Talent Marketplace & ITs Role In Changing The HR Culture

Girish is an experienced leader with a demonstrated history of working in the IT & service industry. He has also been a global professional with all-round experience across Delivery Operations, Sales & Business Development, Portfolio Management, Technology Leadership, and Solutions & Product Management areas.

A talent marketplace is a platform that allows managers across the organisation to post opportunities for open positions, temporary assignments, short and longterm parttime projects, mentorships, and any other initiative that requires talent from within the organisation. The best advantage of having a talent marketplace is that, not only does it engage people and help them grow, but also assists the company in identifying skills and reducing the need to constantly seek out external talent.

Looking at the trends of last five years, businesses have strived to improve internal talent mobility. Organisations need an agile and flexible workforce to succeed in today's expeditiously growing global economy. External talent mobility is just as important as internal talent mobility, which is where a platform like talent marketplace comes in, where businesses can post job openings that can be filled by a hybrid workforce. This fosters a strong sense of workplace engagement and belonging.

Talent marketplaces focus on a longterm human resource planning. It identifies the best qualified candidates for suitable positions that require a highly specialised skill set for the companies. It not only reduces the burden, but with the help of technology it gives the right candidate match to the employer. Various Industries are witnessing changes, which have opened a gateway for the acquisition of new skills. Furthermore, the pandemic has amplified the advancement of technology, and the rise of highly specialised technology related jobs. It is imperative that in the coming years, IT and tech fields will require a much stronger talent acquisition strategy than other fields.

Talent Marketplace allows companies to find internal expertise that is often hidden within the organisation that is saving money on recruiting. It also fosters a strong sense of engagement and belonging in the workplace.

Not only does it engage people and help them grow, but also assists the company in identifying skills and reducing the need to constantly seek out external talent.

The Talent Marketplace is a revolutionary new approach to human resource industry that transforms how talent is used within large organisations. At first, it was not considered a viable option due to heavy reliance on advanced computational abilities and AI. However, new advancements in the field are quickly transforming it into an important, mission critical tool that global industry leaders are adopting. The new approach also goes beyond the traditional succession planning, where the leadership roles were passed on the basis of climbing up the hierarchy ladder. Talent marketplaces give HR professionals freedom to move people from one role to another at any level of the business to meet organizational goals.

The talent marketplace is a revolutionary new approach to human resource industry that transforms how talent is used within large organisations

HR leaders are realising the benefits of hiring a marketplace where they can use talent acquisition to hire freelancers, contractors, and full time hires whenever the thought of external recruiting arises. This also gives them the ability to scale their workforce based on project needs, without the compliance, and cost risks that come with hiring a permanent workforce. They are abandoning traditional hiring practises and turning to HR solution providers to hire contractual labour. Many roles are now being outsourced to outside consultants, independent contractors, and freelancers.

When fully utilised, the talent marketplace creates a reality in which employees are no longer assigned to a single management and tasked with one specific set of responsibilities. Because the talent marketplace coordinates all of the company's talent in light of constantly changing positions and opportunities. It provides unprecedented insight and visibility into the organisation's structure. The talent marketplace is especially helpful in redeploying talent from low demand to high demand areas, by allowing organisations that used it to respond quickly and efficiently to dramatic changes in their economic environment during the corona virus pandemic. NASA too, has implemented a talent marketplace.

Whether it's maximising talent potential or identifying filling gaps in organizational structure &capabilities or just to boost employee engagement and morale, the talent marketplace is a tool that more and more business leaders are realising they need to start using.