Since the time the pandemic has altered our lives, it has transformed the work culture across India. This has driven HR managers to adopt new things. The industry has witnessed significant shifts because of the exponential growth in work from home demand due to the COVID-19 pandemic.
With remote working becoming a new normal, it has allowed the talent marketplace to bridge the gap and help companies across India. There is no question in saying that talent marketplaces, playing a crucial role in accelerating how companies are deploying and developing their workforce.
A talent marketplace is a platform that allows HR managers to post opportunities, be it a temporary assignment, full time or short term projects, mentorships, and any other initiative that requires talent from within the organisation. The prominent reason the talent marketplace demand is rising is that it fosters a strong sense of workplace engagement and belonging. The best advantage of HR managers having a talent marketplace is that it helps them to assist them in identifying employees of the right skills, reduces the need to seek external talent.
Talent Marketplace strategies progress through three stages.
- The first model is Planned Mobility, in which you create career paths and encourage people to advance. This is the traditional ‘career management' model, in which we do annual development planning and managers coach and often hold people back from advancement until they are ready.
- The second model is Facilitated Mobility. This is where someone is given a stretch assignment or is "assigned" to take on a significant new role or move.
- The third model is Agile Talent Mobility, in which people constantly move around. This occurs when people work on multiple projects, join different teams or initiatives, and the company operates more like a professional services firm and less like a hierarchy of jobs and functions.
Hence, the ‘Talent Marketplace’ is a revolutionary new approach to human resource management that transforms how talent is used within large organisations.
Earlier it was not in the trend, but with new advancements in the field it has become an important tool which industry leaders are adopting. It now enables HR professionals to move people from role to role at any level of the business in order to meet organisational goals.
Hence, HR leaders are realising the benefits of having a talent 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.
The concept of a talent marketplace is simple, the implications are far-reaching
-It improves relationship between managers and employees by allowing them to quickly and easily reallocate existing talent from one part of the company to another.
-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 quite effective in redeploying talent from low demand to high demand areas allowing organisations that used it to respond quickly and efficiently to dramatic changes in their economic environment during the coronavirus pandemic.
Whether it's maximising talent potential, identifying and filling gaps in organizational structure and capabilities, or just boosting employee engagement and morale, The talent marketplace is a tool that more and more business leaders are realising they need to start using.