6 of the Biggest Benefits of Using a Talent Marketplace Platform

Advancing technology has transformed the way we work and live, so much so that it’s become embedded within our day-to-day activities and operations. For many people, daily tasks can’t even be completed without the help of a technological solution. 

When it comes to the workplace, the case is no different for employees. But many companies are still searching for enhanced tech solutions for areas like career mobility and better learning opportunities …

Enter the talent marketplace.

A talent marketplace platform offers the opportunity to promote organizational development and learning amongst employees. The purpose of the platform is to focus on developing and retaining talent within the workplace. Whether it’s projects, gigs, or new roles, a talent marketplace platform allows employees to promote and utilize their top skills and expertise. 

Access to tools and resources, the size of the company, and company goals all factor into the functionality of a talent marketplace within your organization. But regardless, the talent marketplace brings together employees and nurtures their desire to develop their skills as they apply to the company’s mission and vision. 

Let’s check out six of the biggest benefits of using a talent marketplace platform:

1. More Access to Jobs From Companies You Don’t Work With Today

Finding top-talent hires is challenging; it can often feel like you’re putting the future of the company into the hands of a stranger. However, talent marketplace platforms simplify the process by using technology like AI to personalize jobs for both employers and employees. 

McKinsey’s associate partner Emily Field, who specializes in talent and organization strategies, describes how talent marketplaces offer greater job access:

“At their core, talent marketplaces are about bridging talent supply and demand. A digital talent marketplace reveals who within your organization wants new opportunities — it’s about identifying talent, their skills, and their openness to taking on new roles.”

With a talent marketplace platform, employers can opt for targeted hiring and training methods, while employees can receive extended access to more job openings.

2. Greater Focus On Growing Recruiting Teams

According to SHRM, the average cost per hire is about $4,000. And considering that the average company hires approximately 14 employees each year, that’s costing companies upwards of $56,000 annually. 

Talent marketplace platforms, however, allow companies to post open positions and necessary requirements all in one place — cutting down on costs from traditional hiring tactics.

Instead of draining money from sales into advertising campaigns, a company can browse through the marketplace platform and hire multiple employees at once. This allows your company to focus this saved time and money on growing your recruiting teams to find top talent. 

While creating a formal talent marketplace doesn’t come into existence naturally, a company must put forth some investment to ensure its success. But compared to original recruiting methods, using an online marketplace enables recruitment to find candidates from within. 

3. Single Contract Gives You Access to All Jobs and Candidates

Online talent marketplaces also offer employers greater access to all qualified candidates, and employees access to all open jobs. Most online marketplace platforms offer access to talent at the top of your industry or within your company, so you can ensure you’re working with the best. Then, with a single contract, you can quickly place top-talent employees where they’re needed most. 

Likewise, for freelancers, owning your skills, talent, and expertise automatically makes you more valuable in the eyes of employers; companies want workers who are confident in their own identity and abilities. By utilizing a talent marketplace platform, you can attain greater access to positions that value your experiences and accomplishments. 

4. Opportunities for Generous Financial Splits

Now, what does the talent marketplace mean for investors and business partners?

The main purpose of a talent marketplace is to join employee needs with employer requirements. When these become aligned, the company is able to achieve more potential within its roles. Both the employee and the employer reach greater growth and development. 

Talent marketplace platforms drive productivity improvements. This thriving productivity promotes agility, engagement, and innovation, which indirectly opens an opportunity to increase a company’s liquidity. 

According to a LinkedIn article, one company brought together a team of ten people in a single week using a talent marketplace. This enabled the team to develop 15 new products, which brought in a total of 280 euros in revenue. 

This, by default, creates an opportunity for generous financial splits, or an increase in the number of outstanding shares for investors. Then, as the company’s stock price increases, the investors can receive higher returns. 

5. Dashboard Features to Keep All Jobs and Candidates In One Easy Viewing Space

Most, if not all, talent marketplace platforms offer several features to connect employees with career opportunities within your company, and include resources for professional growth.

Each employee has a personalized profile based on their skills, experience, and career goals. Using artificial intelligence, these employees are matched with your company according to its professional interests and requirements. 

Each talent marketplace platform has different functionalities, but in general, all platforms smart-match relevant candidates with open positions. Since COVID-19 shook the global business environment, companies are evolving quicker than ever before — and this means the process of acquiring talent has become more competitive and risky. 

Fortunately, a talent marketplace platform creates greater agility by keeping all jobs and candidates in one easy viewing space. From job postings to resume screenings, an online marketplace platform saves time by letting you easily and quickly browse through a curated list of candidates to find the right hire. 

6. Invite Teammates From Your Firm to Help Grow Your Business

Employees and managers alike need to know how the talent marketplace works. As the champions of career mobility, you managers should be aware of the long-term benefits of using talent marketplace platforms. Likewise, educate your employees about the talent marketplace, and how it will help grow the business. 

Today, HR is a more methodical role, and the traditional, outdated approach for hiring new talent simply won’t work in today’s market. Technology has enabled talent marketplace platforms to revolutionize the way organizations operate and transform the process of hiring. Now, companies can promote growth — for both the company as a whole and its employee’s career development.

 

Author: Cesar Jimenez, myBasePay CEO
Cesar A. Jimenez is an entrepreneur, investor, and military veteran with over 25 years of staffing industry expertise successfully leading technology staffing organizations. His expertise in the IT industry allows him to use his experience as a thought leader for talent acquisition, staffing, IT, and recruitment technologies with a passion for contingent workforce solutions. Cesar has held various leadership roles for both a global staffing organization and technology solutions companies. This expertise has enabled him to develop alternative workforce models that provide the agility for organizations to be competitive in today’s marketplace. In his spare time, he enjoys spending time with hisfamily, working out, and coaching high school baseball players.