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The Internal talent marketplace: the antidote in the War for Talent

Activating Workforce and Organisational Agility, skills and capability
Traditional human resource management is based on preconceived notions about how companies should be built and conducted. Typically, it goes something like this: “employees are hired to do a specifically defined job. They answer to managers, who, in turn, are being managed themselves, all the way to the top.” A distinct and well-defined hierarchy.

However, as the technology that allows us to monitor and manage these systems evolves, so do the systems themselves, allowing for increased flexibility, adaptability, and agility.

Recently, Josh Bersin remarked that “Companies have been restructuring at lightning speed (driven by the Pandemic) and now, more than ever, they need an intelligent way to move the right people into the right role.”

The Significance of An Internal Talent Marketplace

Talent Marketplace is a revolutionary new method to human resource management that dramatically transforms the way talent is employed inside huge enterprises. Here are the top benefits and advantages of an internal talent marketplace:

Talent Acquisition

Leaders may use the talent marketplace to get visibility into which talents are available in the corporation, address skill gaps, and identify strategies to cultivate their employees for the future.

Internal talent is more likely to be a better cultural fit since they already have an inside connection to the corporate culture.

  • They are acquainted with your company.
  • They are aware of how things function and what is expected of them.

This may shorten the time it takes to identify new applicants since they already have a knowledge foundation that will allow you to make recruiting choices more easily.

Enhanced Speed and Agility

A shift away from conventional hierarchies and toward more project-based teams may help a corporation respond more quickly to changing market trends. The talent marketplace allows companies to rethink work design and collect and manage work in new ways, with an emphasis on:

  • Learning how to conduct tasks in a variety of ways
  • Redesigning work and taking a fresh look at tasks
  • Developing skills and competencies that will help with this work
  • Using skill in innovative ways to adapt to new ways of thinking about work

Increased Retention and Career Development

According to Mark Lobosco, vice president of workforce solutions at LinkedIn, internal mobility programs have been on the rise for years, but the pandemic has made the practice business-critical.

“Internal mobility, according to learning and development leaders, is a higher focus today than it was before COVID-19. Internal mobility rates are also rising—from April to August 2020; the internal hiring rate was over 20% higher than it was during the same period in 2019,” he said.

According to talent acquisition specialists, the most crucial advantage of internal mobility is retention. 

According to Deloitte, internal talent mobility may increase employee engagement by up to 30%. Employees who are growing and given a chance to learn other things outside of their professions become more interested in your reskilling programs and your organization since it is critical to attaining internal mobility. Employee engagement equates to increased productivity for your company.

Removing Silos

Diversity, equity, and inclusion (DEI) are essential for talent acquisition and mobility, but they are easier said than done. Breaking down organizational silos enables cross-functional cooperation inside the company, which fosters innovation. 

As a consequence of the cross-pollination of ideas, the product or service reflects consumers in a broad marketplace. One of the most significant advantages of cross-functional cooperation is that workers are exposed to a new section of the organization and better understand how the company functions.

Summary

Upskilling and reskilling should go hand in hand for your company to gain greater internal mobility and allow your talent pool to grow. Manage a flourishing internal talent marketplace that gives your staff adequate opportunity for future growth and exploration in their professional efforts.

Contact us to learn more about how the Internal Talent Marketplace can help your organisation thrive and accelerate your workforce strategy.