For a long time, most talent management principles were straightforward. Employees were hired to do a specific job, and they were managed by one manager, who in turn was managed by another person in the same function all the way to the top. Everyone was on the same rung of the same vertical ladder, and everyone had the same option: climb up or step off.

Talent management tools were not designed for agility because there was little room to challenge the status quo or think outside the box. HR is now a much more strategic role, so the same set of tools will no longer be enough. Modern people leaders are revolutionising the way we work as well as transforming the employee-employer relationship, not just filling out spreadsheets. They require transformative solutions to unlock agility, prepare for the future of work, and ensure the right skills are in the right place. That is where talent marketplaces come in.

What are talent marketplaces?

Talent marketplaces are not an improved version of traditional human resource technology. They are not platforms for human capital management. 2.0. Simply put, the talent marketplace is a two-sided platform that uses artificial intelligence (AI) to match employees (and their skills) to projects, gigs, mentorships, as well as full-time roles within their organisation.

You don't have to look far to see how market forces have already altered other aspects of our daily lives. We no longer need to call a cab or stay in a hotel when we travel out of town; instead, Uber takes everyone where they want to go and Airbnb helps us find a place to stay. The same model is used by talent marketplaces to transform the way we work, providing HR and business leaders with on-demand access to qualified people who can be deployed to new projects as priorities shift and new challenges emerge.

The Advantages of Using a Talent Marketplace

There is no denying that implementing a talent marketplace represents a significant shift. Schneider Electric was one of the early adopters of the platform, and their VP of Digital Talent Transformation, Jean Pelletier, goes so far as to say, "It's a complete rewrite of HR." You must reconsider speed and how to use AI to go deep and wide in an organisation."

While it is a significant change, the talent marketplace offers some game-changing advantages:

Increasing Agility

During COVID-19, agility emerged as the make-or-break factor for businesses. And the importance of quickly reacting and evolving will only grow as we move beyond the pandemic and into our new world of work.

While nine out of ten executives believe organisational agility is critical to business success, most leaders lack the tools to achieve it. Leaders, in particular, lack full visibility into their workforces' skills, preventing talent from being redeployed at the drop of a hat to meet shifting priorities. Rapid pivots and rapid redeployments are made possible by talent marketplaces.

Decreasing silos

Traditional, rigid hierarchies help organisational silos. When employees only know what is going on in their department, knowledge is trapped in various parts of the business. Employees' abilities and skills are only used within their teams, preventing your workforce from reaching its full potential. As a result of the inefficiencies caused by silos, businesses lose 20-30% of their revenue each year.

Talent marketplaces, on the other hand, break down barriers so that your employees can share their skills with colleagues across the organisation. Employees can collaborate cross-functionally, pitch in when they have extra capacity, and work together to help your company achieve previously unattainable performance goals.

Increase retention and engagement

If your employees do not see a future with your company, they will seek one elsewhere. 52% of departing employees believe their manager could have done more to keep them from leaving. For a long time, many workers believed that vertical advancement was the only path their careers could take. Talent marketplaces broaden employees' horizons, allowing them to move laterally and seek out new opportunities that match their skills and ambitions as well as your company's priorities.

About FlexC

FlexC was founded with the intention of bringing the best Indian talent to global markets. FlexC is all about connecting verified experts, passionate leaders, founders, and executives in a fast-paced environment. The strength of our platform and the incredible AI technology that distinguishes us reflect our commitment to excellence. We strive to be the best platform for hiring and managing hybrid workforces, as well as providing the best freelancer jobs in India.