How to use talent marketplaces for employee retention

Employees don't just work for pay; they want to work for a company that cares about their career goals. In this scenario, HR leaders need to find new ways to retain employees, and talent marketplaces are one of them. With talent marketplaces, companies can create HR strategies that promote growth, innovation, and competitiveness. Are you aware of how to implement them in your organization? 

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Understanding talent marketplaces

A talent marketplace is an AI-powered platform that connects workers to jobs and opportunities that match their skills, interests, and preferences, fostering the alignment of employees' aspirations and competencies with present and future corporate goals. It can also help employees find ways to learn and grow through tailored career paths, mentorship, and talent mobility opportunities. They are also known as talent mobility platforms or open talent markets. 

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Why use a talent marketplace?

According to a Flexjobs survey conducted in 2023, 42% of respondents were actively considering leaving their jobs. For 25% of respondents, the most important reason was a lack of opportunities for advancement. This demonstrates how a workforce that is more and more driven by a desire for professional development has made employee retention one of the most difficult challenges for HR leaders. To address this issue, talent marketplaces use AI to recommend new opportunities to employees, giving them autonomy and choice in their pursuit.

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Besides, Business.com revealed that approximately 3.2 million small-to-medium businesses use HR software to manage their workforce, with 22% of them increasing employee retention. 

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Some benefits of talent marketplaces include:

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• Enhanced employee engagement and retention: Engaged employees are more likely to stay with an organization that invests in their growth and recognizes their potential.

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• Improved internal mobility: AI-powered analysis and recommendations help fill critical roles faster and more efficiently.

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• Optimized talent allocation: This approach ensures that the right people are in the right roles, resulting in improved productivity and performance.

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• Learning culture: Employees are encouraged to acquire new skills and competencies to remain relevant and competitive within the internal job market. 

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• Data-driven decision-making: Talent marketplaces like Adepti provide valuable insights into talent trends, skills gaps, and workforce planning. 

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• Increased diversity and inclusion: This approach promotes diversity and inclusion within the workplace, as opportunities are made accessible based on merit and potential. 

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Now that you understand the importance of a talent marketplace, it's time to implement it in your organization.

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How to implement a talent marketplace in your organization

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The first step, skills mapping

Skills mapping involves a comprehensive analysis to pinpoint existing skill gaps and anticipate future requirements. Identifying these gaps early on enables targeted talent development and recruitment, ensuring your workforce remains competitive and future-ready.

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Foster a culture of transparency and mobility

Start by ensuring that all team members have access to information about internal opportunities, including projects, roles, and learning initiatives. Also, encourage leaders and managers to have regular discussions about career aspirations and development plans with their teams. This approach not only motivates employees but also builds a robust internal talent pipeline that supports the organization's agility and resilience.

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Choose the right talent marketplace

Opt for a platform that allows you to seamlessly match your employees' skills and career goals with available internal opportunities, as well as provide robust analytics to guide data-driven decision-making. Prioritize solutions that have a proven track record of increasing employee engagement, internal mobility, and retention. To maximize adoption and impact throughout your organization, make sure the talent marketplace is user-friendly and supported by a responsive customer service team.

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Integrate with existing HR systems

Choose a talent marketplace that provides adaptable APIs and has a track record of successful integrations with other HR systems. Collaboration among your IT department, HR team, and marketplace provider is essential for mapping out the integration process, ensuring seamless data flow and functionality across systems. Ensure data privacy and compliance throughout the integration process. 

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Engage employees with personalized career pathways

Finally, employee adoption is what determines a talent marketplace's success. Engaging them entails designing personalized career paths that reflect their unique goals and potential. Regular communication, highlighting success stories, and guiding how to navigate the marketplace can all help increase engagement. 

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Let’s build an innovative employee retention strategy together

Adepti offers a dynamic platform that not only matches employees' skills and career aspirations with internal opportunities but also anticipates and prepares for future skills requirements. Our talent marketplace integrates seamlessly with existing HR systems, providing an intuitive and enriching user experience for both employees and managers. Let’s work together on a new HR strategy to foster a culture of transparency, mobility, and continuous learning in your company. Book your free demo now.