Table of Contents
b) Understanding an Internal Talent Marketplace
c) Benefits of internal talent Marketplace
The present corporate scenario is really dynamic. As per the latest trends in recruitment, the top management is finally beginning to recognize the value of employees and their contribution to the overall business activities. Hence, most organizations nowadays are becoming more employee-centric. The job roles are being tailored as per the abilities and skills of the employees. Employees are even being asked to or assigned projects that pertain to their strengths and what they are best at, unlike the past where the degree was the only thing that mattered. Companies are reengineering and reconstructing their work culture at lighting speed, and hence are always looking out for an intelligent way to move the right people into the right role. The need for internal talent mobility has thus been recognized like it had never been earlier. Extensive endeavors are being taken to align people’s skills and knowledge with the task at hand. Companies are giving leverages to the most productive employees to choose projects and assignments that are most suitable to their area of expertise.
Companies are paving their way with the realisation that it is the intangible assets like people skills, people’s perceptions or reputation and relationships that count more than those tangible assets like plant and machinery. Hence, organizations have become flexible in talent development across the length and breadth of their structure. Needless to say, Internal Talent Management has become a necessity. However, is an Internal Talent Marketplace mostly about talent management or is it something more? In this blog, we explore that.
Understanding an Internal Talent Marketplace
An Internal Talent Marketplace is aimed at mobilization of internal talent so as to assess the potential and talent of the employees and thereby channelize the same in the right direction, so as to improve the firm’s productivity and sales figures. By doing so, organizations are offering freedom to their managers to use talent from different hierarchies and departments towards a more concrete business model.
This initiative also acts to increase the ownership of employees towards their work and get the work done more effectively. Providing them more opportunities to grow themselves and find work and skills that help them realize their potential counts far more than simply engaging them in any other repetitive jobs. This also prevents the employees from getting pigeon-holed into one particular job.
Benefits of internal talent Marketplace
Internal talent Marketplace can be a discipline as big as the HR function itself or a sum total of multiple small bunch of initiatives aimed at people and organization development. It can be used for mapping people against the future initiatives of the company and for succession planning. Some of the reasons as to why internal talent Marketplace is crucial are as follows:
1. The right person at the right job
Through a systematic ascertainment of people’s skills and strengths, people’s decisions gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. This is especially important both from the perspective of the company as well as employees because the right person is deployed in the right position, and employees’ productivity is increased. Also, since there is a better alignment between the interests of an individual and the job role, job satisfaction is increased, which in turn leads to an increase in effectiveness and efficiency. Hence, the internal talent Marketplace helps the company to navigate through the talent pool and discover talents suited for that particular job role.
2. Retaining top talents
Retaining good employees still is one of the biggest challenges faced by HRs and management. Application of an Internal talent Marketplace initiates a sense of oneness of the employees to the company by developing strong interpersonal relationships. Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organizations that fail to retain their top talents are at the risk of losing out to competitors. Employee growth in a career has to be taken care of, while succession planning is being performed. Those who are on the radar need to be kept in the loop so that they know their performance is being appreciated or rewarded. Internal talent Marketplace facilitates in making the employees feel valued, thereby giving them a good reason to stay.
3. Better hiring
The quality of an organization, to a large extent, depends on the quality of the workforce it possesses. The success and failure of any business are directly related to the people engaged in its various functions. The best way to have talent at the top is to have talent at the bottom. No wonder then internal talent Marketplace programs and training, hiring assessments have become an integral aspect of HR processes nowadays. HRs can also use AI in Talent management for candidate sourcing, screening, and onboarding.
4. Understanding employees better
Employee assessments give deep insights into the management of their employees. Their development needs, career aspirations, strengths and weaknesses abilities, likes, and dislikes. It is very easy to determine what motivates whom, and this helps a lot of job enrichment process. Internal talent Marketplace provides for a better opportunity to understand the employees and thereby help in making them engaging and dedicated towards their work.
5. Better professional development decisions
When an organization gets to know who its high potential is, it becomes easier to invest in their professional development and thereby channelize their talent in the right direction, so use the same for the benefit of the company.
An Internal talent Marketplace helps to build a culture of internal growth, enabling people to work in the company and constantly reinvent themselves along the way. This, in turn, helps in creating a strong breed of leadership. People who move around the company tend to gain more perspective and outlook, cultural insights, and can perform in unique and productive ways because of their relationships and knowledge of all parts of the company. Internal talent Marketplace is far less about “careers” and much more about “ experience and skills.” High performing professionals want to try new things, learn adjacent skills, take international assignments, and get a chance to work with different leaders. These types of mobility scenarios cannot be planned or programmed into the career model. They have on a real-time basis.
So the internal talent Marketplace becomes an indispensable part of this entire maneuver to forward the employees of the organization to gain substantial cognizance and knowledge so as to develop their own career graph, in addition to escalating the profitability of the respective organizations.