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Good thing, talent marketplace came into the scene. It refers to the platform that allows managers to post mentor-ships, short- and long-term projects, temporary assignments, open positions, and other initiatives.
This platform uses a smart algorithm and AI to match relevant opportunities that employees within an organization are needed for.With the talent marketplace, organizations benefit from the untapped abilities, potentials, and ambitions of their employees. That is regardless of what employees were originally hired to do.
If you still wonder about talent marketplace platforms, then keep reading!
Talent Marketplace Platforms Continue to Emerge
Companies like IBM, Societe Generale, Seagate, Unilever, and many others made clear the importance of shifting to an internal talent marketplace.This gives organizations across the world the most powerful practices in the business field.
Talent Marketplace has initially been designed to help the organization's career pathing system.
Aside from engaging people and helping them progress, the platform gives an organization a great opportunity to identify the skills and talents that can lessen the need to search for external talents.Over the past years, high-performing companies like Procter and Gamble, Google, Nestle, and Cisco acted as internal talent machines.
These companies built an internal growth culture that allows their employees to work for decades while reinventing themselves.
As these companies learned the importance of internal growth, they helped people gained cultural insights and perform uniquely and productively.
That is all because of the knowledge and relationships within the company.
These days, internal mobility is more about skills and experiences rather than a career.
Since high-performing employees want to learn adjacent skills, work with different leaders, take international projects, and try new things, talent marketplace platforms are what organizations need now.
Three Stages of Talent Marketplace Strategies
There are some mobility scenarios that cannot be programmed or planned into career models. That is because they occur in real-time.
Below are the three stages of talent marketplace strategies.Planned Mobility
In this stage, organizations create career paths while encouraging their people to grow.
This traditional career management model allows them to develop annual planning, and managers coach and support people until they are ready for promotion.
Facilitated Mobility
Hiring managers study the different patterns of mobility to determine which move offers the highest potential for success.This more dynamic process help employees who are tired of their jobs, or the organizations need to fill a hole with the use of forced and business-driven moves.
Agile Talent Mobility
In agile talent mobility, employees can move around at all times. This allows people to work on different projects and join various initiatives and teams.
The organizations operate like a professional services firm instead of a hierarchy of functions and jobs.
The employees can have career managers who can help them when it comes to functional or career skills.
At the same time, they have team leaders, project leaders, and other leaders for whom they work.
Introducing Talent Marketplace to Your Organization
Having a talent marketplace in an organization means for accurate management of movement, onboarding, hiring, and search of people of varying roles.Today's talent marketplace platforms barely resemble the career management system. These platforms allow people to promote both their aspirations and skills.
They give them the right tools to find learning programs and mentors and recommend assignments and projects of interest.
As a platform, it allows the organization to manage its people efficiently.
How to Match People to Opportunities
In matching people to opportunities, there are several ways to consider them.
Self-Assessment and Promotion
This involves HRMS integration and employee profile. It includes filling in the profile, assessing interests, identifying skills, and categorizing experiences.
Job Discovery, Analysis, and Skills Matching
Skills matching features and AI are necessary for this method. This involves deriving skills in jobs and skills from experience, assessing skills manually, and giving recommendations.
Selection, Interviews, Fit, Onboard, and Hire
This method comes with assessment and recruiting features. It involves posting and scheduling of interviews, onboarding, moving, or relocating, among others.
Measure, Develop, Grow, and Reward
This method is all about performance and development. It involves filling development gaps, accommodating missing skills, setting performance goals, and assessing failure or success.
Different Talent Marketplace Vendors
Plenty of vendors are competing to meet the demand for the talent marketplace. To give you an idea of the top performers, check out the list below:
Gloat
This market leader gives the advantage to companies that start their recruiting journey. It helps in matching job candidates to opportunities.
Fuel50
The Fuel50 offers deep experience in career models, job models, and competency assessment and management.
365Talents
This French company includes easy to use a matching system and job search, and AI-based skills matching tools.
The platform successfully deployed talent marketplace solutions to Tessi, Society Generale, Allianz, and many more.
Hitch
This AI-based platform has a very successful and experienced team in this market. HERE Technologies, ARM, AllianzGI, and Dolby are some of its clients.
Eightfold.ai
The founders of this talent marketplace platform were among the original engineers at Google. The core of this AI-based talent analysis and matching system is skills matching and inference.
Avature
If you are looking for the most workflow-oriented, mature, and scalable recruiting platform, the Avature is a great choice.
This platform recently unleashed its internal skills taxonomy and mobility system. It also steadily won over the largest recruitment teams in the world.
Workday
The Workday provides a talent marketplace system that manages projects, intelligent matching of people, and gig work to opportunities. It is specially designed to match people to opportunities.
Final Thoughts
Getting a talent marketplace might sound a piece of cake.
However, it requires strategic planning, tools, and platforms, which will allow you to manage, monitor, and plan mobility.
You will not just open up a certain job for random movements; you will need vendors as well.
If you still have any question, do share via comments.
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