The global talent market has seen one of the most volatile few years in recent history. And while many are busy speculating that AI will mark the advent of job shortages, the reality is much more unexpected.
A recent study found that by 2030 there will be a global human talent shortage of more than 85 million people – which equates to around $8.5 trillion (€7.4 trillion) in unrealised revenue.
While it’s highly unlikely that education systems will adapt quickly or dramatically enough to fill this void, not all hope is lost.
The employees already at your company are brimming with potential. Many organisations are turning to the internal talent marketplace solution to develop existing employees and match them to roles and projects that can harness their skill sets.
While this AI-driven tech is becoming the go-to strategy for many big firms, it’s not something that can happen overnight, nor is it a magic pill to cure all your recruitment headaches.
In order for the internal talent marketplace to be a true contender in your quest for great talent, an internal mobility strategy is key.
Planning your internal mobility strategy
The phrase internal mobility has been around for a while now, but its usage has been wildly accelerated by the COVID-19 pandemic. With the world having changed so quickly and unexpectedly, it’s caused ripples in the supply and demand of talent globally.
This is partly why we’ve seen more organisations than ever move their existing employees to new internal opportunities, roles and projects inside of their company. It could be in the form of a promotion, and taking on a bigger responsibility, or moving to a different role at the same seniority level to develop new understandings of the business, while bringing transferable skills.
Benefits and salary are always going to be one of the key motivators for recruiting candidates in the first place, but retaining them involves upskilling and development throughout their careers. Internal mobility allows employees to take a new step in their role, or a new one, while helping to fill a critical gap for the company.
The challenges of internal mobility strategies
A traditional company structure is built around hierarchy, and leadership typically trickles down from the top of the pyramid. Other companies work in a more flat structure, while retaining very exact roles and responsibilities.
In order for an employee to climb the career ladder, they typically spend years in the same role, trying as and when they can to get the recognition they need. When this goes unnoticed, they can become discontented and choose to move on.
Internal talent marketplaces and mobility strategies allow for employees to access opportunities more easily, with many firms using AI to match people to the right ones. So whether there’s a remote role in Vancouver perfect for a team member in Beijing, or a new role needed in Amsterdam that an existing team member at that office can fulfil, management can have eyes on the extent of their internal skills, talent and opportunities in one central place.
While not everyone will have this tech in place, it can help management to have more visibility of people or locations they wouldn’t ordinarily be involved in. It sounds like the ideal scenario – and it can be – but it can’t happen overnight. There’s a huge job of skills mapping an entire organisation, but there are tools that can help assist with and automate this through tests and other means.
The foundations of success
Every organisation and its recruitment needs are different, so your way of working will be unique. What you can do though is think of the 4 Ps as your starting point – no matter how big your company is, the fundamentals always need to happen.
Are internal talent marketplaces the future?
If the last 12 months are anything to go by, the answer is yes. With companies such as Unilever having implemented the technology and infrastructure in 2019, some global brands are already far ahead of the curve. For those playing catch-up from the chaos of the pandemic, it’s going to take time and substantial time investment to get the internal mobility strategy off the ground.
One of the most important things to remember is to stay agile, knowing that the minimum viable product is going to change with the needs of the business. But the sooner you can start, the better.
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