Ideally, employees are hired to do a specifically defined job who are constantly under the scrutiny of their managers. In turn, these managers are themselves managed all the way to the top by their seniors. But technology and the recent pandemic have brought a lot of changes and improvements and companies are working towards an improved internal talent marketplace and are restructuring the changes, allowing for greater flexibility, adaptability, and business agility with lightning speed.
Internal talent marketplace is an innovative platform that relies mainly on computational abilities and artificial intelligence. Being a tech-enabled platform, it grants employees the much needed skill-building opportunities that they are looking for both inside and outside the organization. Keeping in mind the present and the future generation that shall eventually follow, the concept enables managers to promote a multi-skilled workforce which in turn will help organizations to motivate, develop, and retain their talent pool. This simple talent model, when fully embraced, has far-reaching effects, thereby, providing employees rotation programs, mentorship, and volunteering assignments, and skill-building experiences aligning with business to create new business opportunities. Also, this talent model potentially allows managers of all sectors of the organization to post for positions be it short or long-term projects and even temporary assignments opening doors of untapped ambitions, potential, values and team spirit regardless of what their workforce was originally hired to do.
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It uses an iterative design, which is a design methodology based on a repetitive process of prototyping, testing and analyzing a process or product. If done correctly and in the right way, iterative design provides innumerable opportunities and skill-building experiences that will help create the perfect opportunity marketplace. This, in turn, will boost agility in the workplace and also enhance work performance and overall productivity of the organization. Besides this, it will help foster increased transparency, diversity and equity. Based on the recent study it was observed that the talent marketplace amid a range of other potential benefits churned up some immensely essential one mainly as a source of worker empowerment, as an enabler for internal talent mobility and lastly as a tool for cultural change.
The internal talent marketplace can deliver innumerable benefits on a broader platform based upon the nature of business and the change it demands especially during these uncertain times. It has been observed that the trend for marketplace adoption has seen a vertical rise due to COVID-19 that impacted the supply and demand for talents, which invariably triggered a need for agility around workforce deployment and talent preservation. Certain unprecedented disruptions have made organizational heads sit up and reassess how they value, look after the overall development of their employees and at the same time, ensuring that their evolving business does not suffer. On the other hand, employees too have woken up to the fact that they need to rethink and revamp their overall work performance, career ambitions, networking, and more thus coming to an actionable decision that can be made in real-time and in everyone’s best interest. These changes are widely responsible for the need and rise of the internal talent marketplace.
The internal talent marketplace has proven that it has the potential to create a multi-skilled workforce across the enterprise and therefore should be made an integral part of the future of work strategy in all organizations. Upon a survey by Deloitte, it has emerged that the internal talent marketplace has gone a long way in bringing to light the employee’s skills and capabilities, matching them to their present needs in preparation for the future generation. Most of the organizations are of the collective opinion that the internal talent marketplace is a process of continuous customization and learning. The talent marketplace while coordinating within the organization, allows unprecedented insight and visibility into the structural organization. This brings out the company’s strengths and weaknesses, thereby, making it a lot easier to rectify the problem in minimum time.
The survey further emphasized some vital aspects that would help in successfully implementing the talent marketplace. These include:
- Following the iterative path and remaining agile in implementing the talent marketplace
- Carving out the perfect user journey
- Roping in managers while partnering with talent acquisition
- Creating a culture that shall boost employee morale and encourage them to showcase their hidden talent both within and outside their team or even organization.
Adopting the policy of iterative design will enable the organizations to clearly define their vision for the talent marketplace when knowing the purpose, plan, program and platform.
The talent marketplace has seen a speedy and promising growth this year. The business demands and companies growth has pushed many big players in the market to assess and adopt this module so as to prepare for the future of work.
- “The Talent Marketplace, Explained” | Adam Etzion, HR Analyst at Gloat on June 9, 2020
- “Activating the internal talent marketplace” | Deloitte | Ina Gantcheva, Robin Jones, Diana Kearns-Manolatos, Jeff Schwartz, Linnet Lee, Manu Rawat | September 18, 2020
- “Talent Marketplace Platforms Explode Into View” | JOSHBERSIN | July 3, 2020
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