Jacobo’s mentors are his unicorns
  • 04:33 – Set of characteristics that define his unicorns are high IQ, high EQ, and have done well in business
  • 04:45 – When you meet one, it’s easier to meet others
  • 04:54 – Our thinking of mentorship today is upside down. Instead of thinking “How can I find a good mentor that will help me do this?” you should be saying, “How can I find out aspects of their lives in which the things that I do can add value to them?”
• 06:03 – How Jacobo connected with Keith
  • 06:22 – Jacobo was finding a way to stay in the U.S.
  • 06:53 – He cultivated relationships
  • 07:01 – One of his friends was willing to make that introduction to Keith and it happened
• 08:04 – Yoi is an enterprise software company that focuses on serving HR by creating experience for new hires so they can be productive and engaged throughout their entire first year.
• 09:26 – Jacobo shares examples of companies with high turnovers
• 09:57 – “When you hire somebody, about 20-30% of that person’s annual salary is going to go into the hiring process”
• 10:16 – Keep your employees for as long as you can
• 10:32 – “It becomes really valuable when you can find ways to engage and retain those people for them”
• 10:45 – Yoi is in the process of closing their fundraising series
  • 11:03 – You learn a lot in this process
• 11:45 – Yoi charges implementation and monthly fees
• 12:31 – Contracts range from $50K to $150K plus a recurring fee based on subscription
• 13:28 – Jacobo shares how they closed their first big contract
• 14:03 – Relationships are important
• 14:55 – Jacobo held a gathering a few months ago because of the concept of “adding value”
• 15:27 – Creating an environment with peers where you can be safe, vulnerable, and authentic
• 16:38 – It’s not about what you do – it’s about who you are as a person
• 16:56 – How Jacobo finds the right people to bring together
  • 17:37 – Jacobo encourages his invites to bring along somebody, too
  • 18:40 – He has a set of “rules” for his gatherings
  • 19:16 – He pays for everything
  • 19:53 – The personal and professional check-in
• 21:27 – Mastermind Dinners
• 21:44 – People are social creatures
• 22:17 – The habits Jacobo cultivated and the habits Keith has taught him
  • 22:26 – Keith is conscious of how he spends his time: a day that is fully planned is without procrastination
  • 22:58 – Find the methodology that works for you
  • 23:08 – Jacobo is emotionally invested in everything he does
  • 23:21 – He learned to rationalize negative feedback
  • 24:20 – Intrinsic motivation is a commonality among entrepreneurs
• 24:58 – Eric shares his conversation with Gary V
• 25:39 – Emotions start with motions
• 25:59 – Jacobo tends to take action without charting a path forward
• 26:24 – Find a way to take that first step and the next ones will follow once you’re moving
• 26:45 – What’s one big struggle you faced while building Yoi? “It would be about mindset and overcoming challenges”
• 27:45 – Question how you spend your time and how you allocate your resources
• 27:56 – It’s not about the things that happen to you – it’s about the things that happen for you
• 28:19 – Overcoming something gives you power to move forward
• 28:26 – What’s the grand plan with Yoi? “For us, we’re in the business of improving human performance in the workplace…for us, the goal here is to optimize the human aspect of the enterprise”
• 30:15 – What’s one piece of advice you would give to your 22-year old self? “Stop eating bread”
• 31:54 – Eric’s concept of journaling
• 32:09 – The concept of journaling for Jacobo: “For me, it’s the ultimate storytelling for myself”
• 34:12 – “The goal is to get the most accurate representation of who I am”
• 35:14 – Do the Five-Minute Journal
• 35:41 – What’s one new tool that you’ve added that has helped you in the last year? “I’ve recently been acquainted with Alexa”
• 38:15 – What’s one must-read book do you recommend? “Never Eat Alone and The Founder’s Dilemmas”
• 39:35 – Follow Jacobo on Twitter or send him an email
• 40:16 – Jacobo likes to read his Twitter feed in the morning

3 Key Points:

1. Don’t lose hope—you never know what’s in store for you.
2. Build your relationships and give importance to them.
3. Add value in somebody’s life without expecting anything in return.

Resources from this interview:

• Yoi Corp
• LinkedIn – Jacobo Lumbreras
• Keith Ferrazzi
• Mastermind Dinners
• Gary V
• Alexa
• Must-read books:
  • The Founder’s Dilemmas by Noam Wasserman
  • Never Eat Alone: And Other Secrets to Success, One Relationship at a Time by Keith Ferrazzi
• Twitter – @Jacoboplu
• LinkedIn – Jacobo Lumbreras
• Jacobo’s e-mail

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