With the advent of the HR 3.0, HR has transformed from a basic administrative role to a more strategic managerial role. As a more open, flexible, and people-oriented AI technology platform, the Talent Marketplace will be the best partner for this evolution and the future talent management of HR.
I. What is the Talent Marketplace?
The Talent Marketplace is a bilateral intelligent management platform driven by HR and employees, which can better help HR to match talent with the company’s needs. More specifically, employees can find and apply for short-term projects, training mentors, or even a full-time position that matches their interests within the organization. They can share their skills and vision on the platform, and when opportunities arise that match their interests, the platform will intelligently recommend them. At the same time, the platform will simultaneously recommend the right candidates to HR through AI technology, allowing companies to display their talent “on demand”.
A good Talent Marketplace can match the company’s current or future needs with talent through AI technology and others. It can manage the transfer of internal employees from their current position to another through internal mining, intent to invite, and onboarding across the entire domain without any worry, just like an exclusive LinkedIn within the company.
The Talent Marketplace is a key component of Talent Management, it allows HR to manage, operationalize and measure every stage of the talent’s life cycle from one place.
It is also highly democratizing the job application by offering a more transparent process for getting the right people into the right positions smoothly. Employees can proactively learn about and select their potential opportunities within the organization. It allows organizations to put employees’ skills at the core of the process, which leads to a huge step in organizational performance.
II. The Rise of the Talent Market
In the following, we will delve into the benefits of introducing the Talent Marketplace to an organization. It is worth noting why in recent years it has become an important part of the enterprise-wide talent management strategy of many organizations.
First, the big “talent grab” means that companies need to always be looking for new ways to retain their internal talent and could fill the talent gaps in a faster, more flexible way. 88% of business executives tell us that acquiring and retaining key employees is now more critical to them than it was 18 months ago. As HR you can’t rely on old strategies to solve new problems.
Secondly, COVID-19 has accelerated the need for agility in the market for talent capture, and the introduction of a more hybrid working environment has revolutionized the nature of recruitment. A modern technology platform that can help HR departments grow faster on all fronts is essential.
Now, as HR is becoming more of a strategic partner to the business than ever before, a good talent management team can’t only focus on recruiting for open roles. They need to consider the multifaceted workforce of the future and consider the potential and career path of the candidate behind each resume to help their own company better survive and thrive.
A good talent marketplace strategy can unlock the potential of internal employees and bring more flexibility. It can also provide solutions to issues such as skill gaps, talent loss, employee engagement, and diversity, equity and inclusion (DE&I).
III. The value of the Talent Marketplace
1. Empowering Employees
A talent marketplace allows employees to control over their own development journey by providing recommendations based on their stated goals and personal preferences. A variety of data shows that a good employee is often the kind of person who wants to innovate and learn from different leaders. But the existing unilateral management model, which undoubtedly incorporates these opportunities, makes it a huge challenge for companies that want to effectively retain core talent.
With more control over their future career path, employees will feel a stronger sense of engagement. This will help improve retention rates, productivity, and the company’s inclusive culture.
2. Improve employee retention
In relevant talent survey data, 51% of people claimed they plan to leave their current position within the next 12 months. What are the reasons behind this phenomenon? In addition to desiring more substantial salaries and better benefits, employees are actively seeking meaningful work and opportunities for their own career development.
The survey also shows that 54% of employees have left because they felt unhappy or unfulfilled, have later regretted it in retrospect. Therefore, HR’s choice to think deeply about internal mobility and build a talent marketplace to retain employees not only helps employees find work and learning opportunities, but also gives them access to new job content, projects, and roles internally. This will greatly improve the internal retention rate.
3. Improve and reshape employees’ skills
An internal mobility strategy that focuses on the talent marketplace can help your employees achieve better results. New job content and projects, experience with different teams, and culture of mobility and progression will ensure that employees have access to more learning opportunities, which will help your organization build a larger knowledge base.
In addition to breaking down organizational silos, internal mobility also breaks down employees’ inherent ways of thinking, allowing them to discover a different organizational culture and build more rewarding relationships, making cross-departmental projects more flexible and efficient.
4. Ultimately meet business goals
An AI-powered talent marketplace aligns employee skills to business priorities in real time. Some of these matches may be applications of skills that your managers, HR departments, colleagues, or even you have never realized!
Talent marketplace can help HR departments quickly fill key roles by tapping into hidden talent skills within the company. With the constant changes in the modern workplace, “business agility” is high on the agenda of HR organizations.
Also, in terms of return on investment (ROI), a talent marketplace will save time for HR departments and overhead spent on external recruitment, as well as the internal training effort of employees.
5. Rationalize diversity
AI can tap into the hidden treasure of your business, allowing your company to move beyond the constraints of traditional management models to a level where skills are more important than reputations. This can effectively screen out the subjective human intervention of job competition and bring more objective and reasonable results.
6. Gain a comprehensive view of talent
Another particularly useful feature of the talent marketplace is to visualize the information you have about your employees. For managers and HR teams, a talent marketplace will give you a fair and objective way to assess talent based on your business management settings, and more accurately identify the skills that your business really needs, resulting in a win-win situation for both your company and your employees!
7. Seize the best golden opportunity
As we mentioned earlier, a successful talent marketplace will align the company’s understanding of talent with the actual needs of the company in real time. This understanding is based on thinking about the following questions: What can employees do? What do they want to do? and what they are likely to do in the future?
The talent marketplace can dynamically collect and analyze skills-based data. As a result, its data always ensures that it is real time and not subject to managerial bias.
True internal talent mobility is more than just a platform. Taking a holistic view of your internal talent enables companies to make timely and informed decisions at all stages of the talent ecosystem cycle.
8. Embrace change in management
If you want to enjoy the many benefits of a talent marketplace, then your company needs to first have the right mindset for change.
In addition to a talent marketplace, you need to be ready to embrace a more efficient way of working, a different kind of internal recruitment process, improved learning and development methods and tools, and a comprehensive talent management model and technology platform.
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