The Best One Yet - 🤝 “The Bonus You Forgot” — Signing Bonus’ surge. United adds Starlink wifi. Revolut’s is Europe’s biggest startup.

Episode Date: September 30, 2024

The number of signing bonuses has doubled in five years… here’s how to ask for one.United and Air France are adding Starlink satellite wifi… It’s the cupholder effect in action.Europe’s largest startup is $45B Revolut… It’s now more valuable than all the British banks.Plus, what happened to the stretch limo?$UAL $SPY $BCS—-----------------------------------------------------GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts FOR MORE NICK & JACK: Newsletter: https://tboypod.com/newsletter Connect with Nick: https://www.linkedin.com/in/nicolas-martell/ Connect with Jack: https://www.linkedin.com/in/jack-crivici-kramer/ SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Anything else: https://tboypod.com/  Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. Welcome back. It is Monday, September 30th. And today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. You know, Jack, my favorite part of our live hotline recording last week in Seattle? What was it? It wasn't actually the recording. It was the Yetis who came out to the after party afterwards. What an outpouring? Dozens of fans. A lot of them couldn't make it to the show because it was sold out. True. They met up with us after the show at Good Bar. Such a good time. Antush, we chatted with him about his company. We met Johnny, Louisa, told us all about what she's building. Absolutely incredible experience. How about Pamela from Peru? Yeah, she came all the way. Lima's not close to Seattle. Yeties, we will publish this live Hotline Pod episode this Wednesday was sponsored by Audible.

In the meantime, though, we have got a fantastic show for today's Tea Boy Jack. For our first story, there's a new trend in job offers. The signing bonus is back, baby. If you're not asking for a signing bonus, then you're leaving money on the table. So we'll tell you exactly when to ask. We'll tell you exactly how to pull this off. For our second story, United Airlines is adding Starlink satellite space Wi-Fi to all of their airplanes. Because the internet on the plane is the perfect example of the cup holder effect.

And our third and final story. Europe's largest startup is Revolut. And Revolut is worth $45 billion. So Jack and I have got to tell you about the British fintech that's more valuable than every British bank. But yeties, before we hit that wonderful mix of stories. What a mix of stories to kick off the week, Jack? It is Harder's Almanac Week 238. Things were running out of in this economy.

Jack and I, we are still keeping track for you. This week, we are running out of limos. Limos, specifically stretch limos. Stretch limousines. They've gone from... Ooh, to ick. Business Insider crawled into the huge backseat of this epic limo story. What do we got, Jack?

They discovered that the stretch limo is no-mo. Because stretch limo demand has been dropping for 15 straight years. Limousine fleets are 90% smaller today than they were in 2010. Because the stretch limo was the perfect transportation for your 16th birthday back in 1992. Nothing screams night at the Roxbury like a stretch Lincoln Navajo. Ligateer Limousine. So Jack and I got to ask, why has the stretch limo market ironically been shrinking? It actually all began Nick in 2008 with the financial crisis. And then came competition from Uber and Uber Black. And then came the quiet luxury trend. But now that the stretch market is so small, you can

buy stretch limos for cheap on Craigslist. We're on Craigslist right now. 20,000, 15,000, $10,000 stretch limousines? Wait, one sec, Jack, I got a stretch Lincoln something. that's going for free. You can get it for free. You just got to come pick it up and they'll give it to you for free. If you got a pulse, you can drive this three.

Just remember to come with the tuxedo. And you don't even need a commercial license to drive these, dear. I think you just know how to pull a turn. If you can pull a turn, honestly, you deserve a gold medal.

So stretch limos, they're soon to be extinct. But their memories will live on in the movies. Don't worry. I'm a limo driver. Jack, jump in the back seat. Let's hit I have three stories.

Fifteen years before this song, two boys from the Northeast. met in the dorm. They had an idea that caused a cultural storm. It's the best one yet, but the best is a norm. Jack Nick, that's it. I don't even think they need to practice. 50% that's a fat tip. Tea boy city on your at list. If you know, you know, because we're ready to go. We can't wait no more. So just start the show. Start the show. First, a quick word from our sponsor. For our first story, the hottest employment trend this fall. It's the signing bonus. Because the moment you get an offer is the moment you have the most leverage.

You know, Yetis, Jack, I noticed that everyone always has one friend, at least one friend, who is looking for a job right now. Share this story with them. Tell them this pod, because there's one secret that no one is talking about in the jobs market right now. There's a resurgence in signing bonuses. The signing bonus renaissance. We're talking relocation bonuses, commitment bonuses, signing bonuses.

They're all the same thing. You get a big payday before you even start the job. Jack, what kind of numbers are we talking about here? What's a typical signing bonus range these days? A typical range is 10% to 25% of the salary as a bonus up front. And get this, Yetis. According to data from Indeed.com, the number of companies offering a signing bonus has more than doubled in the last five years.

Why is your buddy Brianna partying in the Bahamas a week before starting her new job? I thought Brianna starts like next week, Jack. $20,000 signing bonus, Nick. You're going to want to hang out before it's all done. But here's the big surprise. It's not just white collar fancy jobs getting signing bonuses these days. It's not just Mikey and Morgan Stanley or Melissa McKinsey nailing a signing bonus. Jobs at every level are getting signing bonuses. According to LinkedIn data, a pediatric nurse is getting $2,000 signing bonuses. Cybersecurity engineers are getting $20,000 signing bonuses. Hawaiian Airlines will pay $10,000 as a signing bonus for a new airplane mechanic who signs up with them. White collar, blue collar,

no matter the collar, you're getting that signing bonus right now. The biggest signing bonus is of all are in the healthcare industry, which faces a constant worker shortage, and they need those workers. Okay, this is wild, but the Wall Street Journal found an Albertson's pharmacy in Montana that is offering a $1,000 signing bonus today. Can I correct you? One hundred thousand signing bonus. And with that kind of money in Montana, you could buy like a whole river. Eastern Montana becomes you. Like, that's your land. But here's the key. Most employers don't advertise that there might be a signing bonus, even though they secretly have the budget for one. And why don't they advertise the signing bonus, Jack? Because most people don't ask for one,

and they sign anyway. So Jack, what's the takeaway for all our buddies who are about to get a new job? If you're not asking for a signing bonus, you're leaving money on the table. Yet he's even in a softer job market, you should ask for a signing bonus. The key is when to ask for that signing bonus. 70% of hires who get a signing bonus ask for that signing bonus after they were offered a job. And why do they ask after they got the job after Jack? Because after you get a job offer from a company, that's the moment that you as the candidate have the leverage. because the company has already committed to hiring you.

HR has already invested months of months of time in interviews, and they've determined you're the top choice. Plus, they don't want to increase your salary. They'd rather offer you a signing bonus if you do ask for more money. So now, after getting the offer, it's time for your decision. You have the leverage to ask for a signing bonus to seal the deal. You can show how excited you are to work with the company and ask for a signing bonus to ease the transition in.

case, they say no, but they won't retract an offer because you ask for a signing bonus. The cost of the signing bonus ask is simply the awkwardness of the ask. And if they do retract their offer because you ask for a signing bonus, that's not the company you want to work for anyway. So this fall, Yetis, if you're not asking for a signing bonus, you're leaving money on the table. For our second story, it's the Wi-Fi Wars. United Airlines and Air France are both adding Starlink Wi-Fi to all their flights, Starting next year, reliable airplane Wi-Fi is a difference maker. Yes, it is.

Because of what we call the cup holder effect. You know, it is a dirty little secret about Wi-Fi on an airplane that Jack and I should share with you. It's terrible connection. It's terrible connectivity. It's bad internet. It's horrible. But it's a profit puppy. Oh, it's a profit puppy. Because adding Wi-Fi to an airplane actually costs $200,000 per plane, which... So we crunch some numbers. If 100 people pay for 10...

$10 a flight Wi-Fi every day, then that $200,000 installation pays for itself in just one year. The airplanes have a profit puppy on the Wi-Fi. So for years, there's been no incentive to improve the airplane Wi-Fi. We will pay for Wi-Fi on an airplane, even if we can't open a Google Doc. The connection's that bad. We'll still pay for it. When I was on a flight to New York last month, I sent you an email. It still hasn't landed yet.

It's still being sent by that airplane. True story, one month. There's nothing like the rage of constantly refreshing your window on an airplane because you paid for that Wi-Fi and it doesn't even work. Buffering. Buffering. Yeah, do you remember Delta Airlines promised free fast Wi-Fi almost two years ago? A status update, Jack? Not done.

Yeah. We still paid for Delta Wi-Fi just the other day. But since every plane Wi-Fi is bad, United Airplanes is seeing a competitive opportunity. United Airlines just signed a deal with SpaceX's Starlink, which is Internet-casted Wi-Fi. Now, we should sprinkle on some context here. That is not just any Wi-Fi. This is satellite Wi-Fi through SpaceX's Starlink satellites. Elon Musk's private space company has 7,000 satellites orbiting the Earth. Yeah. Casting Internet down to the Earth, including to airplanes. So there's no dead zones. It eliminates the dead zones. But yet, he's, Jack and I have said before that the future will run on invisible infrastructure.

Well, this infrastructure we're talking about is coming from space. to the United CEO, everything you can do on the ground, you will soon be able to do at 35,000 feet thanks to this new Wi-Fi. The internet's that good. United Airlines is promising 100 megabit per second internet for all passengers. That is very good internet. Jack, I'm going to have to ask you to sprinkle on some usability context, please. 100 megabytes per second is fast enough internet to stream Netflix for everybody on the plane.

Okay. It's fast enough to join a Zoom call. And like, be active in that company meeting. It's fast enough that we could record a podcast from an airplane with 100 megabits per second. United Airlines, if Jack and I can record an episode from seat 33B and 33C, we will do it. We don't need a window on this one, by the way. We're very excited about airplane Starlink Internet. When we're traveling, that's actually how we prepare this podcast.

But it's not just United, is it, Jack? Hawaiian Airlines already has Starlink Internet. United will soon, and Air France just announced last week, they're adding it to their airplanes too. It's only a matter of time before Starlink satellite internet is the default. It's invisible infrastructure. Now, even if this is expensive, we think it'll be worth it for the airlines. Because you will be more tolerant of delays if you can stream Love is Blind live from 30,000 feet. I will be way less furious if I stop having to push the refresh button.

Wait, Jack, check your inbox. I think that email just landed. I sent it in August. So, Jack, what's the takeaway for our buddies over in the airline industry? Actually, in any industry. This is called the cup holder effect, when one small detail determines the entire product success. Interesting thing, Yeties, when you're buying a car, you'd think that people care about the style, the four-wheel drive, the horsepower, the speed, all of those key mechanical needs. But one of the most critical buying factors has nothing to do with the driving or the engineer.

No, it doesn't. It's the cup holders. It's the cup holders. Besties, since cup holders are a huge part of the driving experience, the number, the location, and their size can actually determine if you purchase the car. And it's the same with Wi-Fi on an airplane. If Jack and I knew that one airline had land like Wi-Fi and the rest didn't, we would commit to that airline. After safety neck... Okay, fine. Internet is the most... most important thing about an airplane that will determine which airline I'm loyal to. Honestly, we would take quality Wi-Fi over free anything on an airplane. Anything. Now, I wouldn't need first class. We just need the good Wi-Fi.

If I can be productive on the eight hours it takes to get from Vermont to Los Angeles, that would be a game changer. Honestly, and that is how we prepare this pod sometimes. So Yetis, the Wi-Fi Wars, they show us how a small functional feature is the surprise reason a product may be chosen. This is called the cup holder. when one tiny detail means everything to the customer. Now a quick word from our sponsor. For our third and final story, the British are coming. Because the biggest startup in all of Europe is Revolut.

England's Revolut is beating America's fintech giants because Revolut studied abroad. Revolut studied abroad. Speaking of study abroad. Speaking of study abroad. Jack and I have both traveled in Europe this summer. And Jack, what was the first thing we saw when we landed in Europe? Giant advertisements at the airport for Revolut. Actually, Jack, when I landed in Rome, the first thing I saw was a vending machine.

Right. Credit cards. A credit card vending machine. You sign up for Revolut, and it spits out a credit card on the spot. Yes. With your name, your credit card number, your expiration date, your four-digit code on the back. I almost moved to Italy just to try this thing yet. But funny thing, Jack and I should point out.

We sold our last company to Robin Hood, and we worked at Robin Hood, the trading app for a bit, and we knew about Revolut when we were there. Because Revolut was the big competitor over in Europe. But we didn't realize how big Revolut has become in the meantime. Get this besties. Revolut is now the most valuable startup in all of Europe. Even more impressive than that, Neck. Revolut is more valuable than just about any bank in England.

And that's what Britain does. Like Britain does banks. London is banking. And Revolut, a digital neobank is more valuable than like Barclays, Lloyd's. Can't think of a third one. In fact, Revolut's $45 billion valuation is twice as valuable as Robin Hood, more valuable than Coinbase and equal in value to Capital One. Revolute is more valuable than Block, which owns Square. It trails only PayPal in the United States in terms of fintech valuations. Yeti's call Paul Revere, because the British are coming. America's fintechs have been struggling for a few years, but Revolute is chugging pints right now at the all-time high pub.

So Jack and I had to ask, how has this startup beaten our patriotic American fintech? By studying abroad. Because Yeti's Revolut is the most international banking brokerage app we have seen. Revolute travels like Sir Francis Drake. It's the only fintech we've found. offering trading or banking in 38 different countries already. Here's the latest news. Revolut is getting a banking license in the United Arab Emirates, and it just applied for a banking license in India. The second most pop...

Wait, India's the first most populated country in the world out. Jack, Revolut is basically like your buddy who took a gap year, studied abroad, and then got two more citizenship after college. Revolut just had to get a new passport. Not because their old one expired, because their old one is full. Like your buddy who's the most interesting person in the table because they just got back from Bali after hiking Mount Kilimanjaro. The UK, it's a tiny country, but Revolut has become huge. Huge.

So, Jack, what's the takeaway for all our buddies over in the fintech space? Very British takeaway. Grab land, then expand. Yeties, Revolut has taken a unique approach to foreign expansion. They enter fast, but then they open slow. Revolut doesn't wait until everything is perfect and ready before expanding into a new market. Instead, Revolut enters quickly with one service and then slowly opens up. For example, they applied last week for a banking license in India so they could open bank accounts and do banking services.

But here's why that's interesting. Revolut actually entered India four years ago, and they already have 4,000 employees there. And they already have a 150,000 person wait list of Indians. On the other hand, Robin Hood, Chime, and Public are pretty much. still just in North America. Meanwhile, Revolut is best positioned to take the world's biggest country by population, India. Revolute is the largest European startup and the most international digital bank because of their strategy for international expansion. And that strategy is land, then expand. Jack, could you whip up the takeaways for us to kick off the week?

Signing bonuses are surging in this tight labor market for all kinds of jobs. If you're not asking for a signing bonus, you're leaving money on the table. table. For our second story, United Airlines and Air France are both adding in-flight satellite internet through SpaceX Starlink starting next year. Zari is fast internet available? It's possible. Yeti's in-flight Wi-Fi. It's an example of the cup holder effect when one tiny detail means everything. And our third and final story is Revolut. They've hit a $45 billion private valuation, making it Europe's most valuable startup. Revolute is in 38 countries already because they land, then expand.

But Yetis, this pod's not over yet. Here's what else you need to know today. First, Amazon may be getting into live news, starting with election night coverage on Prime this year. Reports that Amazon is talking to Brian Williams, the former famous newscaster, to host what could be their first new show. According to variety, Amazon is in late stage talks

to host their first news show in just over a month. And second, according to sources, Sam Altman said at an all-hands meeting that he's not getting a giant equity gift from the company. And that giant Open AI fundraise we covered on Friday, it's actually expected to close this week. When it does, we'll have the final details on the biggest fundraise ever. And whether co-founder Sam Altman got $10 billion worth an open AI stock, which was the report, but which Sam Altman's allegedly denying. And finally, SNL just kicked off their 50th season on Saturday night. Yeah, the cold open was a bunch of new capital.

members playing the presidential candidates. All right, Jack, let's see the credits here. We got Maya Rudolph playing Kamala Harris. We got James Austin Johnson playing Donald Trump. Jim Gaffigan is playing Tim Walls and Bowen-Yang is playing Jady Vance. Yeah, so upcoming S&L hosts this season are going to be John Malaney, Michael Keaton, Ariana Grande, and probably a bunch more political skits. I'm ready for it. Now, time for the best fact yet. This one's set in by Teddy Kramer in Brattleboro, Vermont. One second. I'm checking show notes here. Your brother, Jack, one of my brothers.

On Thursday, the Oakland Athletics won the final game ever played in Oakland. Now, the Oakland Athletics will play a few seasons in Sacramento before they move on to their new stadium in Las Vegas. Well, guess what happened in that final game on Thursday night? An epic historical final game in their home stadium. The A's won three to two, but the final pitch was thrown by Mason Miller. The A's closer, and he threw a fastball 103.3. And Jack, why is that number important?

That is the fastest pitch in the history of the Oakland Coliseum, and it was the final pitch in the history of the Oakland Coliseum. We repeat, the final pitch ever at this stadium was the fastest pitch ever at this stadium. 103.8 miles per hour. Not too shabby. Yeties, you look fantastic. And if you are listening to us in the back of a stretched limo right now, well, congratulations. You're the only one doing that.

Although good for you. If you are in the back of that limbo, remember to click to follow us so you get T-Boy every single day and drop down and give us five stars because that is how we grow the show. Nick and I, we'll be back tomorrow with the best one yet. In the meantime, enjoy all those cup holders. And Jack and I, we'll see you tomorrow. And before we go, a shout out to Yeti Kyle, who I ran into an SFO Airport, Jack. He was on his way to Tennessee.

We took a great photo. He's looking awesome. Have a fantastic trip, Kyle. Show and Carly Zambrody, who got engaged over the weekend in Dallas. They got down on one knee. Guys, let's see some ring picks. Huge congratulations. Congratulations to Lizzie Spence and Nick Centrella, who just got married in Santa Fe, New Mexico. And Jenna Shaq just got a new job at Macy's as a balloon holder. I mean, as a data analyst in New York City, although we do hope she gets to be in the parade. Big shout out to Declan in Woodlandville,

Washington. We missed him at our live show on Thursday, but we can't wait to see him at the next one. We'll catch at the next live show. We're going to be fantastic together. Happy birthday to Audrey Widodo in Jakarta, Indonesia, who sings our jingle song every day. And Alexis Aadzioch, a Yeti down in Seattle, is having a fantastic birthday together with her family. Huge congratulations. Happy 34th birthday to Jordan Ferry, who's walking on a treadmill in Tampa, Florida. And Paloma just got back from a two-week birthday trip celebrating over in Italy.

Happy birthday to Lucas Carvalo, celebrating a birthday with a paintball batch. Texas. And Yelia Shen is turning six years old, listening with her brother Frederick right now in Austin, Texas, and then getting some birthday cake. Happy birthday to Verdi Atensia, who's getting a massage for a birthday in Chesapeake, Virginia. And David Fish is celebrating a birthday down in Wheeling, Illinois, doing logistics. Happy birthday to Doug Kennedy in Clinton, Iowa, and Lucas McCabe in New Hampshire, completed three of the Super Six World Major Marathons, but right now is focusing on a birthday. This is Jack. I own stock of Amazon and Nick and I both own stock in Block and Robin Hood.