A platform that matches internal candidates with jobs is called a talent marketplace. To find and apply for part-time jobs, projects, mentorship opportunities, and full-time positions that match their skills, employees at an organisation can use a Talent Marketplace. The system manages the entire process. Employees can share their skills and passions, and the system will suggest opportunities that fit.
There are many advantages as the business gains motivated, empowered workers who are more likely to stay (longer); those who fill positions benefit from a quick and simple way to match job openings with existing skill sets; teams spend less time and money on recruiting and onboarding external candidates; and workers experience an improved, more democratic workplace culture. However, in order to utilise these benefits, the Talent Marketplaces must be properly implemented. There are a few key tips for making your Talent Marketplace successful.
Steps to succeed with a Talent Marketplaces
Following are the steps to succeed in a talent marketplaces:
Discover your abilities (and potential) first
A successful Talent Marketplace will bring together in real time a deep understanding of the talent in the business and the needs of the business. This comprehension should be based on abilities: what people can, want to, and may be able to do in the future. Before launching a Talent Marketplace, make sure you have the right skills taxonomies in place and collect skills data from employees, although this is a technical task that can be automated to some extent. Adopting a new perspective is the difficult part.
Individuals with a living, evolving set of skills; with dynamic levels of proficiency comprise your company’s talent. They are not static collections of requirements that correspond to an open position. This is where an AI-powered Talent Marketplaces can help you not only keep track of raw skills data, but also analyse those skills for your industry in terms of proficiency and seniority.
It should be part of a comprehensive strategy
True talent mobility requires more than just a platform; it must be part of a larger strategy that considers talent holistically. If properly implemented, it has the potential to assist businesses in making decisions at every stage of the talent lifecycle. A Talent Marketplace allows talent teams to see what skills they currently have available to them. In other words, you can see and assess your entire talent universe (candidates, alumni, and employees) in a fair and objective manner. You can use it as a central tool for workforce development to identify the skills you need and the adjacent skills your candidates can learn.
When implementing a Talent Marketplace, you must be prepared to embrace more agile ways of working in internal recruitment, new tools and methods for learning and development, and delegating some responsibility for hiring decisions to smart technology. You must also be willing to break down departmental silos and, as previously stated, shift your focus from experience/qualifications to skills and potential.
Rethink your incentives
Internal mobility is hampered because managers are frequently incentivized based on the performance of their team rather than their contribution to the overall business. While keeping the ‘best’ talent on your team may benefit your metrics in the short term, it will not improve engagement and retention because it often comes at the expense of an individual’s career aspirations or learning goals. “Managers need to be rewarded not for retaining people on their teams, but for retaining people (and their potential) across the entire organisation.”
Discover different learning and development methods
A Talent Marketplace allows you to get the most out of your employees. Allowing them to move desks rather than companies allows you to keep the knowledge they have gained within the company while also expanding it. Employees will learn new skills, think very differently about challenges, build new relationships, and ultimately make every team more efficient through internal gigs, short-term projects, or full-time moves.
However, Talent Marketplaces alone will not ensure that learning is properly harnessed, measured, and applied across the organisation. As people move more freely throughout the organisation, HR must be prepared to approach L&D in novel ways.
Make the candidate experience memorable
While some companies have an internal mobility programme or provide opportunities for lateral moves, they do not always make the experience enjoyable as well as seamless for internal candidates.
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