Hands down, the most thrilling part of my work is creating an environment where I can regularly witness our employees thrive. This passion for nurturing internal talent inspired me to explore the innovative concept of internal talent marketplaces.
There is a good reason Gartner predicts that 30% of large companies will implement an internal talent marketplace by 2025. These vibrant platforms allow our employees to dive into new roles and develop their skill sets — all without ever leaving our company. Sure, they help us fill positions, but the real magic lies in how they curb turnover and empower our employees to chart their own career paths.
The power of internal talent marketplaces
The Pew Research Center finds that 63% of employees who quit their jobs do so due to a lack of advancement opportunities. This statistic is an HR nightmare. Our mission is to ensure employees feel valued and motivated by helping them grow. We are out to foster loyalty and long-term commitment.
Internal talent marketplaces address this issue by highlighting clear progression paths and offering development opportunities that encourage employees to stay. They are platforms where organizations post open roles, projects, gigs, and learning and development opportunities. Employees explore and apply to these opportunities based on their career aspirations, skills, and interests. They are vibrant ecosystems, constantly abuzz with opportunities.
The days of restrictive, linear career paths confined within departmental boundaries are behind us. Internal talent marketplaces help us break down these barriers and foster fluid talent movement across the organization. This not only keeps our workforce engaged and motivated but also ensures our company remains agile and bursting with innovation. As HR professionals, it’s our mission to design and manage these marketplaces with finesse. We first identify the skills and competencies the organization needs in each role. Then, we establish transparent application and selection processes. Finally, we provide continuous support and development opportunities for employees embarking on new journeys.
Tips to get your internal talent marketplace off to a good start
You will need to employ careful planning and execution before realizing the full benefits of your internal talent marketplace. One common issue during implementation is the lack of clear ownership. Since these platforms intersect various HR functions — talent acquisition, learning and development, and performance management — the responsibility of managing these systems can become diffused. Establish a dedicated team or assign system ownership to a specific HR function to ensure accountability and focus.
Next, you will find that implementing an internal talent marketplace is not a solo endeavor. It requires input and collaboration from different parts of your organization. Engage with IT for technology integration, work with business leaders to identify key roles and career paths, and collaborate with learning and development teams to align opportunities with skill development.
The process doesn’t end with the launch of your internal talent marketplace. Set aside time to regularly monitor, evaluate, and refine the platform. Use employee feedback, performance metrics, and evolving organizational needs to guide you as you adjust.
Strategies that keep your internal talent marketplace active
You can fuel career progression through your internal talent marketplace in various exciting ways. One strategy harnesses the platform to encourage employees to attend industry-focused summits and conferences. These events are generally treasure troves of professional development and networking.
When our employees take advantage of them, they soak up the latest industry trends and innovations. They return with fresh ideas and ready to drive our organization’s success.
Investing in employees’ continued education is another phenomenal way to harness internal talent marketplaces for career progression. When we get the word out about financial support for courses and college credits, we empower our employees to achieve their career aspirations. Continued education equips our employees with new skills and advanced knowledge. They are more effective in their current roles and better prepared for future opportunities within the organization. We consistently find that an investment in education benefits each individual employee and strengthens our organization as a whole.
An internal talent marketplace also gives your organization an ideal spot for creating internal training programs. Training programs for management roles carve clear pathways to advancement and ensure we equip employees with the skills and experience to step into leadership positions. When our company promotes from within, the morale boost is palpable. It is the clearest way our organization can showcase the value it places on employee engagement and dedication. Best of all, the employees transitioning into management roles through internal programs tend to excel quickly because they already understand our culture and processes.
Lastly, use your internal talent marketplace to support social media verification and personal branding for your company’s employees. Today, having a verified presence on social media platforms is vital to an employee’s professional reputation. It boosts their credibility and positions them as industry thought leaders. This enhances their professional network and opens doors to new career opportunities. What’s more, the employees recognized as industry leaders typically go on to become powerful brand ambassadors, elevating your organization’s reputation.
As HR leaders, our mission is to build an agile, engaged, and future-ready workforce. Internal talent marketplaces do that and so much more. In addition to creating an engaged team that feels valued and appreciated, these platforms prioritize internal mobility, reduce acquisition costs, and prevent employee churn.
This forward-thinking approach to talent management places our employees’ growth and mobility front and center. As HR leaders, we are uniquely positioned to leverage the potential of internal talent marketplaces to transform our employees’ career aspirations into tangible achievements and unlock everyone’s full potential.
Tiffani Martinez is the Human Resources Director at Otter Public Relations.
Photo by Arlington Research on Unsplash
