Boosting Employee Retention and Mobility with an Internal Talent Marketplace
Faced with continued challenges, executives, HRIT/HRIS teams, managers, and employees are all struggling to evolve. To streamline the way these key groups of stakeholders work together toward common goals, a new HR tech category has emerged: the talent marketplace.
Talent marketplaces represent the next evolution in connecting employees with opportunities, whether that’s a future role, a short-term gig or project, the perfect mentor, or a learning and development path.
In this session from “Experience Phenom: Talent Marketplace”, Phenom’s own Lindsay Mareau, VP of Strategy, and Lora Kantorovich, Director of Product, share how an intelligent talent marketplace powered by AI and automation can boost retention by equipping employees with greater visibility into new opportunities and the tools needed to pursue them.
Keep reading to catch the highlights or watch the full session below.
Creating valuable solutions and insights for key stakeholders
Businesses in every industry have been challenged to evolve and better respond to uncertain economic and talent landscapes. “Agility, resilience, and transformation are no longer marketing buzzwords. They are a reality,” said Mareau.
Talent agility is critical and businesses that are investing in their employees’ growth are beating out the competition. The key to getting ahead? An integrated talent marketplace platform.
By leveraging an intelligent talent marketplace, key stakeholders throughout the enterprise can reap the benefits:
can visualize the next steps in their career and access recommended learning opportunities to acquire the skills they need to progress.
HR leaders and C-suite executives
gain access to a plethora of data insights across the enterprise to inform better decision-making.
shift from duct-tape point solutions to a holistic platform, streamlining the implementation process.
gain insight into skills gaps and career paths for each of their team members, allowing hands-on support throughout the journey.
This emerging HR tech solution streamlines internal mobility, fosters engagement, and improves retention. Here’s how it works.
Using data to individualize the employee experience
Phenom Talent Marketplace is designed to replace point solutions and provide a well-rounded, holistic solution to today’s most common HR challenge: employee retention.
Built on numerous enterprise data sets curated from different points throughout the entire talent lifecycle, Phenom Talent Marketplace is informed by over 2 billion data points. This data actively supports users to create personalized experiences by providing learning and development recommendations based on tenure, interests, skills, and preferences.
Through resume parsing, ATS integrations, and HRIS data, each employee’s talent marketplace user profile is automatically populated with relevant information — but each section of data is configurable, allowing employees to add more data surrounding their skills and competencies.
All data listed in an employee profile helps inform Phenom AI to make valuable recommendations for career paths, learning and development opportunities, short-term work or gigs, mentors, and more.
Once a profile is created, employees are sent reminders at the most relevant times to continually ensure their profile is up to date. For example, depending on your preferred communication style, you can configure email notifications to be sent out as a reminder to update employee profiles before mid-year reviews.
With configurable reminders, auto-populated profiles, and plenty of room for employee input, these user profiles help create a reliable baseline of information to support internal mobility features as well as learning and development.
Pro tip: Phenom Talent Marketplace also allows users to input personal interests. These details can be used to match people to people for meetups and coffee breaks based on mutual interests, helping to build relationships and a sense of belonging.
Offering unique career paths and opportunities
Employees benefit from having exposure to a clear career path. Directly highlighting the potential opportunities that await them within your organization helps employees determine where they fit in, how they contribute to company goals, and what career growth could look like if they stick around.
Improving visibility and highlighting opportunities for upskilling and reskilling is a key function that every talent marketplace should have.
Through Phenom Talent Marketplace, our AI analyzes each employee’s profile and recommends the best potential next steps that each individual could take. This can include both horizontal and lateral moves throughout the business.
Within each role recommendation, users can also see a match analysis — detailing out which skills are a good match for that particular role along with skills that are missing. These personalized insights spark actionable recommendations that employees can incorporate into their weekly responsibilities.
Pairing career paths with learning and development suggestions creates a personalized experience for every individual based on their skills, interests, and goals.
Getting hands-on experience and improving talent agility
There are multiple ways employees can upskill and prepare for their future roles — through recommended courses, short-term projects or gigs, and mentorship. Courses foster skill development in a traditional way where gigs offer hands-on experience that allow employees to explore different departments and role responsibilities.
Gigs help foster talent agility by redistributing capacity across different departments to achieve company goals while employees gain exposure to various tasks they may not have experienced in their current career path. This type of experience can spark new interests that help individuals become clearer about what they want their future career to look like.
Another way employees can evolve along their career journey is through mentoring. Using Fit Scores, Phenom Talent Marketplace recommends potential mentors based on their ideal career path, interests, or skills.
Through role recommendations and learning opportunities, employees move from uncertainty to clarity while gaining visibility into what’s possible at their current organization — fostering engagement and making long-term retention a reality.
Boost employee retention and internal mobility with Phenom
Phenom Talent Marketplace is specifically designed to help businesses improve engagement and retention by unlocking the potential of their existing talent. With AI-powered recommendations, automatic reminders, and Fit Scores, our platform continually engages employees and allows them to take charge of their careers, improving retention along the way.
The more employees are using the platform, the more data and signals Phenom is able to collect. With more data, Phenom Talent Marketplace can create better personalized experiences, creating a powerful flywheel that only improves the value Phenom can provide over time.
To learn more about how Phenom Talent Marketplace can improve the employee experience at your organization, book a personalized demo.
Kasey is a content marketing writer, focused on highlighting the importance of positive experiences. She's passionate about SEO strategy, collaboration, and data analytics. In her free time, she enjoys camping, cooking, exercising, and spending time with her loved ones — including her dog, Rocky.