I have been reading a lot lately on the future of work and how organizations are starting to focus more on skills and outputs versus just traditional full time roles. This new perspective enables leaders to reframe how they access the talent they need to achieve their growth objectives. Does this mean the traditional full time role is dead? No, there will always be full time employees, but the way to leverage each employee’s skills and experience will evolve.
In a world of growing chronic talent shortages businesses are being forced to “think outside the box” in terms of how and where they access the talent they need. One of the new terms I have been hearing about lately is Talent Agility, which refers to an organization’s ability to quickly and effectively respond to changing talent needs and business requirements. It involves having a workforce that is adaptable, versatile, and capable of navigating uncertainty and complexity.
Today I want to outline the two types of workforce marketplaces that are forming – the internal and the external marketplaces.
An internal talent marketplace refers to a system or platform within an organization that facilitates the identification, development, and deployment of talent from within the existing workforce.
An external talent marketplace involves sourcing talent from outside the organization, often through external talent platforms, or networks.
Internal and external talent marketplaces are two distinct approaches to sourcing and managing talent within organizations. Here’s is a brief overview of each type of talent marketplace and there key features and challenges:
Internal Talent Marketplace
Key Features
Talent Visibility: Provides visibility into the skills, expertise, and experiences of each employee.
Talent Mobility: Facilitates internal mobility by matching employees with relevant opportunities, such as projects, roles, or assignments.
Skill Development: Supports skill development and career growth by offering learning and development resources tailored to individual employee needs.
An internal talent marketplace refers to a system or platform within an organization that facilitates the identification, development, and deployment of talent from within the existing workforce.
Challenges
Siloed Data: Incomplete or siloed data on employee skills and experiences may limit the effectiveness of internal talent marketplaces.
Skill Gaps: Internal talent pools may not always align with the evolving needs of the organization, leading to skill gaps.
External Talent Marketplace
Key Features
Talent Access: Allows organizations to access specialized skills or expertise not readily available internally.
Innovation: Introduces fresh perspectives and ideas from external candidates, fostering innovation within the organization.
Talent Agility: Offers flexibility in scaling workforce capacity up or down based on business needs.
An external talent marketplace involves sourcing talent from outside the organization, often through external talent platforms, or networks.
Challenges
Onboarding: External hires require an expedited onboarding process to ensure they are integrated into the organization as quickly as possible to ensure they have an immediate impact.
Cultural Fit: Ensuring cultural fit and alignment with organizational values can be more challenging with external hires. Ensuring a solid culture fit is key to leveraging external talent.
Both internal and external talent marketplaces will start to play an important role in talent management strategies in the next few years. And organizations will start to leverage a combination of both approaches to meet their talent needs effectively.
article by:
