3 Reasons to Invest in a Talent Marketplace Platform

Employee retention is a critical aspect of every organization’s success. But in today’s competitive and uncertain talent climate, every employee is poachable. 

With condensed headcounts, tight budgets, and high turnover rates, business are forced to find new ways to engage top talent before they walk out the door. Meanwhile, employees are looking for new opportunities that offer growth and development, career pathing, and more. 

So what’s the solution that satisfies both enterprise and talent needs? A talent marketplace platform. 

This new category of HR tech was developed in response to the changes within the talent landscape, allowing businesses to better engage employees while offering opportunities for growth — creating a more agile, resilient workforce that can adapt to changing business needs. 

Here are 3 reasons why you should invest in a talent marketplace platform, especially if you’re looking to transform your employee experience and future-proof your workforce. 

1. Improve visibility into career pathing and discover skills gaps 

Many employees today are leaving in search of new opportunities — specifically ones that support learning and development designed to better prepare talent for their next roles. In fact, 97% of employees have the desire to continue learning new skills within the workplace that will support them on their unique career path.

Ninety-four percent of workers also cited that they’d stay longer at a company that invested in their professional development. By leveraging a talent marketplace platform, businesses can combine an employee’s desire for growth with career pathing opportunities, fostering engagement and giving talent visibility into what the next steps of their career could look like, so they don’t feel compelled to look elsewhere. 

Powered by AI, talent marketplace software supports career pathing for every single employee in an organization. That results in hundreds or thousands of unique journeys that can be tapped into at all stages of the employee lifecycle. 

A talent marketplace platform also adds visibility to every level of the organization — allowing C-suite executives to identify skill gaps and illuminate which employees can be upskilled for future roles. 

When an employee can easily determine the skills that are needed to take on the next role, they can strategically approach learning and development opportunities — ultimately becoming more engaged while meeting future business needs. 

Pro tip: To ensure your employees have the tools and support they need to progress on their career path, choose a talent marketplace that also supports learning and development, short-term projects or internal gigs, and mentoring. 

2. Connect employees with learning and development opportunities 

A talent marketplace platform, by definition, connects employees with new opportunities for learning, growth, and development. With an AI-powered talent marketplace, employees enjoy a personalized experience with recommended courses, gigs, and content that will help them tackle their skill gaps.

Related: How Quadient Reinvented Employee Development with a Talent Marketplace

However, this type of personalization goes beyond the employee. Managers also gain insight into the learning and development opportunities that are available for each of their team members. They can recommend courses, short-term gigs, and other development-oriented activities that offer employees additional guidance in their career journey. 

For C-suite executives and HR leaders, a talent marketplace platform makes interpreting this data simple — providing a plethora of informative data surrounding skills development, career pathing, employee engagement, and other valuable analytics to create a well-rounded image of their existing workforce. 

Without these insights, it can be difficult for any organization to plan for the future while keeping employees engaged in the company and its mission. 

3. Unlock internal mobility to accelerate hiring for critical roles

Internal mobility is a critical element in driving employee engagement, future-proofing your business, and improving retention. According to SHRM, employees who received a promotion within 3 years of being employed are 70% more likely to stay at the organization. This study also found employees who moved laterally throughout the enterprise had a 62% chance of sticking around. 

How can you easily mobilize employees to fill other critical areas of the business? This is where talent marketplace software comes in. 

Related: How Newell Brands Is Increasing Employee Retention With an Intelligent Talent Marketplace

With a talent marketplace platform, your TA teams and HR leaders can easily identify employees who might be a good fit for existing or future roles. On the flip side, employees receive automated, personalized job recommendations that align with their profiles inside the platform — continually improving visibility into new positions available within the organization. 

The employee that’s looking for their next opportunity can visualize the specific steps needed to get there, fostering engagement and slowly turning them into a brand advocate. While on the other side, the business can reduce the cost to hire and time to hire for critical roles that need to be filled in a short period of time. 

This type of visibility that enables internal mobility is only possible when you leverage the right talent marketplace software. 

Discover Your Employees’ Potential With a Talent Marketplace Platform 

Finding best-fit talent is important — but investing in them after they become employees can foster engagement, unlock internal mobility, and boost retention. With a talent marketplace, you can tackle all three, while delivering an amazing experience throughout the organization. 

Ready to take the next step and evolve your employee experience? Download our Talent Marketplace Buyer’s Guide.