The traditional career path within a company is undergoing a significant transformation. Gone are the days of linear progression through predefined roles. Today’s employees crave opportunities for growth, development, and new challenges. Enter the Internal Talent Marketplace (ITM), a digital platform fostering talent mobility and upskilling within organizations. In this blog, I will talk about the  pros and cons of ITMs, and share examples of companies who are successfully reaping the benefits ITM platforms which is making internal mobility far more accessible for organisations regardless of their size. along with examples of companies reaping their benefits, and the platforms making the ITM more accessible and in reach for all companies, big or small.

What is an Internal Talent Marketplace?

An ITM is a digital platform that connects employees with internal career opportunities, including project-based work, mentorships, skill development programs, and even full-time position changes. It empowers employees to take ownership of their careers by actively seeking growth opportunities within the company, fostering a culture of continuous learning and engagement.

Advantages of ITMs

• Empowered employees, engaged workforce: ITMs provide a clear picture of available growth opportunities within the company, empowering employees to take charge of their careers. Employees having control of their progression leads to a more satisfied and productive workforce.
• Enhanced Talent Mobility: ITMs break down departmental silos and facilitate lateral moves, cross-functional collaboration, and skill development. By creating an environment that allows effective internal mobility, companies can retain top talent and avoid the costs associated with external recruitment.
• Data-driven decision making: ITMs provide valuable insights into employee skills, interests, and aspirations. This data helps companies identify skill gaps, tailor learning programs, and make informed decisions regarding internal talent allocation. However, it is largely up to internal talent to update the ITM regulary with their skills and learnings.
• Improved upskilling & reskilling: ITMs can showcase company-sponsored training programs, mentorships, and learning resources, promoting a culture of continuous learning and development. This equips employees with the skills needed to thrive in a talent market that is always in flux.
• Reduced recruitment costs: By creating a robust pipeline of internal talent, ITMs can significantly reduce costs associated with external recruitment and onboarding new hires.
• Increased innovation: Cross-functional collaboration facilitated by ITMs fosters a culture of innovation and problem-solving, which allows an aligning of perspectives that generate new ideas and solutions.

Examples of companies utilizing ITMs:

• IBM: “IBM Skills Exchange” is a popular ITM that connects employees with internal job opportunities, training programs, and mentors. The platform allows employees to express their interests and skills, while managers can identify internal talent for specific projects or roles.
• EY: EY’s “EY Talent Marketplace” allows employees to discover new projects, learning resources, and career development opportunities across the globe. This empowers employees to take ownership of their professional journeys and explore possibilities beyond their current roles.
• Other companies with ITMs are Dell Technologies, Google, Procter & Gamble, and many more.

Challenges and considerations for ITMs:

• Build – Buy – White Label: The first consideration is the best way is on how a company can acquire an ITM.  With so many viable options in the market today, the decision to build, buy or white label is key.
• Implementation & maintenance: Setting up and maintaining a user-friendly and effective ITM requires time, resources, and ongoing investment.
• Transparency & communication: Clear communication about opportunities displayed on the platform is crucial to avoid employee frustration and ensure a positive user experience.
• Managerial buy-in: Active support from leadership and managers is essential for the success of an ITM. Managers need to be open to the idea of talent mobility and be prepared to invest time in supporting internal candidates.
• Standardization & scale: Developing a platform that effectively caters to diverse skill sets and employee levels across a large organization can be challenging.
• Skill gap identification & upskilling: ITMs may reveal skill gaps within the organization. Companies need to develop comprehensive training and upskilling programs to address these gaps.

Internal talent marketplaces represent a significant shift towards a more employee-centric approach to talent management. By empowering employees, fostering mobility, and promoting continuous learning, ITMs offer a winning proposition for both employees and businesses alike. While implementing an ITM comes with challenges, the potential benefits for enhancing employee engagement, reducing recruitment costs, and driving innovation are undeniable. As the talent landscape continues to evolve, ITMs are poised to become a cornerstone of future-proof talent management strategies.