Kasey LynchApril 7, 2023
Topics: Employee Experience

33 Statistics That Prove You Need a Talent Marketplace in 2023

Talent marketplaces are the solution to today’s most common HR challenge: engaging and retaining talent. They function as a centralized hub for employees to easily connect with new opportunities that help them along their unique career journey at your organization. 

Outfitted with internal mobility, career pathing, mentoring, learning and development, referral, and gig work opportunities, talent marketplaces help enterprises roll out numerous benefits to existing talent in a holistic way without sacrificing insights or experience — plus it offers invaluable insights to HR leaders and executives. 

Whether you’re on the fence about what talent marketplaces can help you achieve or you just want more concrete information about the importance of investing in the employee experience, keep reading. 

We compiled 36 statistics that illustrate how disengaged employees can negatively impact your bottom line, what employees in today’s workforce are looking for, and how talent marketplaces have helped Phenom customers reach their talent management goals. 

Employee Engagement & Retention Statistics

Employee engagement and retention are important factors that separate thriving organizations from their competitors. But what exactly will move the needle when it comes to retaining your workforce? 

Here are a few employee retention statistics that highlight the current state of employee engagement, cost of disengaged employees, and insights into what the workforce is looking for in 2023:

  • Engaged and thriving employees are 59% less likely to look for a job outside of their existing organization within the next year

  • Disengaged employees cost 34% of their annual salary every year, on average

  • It costs 90% to 200% of a position’s annual salary to hire a new employee for that same role

  • Engaged employees experience a 66% increase in well-being

  • 93% of employees would stay with their current employer longer if it invested in their careers

  • Under 30% of employees feel connected to the company’s mission

  • The desire to work remotely has increased 24% among workers since 2021

  • 37% of individuals feel more valued when they are recognized for their work, which can drive up to a 50% boost in productivity


Internal Mobility Statistics

Employee’s needs are evolving, and the majority are starting to prioritize internal mobility opportunities when considering their potential career path. After all, if you’re not satisfied with your current role but you love the company you work for, enjoy your coworkers, and feel like a valued employee, why would you want to start over somewhere else? 

Check out these internal mobility statistics to gain a better understanding of how workers are approaching new opportunities:

  • Over 3 in 5 workers say they’d search for a new role if their company didn’t allow position changes

  • Companies that implement a talent marketplace are seeing over a 60% increase in internal hires

  • 13% of employees are not sure who to talk to about internal mobility opportunities at their organization

  • Talent marketplaces contribute to an average 20.7% conversion rate from internal applications to hires

  • 67% of employees said they would quit their current job if their employer did not allow internal mobility

  • Business supporting internal mobility efforts through talent marketplaces can experience a 14% to 28% lift in internal conversion rates

  • 13% of employees stay with an employer because of internal mobility opportunities


Learning and Development Statistics 

When it comes to learning and development, job seekers and existing employees alike are increasingly interested in working for organizations that help them along their career path. Having a platform that supports multiple types of upskilling and reskilling opportunities is mission-critical — and can support your overall retention goals. 

  • Over 50% of U.S. and UK workers mention learning opportunities influence their workplace happiness

  • Almost 95% of individuals cited skills development outside their current role is equally or more important now than before COVID-19

  • 48% of millennials (who account for one-third of the current workforce) say they would quit a job if there was a lack of learning opportunities at their current company

  • 61% of workers have taken courses to grow in their current role, while only 23% were empowered to upskill in order to grow in a new role

  • 52% of employees would consider rejoining previous employers if opportunities for growth or upskilling and resklling were made available

  • 87% of millennials rank career development opportunities as important to them in a job 

Employee Referral Statistics 

An effective employee referral program can broaden your talent pipeline, reduce time to hire, and help you access high-quality candidates, even on a tight budget. Below are a collection of employee referral statistics that highlight what a well-rounded program can do for your hiring teams: 

  • Employees hired through a referral program are 46% more likely to stay with the company for more than 3 years

  • 70% of employers feel that referred hires are a better fit for company culture and values

  • Applicants hired through a referral program start their new position 10 days faster on average compared to their counterparts

  • Employee referrals have the highest applicant-to-hire conversation rates (over 40%) among all recruiting sources

  • High-quality employee referral programs can contribute to almost half of new hires onboarded within an organization


Phenom Talent Marketplace Statistics 

Companies that implement Phenom Talent Marketplace — equipped with internal mobility, career pathing, mentoring, learning and development, and referral programs — experience impactful results in both the short- and long-term. 

Let’s take a look at some real-world results from Phenom customers after implementing our Talent Marketplace platform: 

  • AXA received 4,350 internal applications

  • One healthcare company saw a 55% boost in hiring from internal moves in Q4 of 2022

  • Newell Brands is filling positions in 5 days with a qualified internal employee

  • AXA saw an 11x increase in both internal and external applies

  • A global supply chain enterprise increased internal hiring rate by over 15% in 2022

  • AXA sliced time to apply in half for internal applicants

  • A security company collected 13,657 referrals for open roles 


Overall, when leveraging our AI-driven Talent Marketplace platform, companies have seen 66% of all total hires come from internal employees despite only 6% of all applies being submitted from existing talent in just 3 months. 


Discover what you can achieve with Phenom Talent Marketplace by
booking a personalized demo


References:

Kasey Lynch

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. 

Get the latest talent experience insights delivered to your inbox.

Sign up to the Phenom email list for weekly updates!

Loading...

© 2024 Phenom People, Inc. All Rights Reserved.

  • TRUSTe
  • CSA logo
  • IAF
  • ISO
  • ISO
  • ISO
  • ISO
  • ANAB