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What is a talent marketplace and how does it work?

4 minute read
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Darshil Dhandh
April 28, 2024 at 05:48 AM
Talent marketplace and how it works | SkillDB

A study commissioned by Zapier found that 73% of millennials and 65% of GenZ consider their job as a key component of their personal identity. As such a large proportion of employees associate their personal well-being with their jobs, showering them with learning and growth opportunities is more important than ever. 

Talent marketplaces bring a plethora of opportunities for employees and businesses that lead to the mutual development of both parties. If you don’t have much idea about talent marketplaces, don’t fret as this article will walk you through all the important details. 

By the end of the article, you’ll have a clear idea about talent marketplaces and why you should use them for your organization. 

What is a talent marketplace?

A talent marketplace (aka internal talent marketplace) is a system that offers in-depth information about your talent’s skillsets and helps in connecting them with better roles and opportunities internally.

To draw an analogy, talent marketplaces are similar to the sorting hat from the Harry Potter series. The sorting hat assigned the students into four houses (clubs), based on their personality and skills. 

Talent Marketplace Illustration

Similarly, a talent marketplace offers insights about your current workforce — such as what they can and can’t do — which in turn, helps in ensuring that you get the right person for the right position or project. 

Using a talent marketplace, you can contribute to the holistic development of your talent pool and also future proof your organization. 

Benefits of using a talent marketplace for your organization

Talent marketplaces are beneficial for businesses as well as their employees. Let’s explore the advantages of talent marketplace for both parties:

How talent marketplaces help businesses

1. Makes talent upskilling a breeze

10 years back, blockchain was merely a buzzword among tech enthusiasts. But today, it is a thriving field in the IT industry, and the demand for blockchain developers is off the charts. 

It is evident that to keep up with the competition, you need to constantly upskill and reskill your talent pool.

As your organization grows, so does your employee count. And it can be daunting to keep up with the skills of your talent. That’s where SkillDB comes to the rescue, as you get better skill visibility for each and every talent.

You can filter out employees that possess a specific skill set, and also see their proficiency levels. With such information, you can better plan your talent upskilling strategy, and you know where your employees currently stand and their areas for improvement. This way, you can cultivate your talent pool to address your current skill gaps.

2. Helps in developing an agile workforce

As SkillDB shows the current skillsets of your existing talent pool, it can help in figuring out what skills your organization is currently lacking. This can come in handy while sourcing new talent for your projects.

The pandemic drastically affected how businesses operate, such as mainstreaming work from home. It also reinforced the need to have agility in the organization, which helps in adjusting to the changes. 

SkillDB brings in the much-needed flexibility by providing full visibility over your talent’s current projects and status. This way, you can pivot and deploy your talent pool as the need arises. 

3. Reduces employee turnover

Every business dreads employee turnover, after all, it takes time and lots of effort to find and train the replacements. Having a talent marketplace in place can deter employees from leaving your organization, as it brings a lot of opportunities for them to grow.

If your organization is facing high turnover, you need to pay close attention to your organization’s culture, remuneration policy, and employee recognition.  

How talent marketplaces help employees

1. Provides opportunities for career growth

Attracting talent is hard, but what’s even harder is retaining them. Not all employees can be satisfied simply with monetary increments. For some, career growth outweighs compensation growth. You need to balance out both, to ensure that your talent retains with your organization.

By incorporating a talent marketplace, your employees can find new growth opportunities such as discovering exciting projects. 

While working on the projects they might end up learning new skills that further helps them ascend in their career trajectory or discover new positions that pique their interest.

2. Improves employee engagement

Employee engagement reflects the level of connection and commitment, that your employees have towards your organization. It goes without saying that disengaged employees will be less absorbed and unenthusiastic about their work, which eventually leads to lower levels of productivity. 

Surprising as it may sound, only 29% of millennials are engaged at work. 

As a business owner, you need to ensure that your team members are happy with their job. Offering them growth and learning opportunities makes them feel valued, which boosts their morale and increases the employee engagement.

SkillDB helps you better understand your employees, and also opens the door for exciting work opportunities. 

Try SkillDB Talent Marketplace for your business

Talent marketplaces are indeed the future of talent management. If you are looking for a robust talent marketplace for your business, look no further! SkillDB Talent Marketplace allows you to broadcast your talent, which can help in attracting new and innovative projects for your employees. 

When you onboard your talent to SkillDB, they need to create a talent profile that contains details about their skillsets, educational background, work history, past projects, and more. 

The talent profiles can be listed on SkillDB Talent Marketplace for hire. To eliminate the risk of poaching (i.e. losing your employees to your competitors or potential clients), we offer you full control over the client communication. So you can route your negotiations and client communication through the sales team, instead of letting the talent handle the communication.

Once you negotiate the terms with the client, you can share the project details with your talent and work accordingly. Excited to present your talent at SkillDB Talent Marketplace? Get started now!

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AUTHORDarshil Dhandh

Simplifying complexity using words is my superpower. Being a Philomath, I love reading everything that I get my hands on and use writing to share my learnings. For me, writing is such a novel activity — it lets you experience the joy of being a student and teacher at the same time. Passionate about Marketing, Psychology, Philosophy, and binging TV shows.

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