Why CIOs with Large Teams Should Consider Piloting an Internal Talent Marketplace in 2024

In 2024 job satisfaction, employee engagement, and retention are more critical than ever especially with budget cuts and headcount freezes being commonplace. Chief Information Officers (CIOs) overseeing teams of 300 or more have a unique opportunity to revolutionise their approach to talent management. An Internal Talent Marketplace (ITM) is not just a tool; it’s a strategic asset that can align workforce dynamics with organisational goals, particularly in technology-driven environments. 

However, our research reveals that only 5% of CIO’s at large enterprises prioritise internal candidates before seeking external hires. This approach overlooks a valuable resource: the existing workforce. In this blog we will explore why CIO’s should consider piloting an Internal Talent Marketplace in 2024: 

1. Cultivating a Mobility-Friendly Culture

Recent data from LinkedIn’s 2023 Workplace Learning report highlights the importance of an internal talent marketplace. It shows that employees who make an internal move within their first two years are 75% more likely to stay at the company, compared to 56% who stay in the same role​​. To foster this, companies must combat talent hoarding and promote a culture where lateral moves are encouraged. Recognising and rewarding leaders who facilitate these moves is key.

2. Addressing the Lack of Internal Opportunities

According to the HireVue Global Trends Report, 48% of UK employers now emphasise internal mobility, with 54% of employees open to internal transfers​​. This is where an internal talent marketplace plays a critical role. It can effectively match employees with relevant internal gigs and projects, aligning with their skills and interests, and filling gaps without always needing to create new positions.

3. Streamlining Internal Mobility Processes

The concept of ‘quiet hiring’, which involves tapping into the internal talent marketplace to meet business needs, is emerging as a key trend in 2023​​. Simplifying internal mobility processes through employee feedback and focusing on easy access to information and application processes can greatly enhance this practice.

4. Enhancing CIO Talent Visibility

An internal talent marketplace like Gigged.AI’s ITM product can provide your leaders with a comprehensive view of the skills and capabilities within an organisation, aiding in talent retention and proper skill allocation.

5. Unveiling Hidden Gems Within Your Organisation

One of the most compelling arguments for the adoption of an ITM is its proven ability to uncover hidden talents within an organisation. The U.S. Army’s experience with its ITM, Green Pages, dramatically illustrates this point. By facilitating a more comprehensive view of each soldier’s skills, interests, and background, the Army was able to deploy the most suitable personnel for urgent missions, surpassing the limitations of traditional résumé reviews.

For CIOs, this translates into a powerful mechanism for discovering untapped potential within their teams. ITMs enable the identification of employees who possess latent skills or aspirations that might not be evident through conventional assessment methods. This capability is invaluable in the fast-paced, ever-evolving tech sector, where the right skill sets can significantly impact project outcomes and innovation.

6. Enhancing Job Satisfaction and Retention

The correlation between career growth opportunities and job satisfaction is well-documented. A Gallup poll cited a staggering 48% of U.S. workers would leave their jobs for better upskilling opportunities. ITMs directly address this by offering pathways for internal mobility and lateral career moves, thus enhancing job satisfaction and, by extension, retention. This is particularly crucial for tech companies where the cost of replacing skilled workers can be prohibitively high.

Schneider Electric’s implementation of an ITM underscores the value of providing employees with visibility and choice in their career trajectories. Within two months of launching their ITM, 60% of employees had engaged with the platform, a testament to its appeal and the latent demand for such opportunities.

7. Optimising Workforce Allocation

For organisations with large workforces, the NASA’s successful use of ITMs serves as a powerful case study. With a sprawling global operation, ITMs offer a practical solution to the logistical nightmare of optimally assigning tasks to a vast employee base. The network effects of a large talent marketplace mean more job options for participants and a more valuable tool for managers seeking to fill roles efficiently.

This aspect is particularly pertinent for CIOs, who must navigate the challenges of assigning the right personnel to rapidly shifting project priorities. An ITM can significantly enhance the agility of workforce allocation, ensuring that projects are not just staffed, but optimally staffed.

8. Fostering Innovation Through Internal Mobility

Google’s experience with ITMs highlights an often-overlooked benefit: the facilitation of innovation through increased internal mobility. By allowing employees the flexibility to move between roles, ITMs can catalyse the cross-pollination of ideas and practices. This is crucial in the tech industry, where innovation is the lifeblood of sustained competitiveness.

Moreover, the internal visibility and competition created by ITMs can lead to a more meritocratic culture. Managers are incentivized to engage more proactively with their teams, addressing their needs and aspirations to prevent talent migration within the organisation.

Conclusion

For CIOs at the helm of large teams, the question is not if they should implement an ITM but how quickly they can do so. The benefits, from uncovering hidden talents and enhancing job satisfaction to optimising workforce allocation and fostering innovation, align perfectly with the strategic goals of most tech-driven organisations. As we move into 2024, the adoption of ITMs offers a forward-looking approach to talent management that can significantly contribute to organisational resilience and success.

Apply for a free trial of the Gigged.AI Internal Talent Marketplace by clicking here.