To support organizations that are struggling to fill vacant roles and bridge talent gaps within their teams, McLean & Company, one of the world’s leading HR research and advisory firms, has released new research titled Preparing for an Internal Talent Marketplace. This data-backed blueprint was created to assist HR leaders in their efforts to prepare for an Internal Talent Marketplace – also known as an Opportunity Marketplace or Talent Intelligence Platform.
The new resource will help address current hiring and retention challenges by guiding organizations toward a skills-based talent-sharing model that uses artificial intelligence (AI) to match existing employees to a variety of opportunities based on skills, interests, and aspirations.
“An Internal Talent Marketplace is more than just a new piece of technology,” says Janet Clarey, director of HR research and advisory services at McLean & Company. “With a focus on prioritizing people and culture, a talent marketplace has the ability to align both employee and business needs to fundamentally change how an organization grows and moves talent.”
While the concept of matching talent profiles is not new, artificial intelligence provides a faster, more sophisticated matching process that allows organizations to scale at unprecedented levels. These new technology solutions facilitate an effective and efficient talent marketplace, making the Internal Talent Marketplace approach the next generation of talent management.
Organizations that are highly effective at rapidly moving internal employees to staff strategic priorities are 2.4 times more likely to be high performing in terms of overall organizational performance, as outlined in the 2022 HR Trends Report from McLean & Company. Implementing an Internal Talent Marketplace helps organizations to facilitate quick and efficient employee movements, leading to organizational success across the board.
Though talent marketplaces offer a variety of benefits when it comes to solving talent challenges, McLean & Company’s research also suggests that some organizations are better suited for a talent marketplace than others and that implementation requires care and intention. When considering implementing a talent marketplace, the firm indicates that a cultural and mindset shift is required. Mindset shifts are never easy, but without a culture that values growth and talent sharing, the talent marketplace will not be successful. Working persistently toward growth and sharing mindsets is critical to drive and sustain this change.
“Many organizations aren’t structured to keep up with the rapid changes in both internal and external environments, leading to challenges with preparing talent for the future of work,” Clarey continues. “Organizations need to remain flexible and able to pivot quickly. An Internal Talent Marketplace can allow them to do just that.”
For HR leaders considering if an Internal Talent Marketplace is the right fit for their organizational model, Preparing for an Internal Talent Marketplace is available to assist in assessment, design, and technology considerations.