In 2024, the enterprise landscape is going to witness a significant shift towards utilising the internal talent marketplace to enhance employee mobility in the face of economic uncertainty which is leading to hiring freezes and even layoffs.
In the recent book “Digital Talent” by Matt Alder and Mervyn Dinnen they have a full chapter about the power of the internal talent marketplace which reveals that only 5% of large enterprises have the ability to look at internal candidates before seeking external hires. This approach overlooks a valuable resource: the existing workforce.
Here are four reasons why you should consider an internal talent marketplace in 2024:
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.
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.
The Gartner concept of ‘quiet hiring’, which involves tapping into the internal talent marketplace to meet business needs, has been 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.
Over the last five years it has been incredibly expensive and difficult to implement an internal talent marketplace. Gigged.AI has disrupted this model by offering a 30 day free trial as well as department-led pilots. This makes it quicker than ever to deploy an internal talent marketplace in less than two hours in some cases.
Embracing an internal talent marketplace is essential for fostering a transparent, skill-centric, and growth-oriented culture. This approach not only empowers employees but also ensures that organisations are well-equipped for the evolving demands of the future workplace.
By leveraging the internal talent marketplace, businesses can not only meet their immediate needs but also invest in the long-term development and satisfaction of their workforce, setting a new standard for talent management in 2024 and beyond.
Gigged.AI is proud to build on our foundation as a leading Open Talent Marketplace to now offer our customers a rapid way to create their own Internal Talent Marketplace.
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