Defining Your Talent Marketplace: A Comprehensive Guide for Employers

Talent marketplaces are becoming a powerful new tool for HR teams. They help find the skills within an organization and enable leaders to quickly assign the right people to the tasks that suit them best.

What is a Talent Marketplace?

A talent marketplace is like a computer system that helps connect people with jobs and projects.  However, it functions more than just software. To be fully functional, the entire organization must change its perspective toward talent.

In simple terms, here’s how the talent marketplace works: employees and contractors enter their education, talents, and work histories into the system. Managers also include details about the projects and jobs they have completed.

Then, there's a smart computer part that looks at all this information, gathers more data from inside and outside the company, and finds the best people for each project.

How a Talent Marketplace Works

A talent marketplace is like a two-way system that collects and shares information. It uses artificial intelligence (AI) to match employees' skills with the right jobs in the company.

On a talent marketplace platform, all job postings, training opportunities, projects, and temporary assignments are integrated into one place. Employees make a profile of their skills and can update it when they learn new things. Special computer programs use this information to suggest the right opportunities for qualified employees.

Different departments of the company can use the talent marketplace platform to find the best person for a certain job role or to let others know about a new job opening. This makes it easier for employees to see what's available and apply directly without needing their manager's help. Managers can also review applications and make decisions without additional steps.

Typical Features of Talent Marketplace Platforms

While talent marketplace platforms can vary, they typically offer a range of features, including:

• Career Pathing

Career pathing helps employees align their career growth with the organization's priorities. Effective tools provide employees with multiple career path options based on their skills and interests, allowing them to choose the best role for their development.

• Succession Planning

Succession planning involves identifying critical positions within the organization and creating plans to ensure that the right talent is available to fill those roles. Talent marketplaces can help identify potential future leaders across the organization, giving a broader range of employees the opportunity to develop the skills needed for leadership roles.

• Mentoring

Talent marketplaces often include mentoring programs. These programs match employees with mentors who can guide their professional development. Unlike traditional mentorship pairings, talent marketplaces use data to make more accurate matches based on employee interests and experiences.

In a nutshell, these features can help organizations maximize the potential of their talent marketplace, align employee growth with organizational goals, and create a culture of learning and development for all.

Advantages of Using a Talent Marketplace

A talent marketplace offers several advantages for both employees and the company. Here are some of the main benefits:

• Creating an Agile Workforce

In a rapidly changing world, knowing your employees' skills is crucial. A talent marketplace platform lets organizations see what their employees can do. This helps them adapt quickly during changes or challenges by matching the right people with the right tasks.

For example, Unilever used its talent marketplace during the 2020 pandemic to save jobs and distribute productivity by reallocating employees to areas with high demand.

• Employee Upskilling and Reskilling

You can help your existing staff learn new skills for future needs at a lower cost. Employees are matched with projects where they can gain new skills and experience through the talent marketplace's internal opportunities. This way, you can fill skill gaps within your company as employees become qualified for new roles.

• Recruiting the Right Talent

Job seekers look for companies committed to their employees' growth and development. A talent marketplace shows that your organization values internal mobility and professional growth, making you more attractive to potential recruits. It helps them see a future with your company.

• Employee Engagement and Retention

Internal mobility options are a big motivator for employees to stay in their current jobs. High-performing employees seek new experiences and collaborations, and a talent marketplace facilitates this. Employees are more inclined to stay with an organization if they see prospects for progress. They are more driven to perform well at their jobs when they know they have the opportunity to advance in their careers, allowing your organization to keep their valuable skills and experience.

• Strengthening Diversity and Inclusion

A talent marketplace helps identify hidden talent and removes bias from evaluating people's skills and abilities. By giving all employees equal access to opportunities, you promote diversity and inclusion in your company. AI technology can help ensure that everyone has a fair chance to shine and contribute to the company’s overall success.

How to Effectively Use a Talent Marketplace in Your Organization

A talent marketplace can be tailored to fit your organization's unique needs. Here are some key steps to ensure effective implementation and usage:

• Define the Purpose and Goals

Clearly define what you want to achieve with the talent marketplace. Common goals include finding new opportunities for employees, cross-departmental projects, leveraging employee skills, managing seasonal changes in demand, and offering career growth opportunities.

• Carefully Select a Technology Solution

Choose a technology platform that aligns with your organization's specific needs and goals. Research, shortlist platforms, and conduct demos to ensure a good fit. Consider how the software will integrate with your existing systems.

• Facilitate Adoption

Get leaders on board by explaining how the talent marketplace will help your organization from the inside. Share stories of how it worked well in other companies. Make sure employees know how it can help them learn and grow in their careers.

Encourage employees to join in by letting them know that leaders are behind the platform, so there's no need to worry about any bad outcomes. Give them proper training on how to use it well. Keep an engaging conversation with employees to show them the good things about it and share stories of success to motivate everyone else.

• Evaluate Effectiveness

Monitor how the talent marketplace functions by keeping track of important numbers. These include checking the total number of users and which departments have the highest number of users. Make sure to conduct a regular audit of this data so that you will know which areas need further improvement after utilizing it.

• Incorporate Internal Mobility into Your Culture

Emphasize that the talent marketplace is not just another HR tool but a platform for talent mobility within your organization. Foster a culture of internal mobility by having leaders be transparent about their support for the talent marketplace and promoting continuous learning and development.

Encourage employees to explore different opportunities and focus on their personal growth, making them feel supported and motivated to use the talent marketplace to advance their careers.

Conclusion

Talent marketplaces empower employees and managers to exchange skills and talents, fostering the development of new organizational capabilities. They also offer valuable insights necessary to build a workforce that is adaptable and ready for the future.

HR professionals play a pivotal role in championing and implementing a talent marketplace within the organization. By doing this, they can facilitate internal growth and progress, harnessing the potential of their workforce from within the organization.