The world of work is evolving fast. The way organizations manage Talent needs to change along with it!
Employees with multiple skills are a huge advantage for organizations. Teams, that can shift on the fly are the new norm. That is why a common place is required in the organization where employees can connect and find a new job, new role, or new team on the go.
Employees today have an enormous number of opportunities. Unfortunately, the opportunities that most employees can see are outside their organization and are easier to see and apply, compared to the opportunities inside their organization.
PwC’s Millennials at Work report found that the most attractive part of an organization was the possibility of career progression:
Figure 1 – What characteristics make an organization a desirable place to work?
What Role Does Internal Talent Marketplace Play in the Employee Journey?
Employees are the soul of every organization. Organizations might have the best tools & technology, but they will not reach their potential if they don’t know how to nurture the right people. To have skilled and talented employees, an organization should keep in mind the different stages of an employee’s life cycle.
Employee life cycle plays a key role in an organization’s development. It involves more than just finding & retaining employees; it also entails learning new skills & making a solid first impression on people before alumnification.
Figure 2 – Talent Marketplace areas in Employee Life Cycle
Talent Marketplace platforms are substantially involved in the 4th stage – Employee Development and subtly at the 5th stage – Employee Retention in the employee life cycle. They help employees in various ways, in turn helping organizations to retain their people.
As we know that everyone wants to live with better purpose, clarity, and vision. It helps employees find their purpose in the organization, master new skills, and ultimately unlock full work potential through a clear vision of their career. With employees eager to build their careers, a talent marketplace serves as a learning program to promote diverse career opportunities.
Due to this, employees tend to feel happy while learning, growing, and taking on new challenges as a part of their responsibility. This raises the bar for a better employee experience and helps employees and their teams achieve a whole new level of job satisfaction.
Employee experience is an inherent part of every stage in an employee life cycle. Internal gigs, new teams, and cross-functional roles allow unique experiences, due to which employees want to continue to contribute, make an impact, and grow their careers along with it. Giving employees the freedom to chart their own careers is a crucial component of an organization’s effective employee experience, which a comprehensive Talent Marketplace platform resolves quite nicely.
How do internal talent marketplace and its modules drive internal mobility?
It is well known that companies have been working to improve internal talent mobility in the recent years of Great Resignation. Saving resources on external recruiting, enabling organizations to find internal expertise, and creating a strong sense of belonging (DEIB) in the workforce are the main characteristics of Internal Mobility driven Talent Marketplaces.
According to Josh Bersin, there are majorly three facets of Internal Mobility in the Talent Marketplace.
Figure 7 – Types of Internal Mobility
Internal mobility today is far less about “careers” and much more about “experience and skills” an employee can develop staying with the same organization. Facilitating the same, mentioned types of internal mobility can be elaborated as:
- Planned Mobility: In this, career paths are available to employees which encourages advancement. This is the traditional ‘career management’ model, where development planning happens annually.
- Facilitated Mobility: Here, an employee is given a challenging task to take on significant new responsibility. These are mandatory, business-driven moves that often occur. These are dynamic processes and happen in a rapid manner which can create a negative employee experience.
- Agile Mobility: In this, employee movement is maximum. This takes place when employees work on multiple projects, they join various teams, and the organization operates more like a professional services firm and less like a hierarchy of jobs and functions.
Hence, Talent Marketplace served with internal mobility is nothing but a combination of career management, social networking, and recruiting system all in one. In many ways, it’s like an organization’s internal “LinkedIn” – with recruiting features, training, and mentoring all included in one.
As known, it is vital to demonstrate to employees, that organizations want them to have a fulfilling career. This will help organizations to keep employees happy and retain them for many years in the future.
Therefore, by integrating internal mobility with immersive Talent Marketplaces, organizations can win the hearts of their employees in this unprecedented war of skilful talent.
Conclusion
The concept of Talent Marketplaces was just emerging a few years ago. But with the gig economy – internal and external, the rise of hybrid work, and the new talent war as significant accelerations, these platforms are now pretty much common in agile and forward-thinking organizations.
Technological research and consulting firm Gartner, in its Market Guide for Talent Acquisition (Recruiting) Technologies Report, assumes that by 2025, 20% of large enterprises will have deployed an internal talent marketplace to optimize the utilization and agility of talent. It also showcases the Talent Demand Fluctuations in the graph below.
Figure 8 – Talent Demand Fluctuations Across the Globe
To stop the flow of talent externally, a well-built Talent Marketplace program can help. It can hire better, develop talent with more agility, share skills with multiple stakeholders, and retain people in a more comprehensive way. At its core, Talent Marketplace solution is fundamentally about developing a workplace that supports an inclusive company culture, promotes career advancement, and fosters team relationships through mentorship and mobility.
Looking at the impact through the aforementioned stories and facts it is evident that Talent Marketplace solutions are here to stay. The massive $360 billion L&D market of training is constantly evolving. In order to contribute to this evolution, Talent Marketplace solutions are not even close to entering a downward trend because they are expected to grow and explode like nothing else!
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