The beliefs and structures of human and technical capabilities stand challenged today. New perspectives need to work and make sense. For employees to truly thrive, fundamental workforce practices – planning, deployment, management and development – need to be re-imagined.
Is it easier to find a new job inside your organization or outside?
This question has triggered a keen focus. On the need to pay more attention to employee experience including career fulfillment.
An opportunity marketplace plays a strategic role in achieving those objectives.
What is an opportunity marketplace?
An opportunity marketplace is a platform that helps create synergies between internal talent and opportunities.
Ethos of an opportunity marketplace
- Make it easier to find a job internally than externally
- Influence the 50%+ of all employees who are prepared to leave their current organization for a severance package
LinkedIn’s 2019 Workforce Learning Report suggests 94% of employees would stay at a company longer if they invested in their careers
3 differences between a talent marketplace and an opportunity marketplace
- Talent marketplace is based on the principle of work for money
- Opportunity marketplace is based on the principle of work for opportunity
- People approach a talent marketplace for a job
- People approach an opportunity marketplace for an aspiration
- Mindset in a talent marketplace is cost saving
- Mindset in an opportunity marketplace is empowerment
What problems does it solve?
- Help find a dream job internally
- Create visibility of internal skills
- Check career stagnation
- Identify talent based on skills and roles instead of titles
Key benefits of an opportunity marketplace
- Better career fulfillment
- Better retention rates
- Employer branding
- Continuous learning
6 drivers for an opportunity marketplace
- Break traditional functional silos
- Bring focus on micro-learning
- Use AI to identify talent for business challenges
- Nurture a fluid workforce
- Employee groups can operate as the gig economy
- Impatience with the traditional speed of learning & development for millennials
How does it work?
- Discover opportunity on the platform
- HR plays the facilitator
- Formalized by managers
- Identify success measures
- Achieve
Top 10 global companies to adopt opportunity marketplace as a strategy
How did we evaluate these companies?
- The efficacy of their identified people challenges
- Leveraging technology to enhance careers
- Tangible outcomes
Some outcomes for the top 10 companies
- Schneider Electric – Unlocked +17,000 new productive hours
- HERE Technologies – Saw 2X growth in gender parity
- Dolby – Witnessed a 67% employee adoption
- Vanguard – Identified 4,582 talent indications of what people wanted to learn in 2019
- AllianzGI – 3,200+ employees registered on the platform
- Ingersoll Rand – 67% employees use the My Career Navigator tools to manage their own growth
- Caisse des Dépôts Group – Discovered 800 new internal skills
- L’oreal – 75% open positions filled internally
- LoyaltyOne – 62% adoption
- Unilever – 8,300 people redeployed to high demand areas