Talent marketplaces & Talent allocation

One of the most important lessons learnt from the pandemic is that businesses can no longer rely entirely on external talent acquisition. Instead, they have been compelled to make greater use of the talent they already have due to the limited labour market.

This leads us to our next HR trend: better talent allocation through talent marketplaces. In a nutshell, talent marketplaces connect individuals within a company or industry to internal job possibilities. Job vacancies, as well as cross-departmental projects, temporary assignments, and other initiatives are among them.

Talent allocation has occurred naturally in various industries:

Professionals in the shipbuilding sector are dispatched when a new assignment is received, only to 'jump ship' when the contract is close to expiring and a competitor company is awarded the next major contract. This allows the individual to focus on relevant projects while also developing their own skills. On the other hand, depending on the projects available, the corporation can swiftly deploy a temporary but skilled crew.

What has changed is that human resources departments are becoming more aware of the value of (planned) skill development. As a result, an increasing number of businesses are considering forming joint talent marketplaces with their strategic partners.

Unilever and Vodafone subsidiary Vodacom recently launched a digital marketing exchange scheme. This effort not only aids in the development of more diversified talents but also allows for cross-pollination of ideas and innovation.

However, Unilever and Vodacom are not the only companies involved. According to a Harvard Business School survey, over two-thirds of organizations increasingly prefer to borrow or rent workers with certain expertise from other businesses rather than hire new full-time employees.

Organizations use this model to bring in people on an as-needed basis to consult or work on a specific project.

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