The inspiration for this song was an episode of the TV show Mad Men which explored the dynamic between Don Draper and his protégé Peggy Olson. The song looks at a relationship where a boss holds power over an underling who suffers from low self-esteem.
In our interview with Peter Morén of Peter Bjorn and John, he said that the song is about "How to be accepted and respected and not suppressed by your boss." They came up with the line "What You Talking About?" first, then built the story from there.
This was one of the more difficult tracks to complete for the album. They tried a bunch of different musical styles before coming up with one they were happy with.