Unlock the power of Internal Talent Marketplaces to swiftly fill critical roles, pinpoint skill gaps, and boost internal mobility within your company!

📣 An internal talent marketplace benefits both organizations and workers by driving revenue and innovation and enhancing retention and engagement.

🚀 It's a dynamic digital platform that seamlessly connects employees with opportunities. It accelerates hiring, reduces costs and risks, and enhances retention and engagement.

☝️ Employees can showcase their skills, experiences, interests, and aspirations, while recruiters, hiring managers, and others can post projects, assignments, or full-time positions.

❗️ Before initiating this transformation, organizations must define a clear vision for the marketplace’s short-term and long-term objectives, according to a new interesting research published by The Conference Board in partnership with Gloat using data 📊 from a series of roundtable discussions with Human Capital leaders.

✅What is an internal Talent Marketplaces?

Researchers describe an ‘internal talent marketplace’ as a digital platform and suite of processes that organizations use to link employees with internal full-time roles, projects, and learning and development opportunities.

A talent marketplace is a two-sided platform that harnesses the power of AI to match employees and their skills to projects, gigs, mentorships, and full-time roles within an organization

✅Benefits of Internal Talent Marketplaces

Internal talent marketplaces are providing organizations with a powerful competitive edge by reducing time to fill critical roles, quickly identifying skill gaps, and enhancing retention and engagement as employees gain access to internal positions, projects, learning opportunities, and visibility into a long-term future at the organization.

Researchers listed some benefits of a talent marketplace:

1️⃣ Workers to see opportunities for open roles, gigs, and projects; as well as mentors, career paths, and development opportunities;

2️⃣ Recruiters and hiring managers to post open opportunities;

3️⃣ Leaders to see current skills and skills gaps within the organization; and

4️⃣ Project and division leaders to drive revenue and innovation through better internal deployment and movement of employees across the organization to critical business initiatives.

✅The mutually beneficial impact of Internal Talent Marketplaces

Researchers found that roundtable participants reported that internal talent marketplaces can:

☑️ Improve talent acquisition, Onboarding, Development, Succession planning;

☑️ Boost productivity and efficiency;

☑️ Lower costs

☑️ Foster a positive culture.

✅Meticulous planning and investment are essential prerequisites

Researchers emphasize that to fully leverage a talent marketplace, organizations must invest in technology, processes, and culture.

Prior to this, it’s crucial for organizations to establish a clear vision, detailing the marketplace’s short-term and long-term goals.

📍 Finally, researchers recommend four steps to build a compelling business case for internal talent marketplaces, emphasizing the need to measure and demonstrate ROI to justify the significant investment required:

✔️ Identify the desired outcomes and how progress will be measured;

✔️ Track both input and output metrics, and understand their business value and impact on employee experience, growth, and retention;

✔️ Recognize that different C-Suite stakeholders will be interested in different metrics

✔️ Use metrics to guide ongoing development and improvement

☝️ 𝙈𝙮 𝙥𝙚𝙧𝙨𝙤𝙣𝙖𝙡 𝙫𝙞𝙚𝙬:

This fascinating research highlights the advantages of ‘talent marketplaces,’ a new tool that enhances internal mobility to tackle labor and skill shortages while boosting enterprise productivity and innovation. By integrating impact measurement into the design of internal talent marketplaces, leaders can clearly demonstrate return on investment (ROI).

🙏Thank you The Conference Board and Gloat researchers team for sharing these insightful findings: Robin Erickson PhD Barbara Lombardo, PhD Erka Amursi Matt Rosenbaum

Dave Ulrich

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