The HR tech landscape is rapidly evolving to meet the new challenges faced by HR departments and companies today. A new HR tech concept – the Talent Marketplace – has caught the attention of people analytics experts.
Why is the Talent Marketplace so important? And why are companies across all industries focusing on it?
The main reason for the popularity of this new talent management model is its innovative and flexible approach to talent acquisition, mobility, and management. Companies need to be able to quickly place the right people in the right roles. For this, they need technology and data. The Talent Marketplace seems to be the answer to this need.
What is the Talent Marketplace?
The Talent Marketplace, also known as a talent mobility or internal mobility platform, is a technology-driven platform that connects employees with career opportunities within the organization. This allows companies to engage, develop, and retain their employees with comprehensive flexibility and agility.
At the heart of the Talent Marketplace is the utilization of internal talent. It is less about "careers" and more about "experiences and skills." By focusing on internal talent, companies can benefit from the skills of all departments.
The Talent Marketplace enables employees to take control of their careers and work more effectively. Top performers can learn new or adjacent skills, take on new tasks, and collaborate with different colleagues within the company.
Development of Talent Mobility
Josh Bersin describes three stages of this concept's development in his article on the phenomenon of the Talent Marketplace:
- Planned Mobility: Traditional career management with linear career paths and annual development planning. This model lacks flexibility and prevents employees from being promoted.
- Facilitated Mobility: Roles are assigned to new employees when a position becomes vacant. However, without a good platform, this model lacks transparency.
- Agile Talent Mobility: A gig or project-oriented model that allows employees to quickly and continuously switch between teams and initiatives. This model is flexible and advanced, enabling companies to make the most of their talents and offering employees endless opportunities.
Practical Examples
Companies like American Express, IBM, Nestlé, P&G, Unilever, Google, and General Mills are successfully implementing a Talent Marketplace strategy. Employees can choose projects and tasks that best match their skills.
Challenges Solved by the Talent Marketplace
The Talent Marketplace model offers numerous advantages:
- People Analytics through Skill-Matching: Transparency about existing skills and closing skill gaps.
- Reskilling and Future-Proofing: Insights into the organizational structure and individual employee development.
- Reducing Recruitment Costs and Increasing Employee Engagement: Saving recruitment costs and motivating internal talent.
- Enabling Skill Shifts: AI-powered connection of employees with new opportunities.
- Building a More Agile Workforce: Promoting the transition to a more agile workforce.
How to Master Talent Mobility with Sprad
The transition to agile talent mobility occurs in clear stages:
- Discovery Phase: Transparency and documentation of all competencies.
- Creating a Forecast: Identifying skill gaps and needed skills.
- Connecting the Dots: Establishing connections between employees and skills.
- Transformation: Making predictions and enabling skill transformation.
Conclusion In the new era of talent management, the ability to develop internal talent faster and better is a competitive advantage. Invest in the skills you already have. At Sprad, we believe in the power of people analytics and workforce planning. Learn more about the Talent Marketplace and solve your talent management challenges.
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