We’ll say it straight: While we are seeing an increased focus on employee experience, there’s still a long way to go. And, given employees’ expectations in our modern workplace, it’s crucial to prioritize growth and satisfaction, stat. In fact, here’s a not-so-fun fact: 23% of employees leave their jobs because they didn’t see a chance to grow!
But there’s a solution: a talent marketplace.
A talent marketplace is a great way to enable your employees to develop and progress in their careers, ensuring they stick around for the long run. Read on to understand what a talent marketplace consists of and how to manage one.
What is a Talent Marketplace?
At its core, a talent marketplace – also known as a talent mobility platform – is an internal HR platform equipped with artificial intelligence (AI). This intelligent, data-powered platform connects employees with a spectrum of learning and development opportunities for professional growth within the organization.
In short, a talent marketplace upgrades your employees skill sets which has a multitude of benefits, not the least of which are promoting your business goals and making your employees feel valued! Plus, a talent marketplace also offers valuable insights to help teams better manage their resources.
From vision and objectives, to understanding underrepresented job seekers, and designing an inclusive approach to hiring, we’ve got you covered.
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How Does a Talent Marketplace Impact Employee Engagement?
Talent marketplaces foster a culture where employees can learn, grow, and evolve, which translates to better retention rates. These platforms play a pivotal role in shaping a work environment where employees are not just passive participants, but active contributors to their own professional growth.
And, in case there are any lingering doubts, a comparison business business units and teams scoring in the top quartile in engagement and those in the lowest quartile provides us with more thana few reasonswhy engaged teams are oh-so important:
- 81% less absenteeism
- 18% less turnover in otherwise high-turnover organizations
- 43% less turnover in the low-turnover organizations
- 64% less safety incidents or accidents
- 10% higher customer loyalty/engagement
- 18% higher productivity (sales)
- 23% higher profitability
Empowering Employee Growth and Engagement through AI-Driven Opportunities
Let us dig deeper into how a talent marketplace actually helps achieve this. The answer is the transformative powers of AI. Through AI-driven matching, these platforms connect employees with:
Career pathing opportunities
Career pathing is the process of outlining and planning the steps an individual takes in their career journey to achieve their professional goals. Providing the opportunity for employees to set and achieve goals for themselves helps in identifying their areas of strength. Managers, on the other hand, get insight into how their team members navigate between jobs. This information helps them better guide their subordinates to reach their desired goal.
Learning and development initiatives
Learning should never stop. In any given role, it’s important to evolve and upgrade continuously to be good at a job. Providing access to tailored training programs ensures that employees have the tools and resources to enhance their capabilities, aligning their skills with the evolving needs of the organization.
Participation in short-term gigs
Who wouldn’t want to diversify their skillset? By promoting your employees to engage in short-term, cross-team projects of their choice you help them find their areas of interest. Employees get a chance to explore different aspects within the same company. This approach adds variety to both skills and experiences, making the workplace a dynamic and interesting space.
Mentorship opportunities
Mentorship initiatives go beyond simple professional connections and work opportunities; they cultivate a stronger bond between employees and their organization. Good mentees not only perform well, but add more.
Employee resource groups or networking groups
Employee resource groups – orERGs – are like mini-communities within a company where employees with shared characteristics or interests come together. These groups create a sense of belonging by offering a space for individuals to connect, support each other, and collaborate. They not only foster inclusivity but also provide opportunities for networking, mentorship, and sharing ideas within the broader organization.
This innovative approach ensures a dynamic workplace culture, fostering growth, diversity, and continuous skill evolution. The talent marketplace, powered by AI, becomes the driving force behind an engaged and evolving workforce.
Creating Effective Talent Marketplaces
Companies today must go beyond traditional employment practices to foster an environment where employees truly flourish. Providing opportunities for upskilling and reskilling is a fundamental commitment to the growth of each team member within the organization. And, if you want to keep up with the Jones’, 20% of large enterprises are expected to deploy internal talent marketplaces by 2025, with the goal of “optimizing the utilization and agility of talent.”
With AI-powered talent marketplaces, the task of aligning personal aspirations with organizational goals has become quite doable. These marketplaces contribute to creating personalized, automated, and empowering employee experiences. They help to boost retention, increase engagement, enhance workforce intelligence, and decrease the cost to hire, shaping a workplace culture that actively nurtures and propels its workforce.
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FAQs
What is a talent marketplace in an organization?
A talent marketplace within an organization is an internal platform that helps in connecting employees with relevant projects and opportunities. Such a system fosters skill utilization and professional growth of existing employees.
How does a talent marketplace help with employee retention?
A talent marketplace helps an organization offer career development opportunities to its employees. With relevant tasks and initiatives, employees see themselves growing which in turn enhances their job satisfaction. Satisfied employees are more likely to stay in an organization for longer.
