紹介が起きない会社には、共通点があります。 リファラル制度を作っても紹介が出ない。原因は報酬額ではありません。社員が友人に説明できない何かがあるからです。 紹介がまわる会社を見ていると、共通していたのはこの6つでした。 隠し事がない。経費の使い方も失敗談も共有されている。 入社半年で別人になれる。成長実感がある会社は、社員が勝手に人に話す。 意味不明なルールがない。形だけの定例も、謎の承認フローもない。 学びに金を出す。書籍代の上限なし、セミナー行き放題、そして今なら最新のAIモデルが使えるか。 副業も、働く時間と場所も柔軟。 経営陣が現場をわかっている。現場感のない指示が増えるほど、紹介は止まります。 米国9社の人事データを使ったQuarterly Journal of Economicsの研究では、紹介経由の入社者は離職率が10〜30%低いという結果が出ています。友人の顔がかかっているからです。 つまりリファラルは採用手法ではなく、組織の健康診断です。紹介が出ないのは社員が悪いのではない。紹介できる会社になっていないだけです。 27年間、4000人以上の経営者と話してきましたが、一度断られた人に何度もアプローチし続ける会社はほとんど見たことがありません。営業なら「断りは挨拶」と言うのに、採用だと誰も粘らない。ここが一番の差です。 あなたの会社、友人に紹介できますか。

Breaking down TSMC's glass core substrate slide On June 11, at JPCA Show 2026 in Japan, TSMC gave a roughly 40-slide presentation titled "Advanced Packaging Technology Essential to the Evolution of AI" (AIの進化に不可欠な先端パッケージング技術). One slide from the deck, titled "Glass Substrate Development for CoWoS," has since leaked online and widespread attention. Here's a closer read of that slide (see attached image). I'll skip the technical background that is already widely available. One thing to flag: the "COP" on the slide does not stand for Chip-on-Package. It means Coplanarity. ▌ Key conclusions: 1. TSMC has officially announced a partnership with Ibiden and Innolux to develop a glass core substrate. The structure is a three-layer design, a glass core sandwiched between two ABF build-up layers. This is the "oS" in CoPoS. 2. The market underestimates how important the glass core substrate is. It's a must-have capability for TSMC. In other words, within CoPoS the "oS" matters more than the "CoP", which is also why, when it was tested, it was paired with the existing CoW rather than with CoP. 3. The glass core substrate costs several times more per unit than existing ABF substrates. The glass processed by Innolux is very expensive per unit and is the single most critical material. Besides Nvidia, two US-based customers have also expressed strong interest. ▌ Industry checks tied to this slide: 1. The glass core substrate shown on the slide is cut from a full-size 250×250mm one. The ABF build-up layers mainly use Ajinomoto's GL107, mixed with ABF-GCP, and were tested at 24–28 layers, which is the mainstream ABF spec for AI chips in 2027–2028. 2. The CoW used in TSMC's experiment is a test vehicle. It is sufficient to validate the most challenging mechanical-structure issues that arise when working with composite materials. Good results mean TSMC, Ibiden, and Innolux have together broken through the critical technical bottleneck. 3. Ibiden currently handles cutting the 250×250mm glass core substrate. When the 510×515mm format is used for pre-mass-production simulation in 2H27, if Ibiden still wants to reduce production complexity to protect its ultra-high gross margins, it may hand the cutting over to Innolux, which is more familiar with the properties of glass. ▌ The leaked slide shows the validation results of pairing CoW with the "oS" in CoPoS, i.e., the glass core substrate (labeled "glass-SBT" on the slide). This addresses the "Substrate mechanical and electrical Dilemma" raised on the previous slide, and it strongly underscores how important the "oS" is within CoPoS. 1. Within CoPoS, what CoP solves is production efficiency / cutting economics, which ties to cost and price. What the oS solves is warpage and durability, which determines whether the chip can be made at all, and whether it can work. 2. CoP and oS complement each other well when integrated, but looking out over the next few years their technical roles still differ. CoP is a very-nice-to-have optimization, and going without it simply means a more expensive chip. But the oS is a must-have. Without it, even being able to make a usable chip is in doubt. 3. Comparing their roles isn't about elevating oS at the expense of CoP. It comes down to the practical question of which technical piece customers are willing to pay for. Details below. ▌ The real gold here is the power integrity (PI) improvement shown on the slide. This matters a great deal to customers, and it means that once glass core substrate production stabilizes, TSMC's profitability and competitive edge should rise in tandem. 1. How it works: the glass core substrate is thin → the vertical conduction path through TGV (through-glass vias) is short → conduction-path resistance (R) and loop inductance (L) both drop → PI improves. 2. Why it matters to customers: better PI → more stable power delivery → frees up power headroom → room to integrate more transistors, or to push clock speeds higher → more AI compute. 3. For customers, production efficiency is TSMC's basic responsibility, so they won't pay extra for it. But gains in AI compute translate directly into the customer's own competitiveness and profit, so customers are willing to pay for that. This is why Nvidia is so positive on the glass core substrate. 4. For TSMC, the glass core substrate raises yield and lowers cost while also boosting both the compute and the selling price of AI chips. It's both a cost-cutting tool and a pricing lever, a plus for profitability and competitiveness alike. 5. Substrate cost currently accounts for a low single-digit percentage of an AI chip's BOM, while losses from packaging yield run roughly 5–10× the substrate cost. So even if the glass core substrate ends up costing several times more than today's, its share of the BOM stays low, and it can cut the losses from packaging yield. The high unit price is therefore not expected to dampen customers' willingness to adopt it. ▌ In the Q&A after the presentation, an audience member asked about TGV details for the glass core substrate. TSMC declined to answer on the spot, because TGV is the key technology behind the glass core substrate, and the core know-how currently sits with TSMC and Innolux. By contrast, when another attendee asked about integrating IVR, eDTC, and LSI, TSMC answered at length. ▌ According to industry checks, if all goes well, TSMC is aiming to start mass production of the glass core substrate in 4Q28–1Q29, to match the cadence of Nvidia's AI chip iterations. As a side note: the Ibiden earnings presentation slide that many people have been circulating lists the glass core substrate timeline as CY30. My read is this: Ibiden, which has always been conservative and cautious in public, has now formally put the glass core substrate on its roadmap, which further confirms the long-term trend for this technology. That said, some other details on Ibiden's slide don't fully line up with what's known in the market. For example, its reticle timeline is off from TSMC's public claims by about a generation, and the Rubin Ultra substrate size is clearly larger than the 90×90 it marked for CY26–27. It's a reminder to always cross-check across multiple sources when forecasting the future.