The U.S is seeing a low record of unemployment in which the number of open positions exceeds the number of unemployed workers, a Deloitte survey found. With such a low unemployment rate, employers should start to make their retention program a priority. Moving forward, internal mobility might take on greater prominence for companies, leapfrogging the recruitment of external candidates as a talent source. Deloitte recorded 76 percent of companies admitted that talent mobility is important or very important when it comes to retaining employees. Internal talent marketplaces will play a key role in enabling that mobility by helping people find opportunities within their organisations more easily and fostering more agile skill development and team-building.
Internal mobility helps organisations find better candidates because external hires typically take two years to reach the same level of performance. Compared to internal hires in similar positions, external hires are 61 percent more likely to be laid off or fired in their first year of service and 21 percent more likely to leave on their own. Internal mobility is also important from a workforce experience perspective as more talents, especially young millennials, would leave their current jobs for better roles if there is lack of opportunities to advance. In the quest to retain key people, providing opportunities for development and growth should be an organisational priority.
Unfortunately, internal mobility is not the strength of most organisations. According to Deloitte study, only 6 percent of organisations do an excellent job at moving people from role to role.
Experts cited that finding a job outside an organisation is easier than finding it inside, while organisations tend to look for external sources for needed skills and capabilities. This shows that talent marketplaces can provide this missing element of transparency, letting employees see the openings in their organisation, describing the skills and experiences needed, and suggesting possible matches. Conversely, team leaders or project managers trying to hire for open positions or initiatives can search internal candidates to determine the best matches and review those who have expressed interest.
In short, talent marketplaces can provide the structure that allows organisations and individuals to access a wealth of opportunities. Internal talent marketplace technology is now sufficiently advanced to mirror the experiences of external candidates and provide organisations insight into their internal mobility processes. Technology isn’t limited to advertising internal job openings, it can identify open project work, role opportunities, and the skills and capabilities needed by both the individual and the organisations going forward. Internal talent marketplaces can also help in reskilling the workforce for future needs, helping people learn in the flow of work.
If your organisation has been overlooking internal talent, here are some practical tips to start developing an internal talent marketplace:
As organisations work toward greater levels of internal talent mobility and design talent marketplaces to meet these needs, the shift in mindset required will gradually be viewed as business as usual. An agile and modular approach to work, talent, and careers will not only increase the flexibility and retention of key talent but ultimately will help make work more meaningful.