By Anne Fulton, CEO & Founder of Fuel50, finalist of the Best Enterprise-Level SaaS Product category at The SaaS Awards 2022
In today’s business landscape, agility, efficiency, and optimization are fundamental to future-proofing your organization and setting it up for long-term success. This requires leaders to embrace new strategies for managing talent and a forward-thinking mindset to prepare their workforce for the future.
Sticking to the ‘status quo’ of talent management simply isn’t enough anymore. Outdated talent strategies require a major refresh and, as the sense of urgency around the need to evolve becomes increasingly evident, AI-driven talent marketplaces are now high on the list of must-haves for organizations looking to modernize their HR practices.
A talent marketplace leverages AI technology to smart-match employees to internal opportunities, vacancies, learning, mentors, gigs, and projects, and enables employers to have better visibility into the skills and capabilities within an organization to fill roles and skills gaps more efficiently. Using AI allows organizations to scale at remarkable speed by unlocking internal mobility, career transparency, and workforce agility like never before.
Here’s how AI talent marketplaces are changing the talent game for the better…
Powering the Shift Towards a Skills-Based Approach
As technology continues to transform the world of work, adopting a skills-based approach to talent is quickly becoming essential for staying agile and adaptable. A skillsbased talent strategy is defined as a more agile, employee-centric approach to work where employees are valued for their skills rather than their job title, level, or educational qualifications.
Organizations adopting a skills-based approach are moving away from traditional job structures and instead embracing agile talent development strategies to help optimize their workforce. A key part of this is having the right technology that unlocks visibility to
internal learning and career opportunities across the entire organization.
Talent marketplaces are paving the way towards better talent visibility, empowering HR leaders with a stronger understanding of what skills are currently available, what skills are critical to future success, and what skills gaps need to be filled. They offer a smarter way to transfer skills across an organization to help solve talent shortages, enabling businesses to remain agile – quickly pivoting and adapting as needed to inevitable changes.
The best way to navigate business change and transformation is to equip people with the right skills they need to ensure a smooth transition. Cloud Services and Data Management company NetApp experienced this first-hand as they moved from being a traditional data storage business to a cloud company. With the help of a talent marketplace, they were able to reskill, upskill, and develop employees to prepare them for future roles and internal mobility.
A talent marketplace truly is the backbone of a skills-based talent strategy. It works by unlocking an organization’s ability to create a powerful network of skills, driving internal mobility, pinpointing areas for improvement, and ultimately optimizing the entire workforce for future success.
Putting Employees First for a Better Talent Experience
With access to the right employee data, talent marketplaces provide invaluable insights into employee values, goals, and career journeys. Having a better understanding of the wants and needs of your employees is the first step in building a positive employee experience – one that is personalized to each individual and reflective of their unique career DNA.
While talent marketplaces are a powerful tool for HR leaders to optimize their workforce, the most powerful platforms of all are built with an ‘employee-first’ ethos. These solutions put employees at the center, giving them the power to take control of their own careers, explore internal opportunities, gain new skills, and take actionable steps toward their career goals.
More and more organizations are realizing the importance of actively listening to employees and tailoring their talent experience to the needs of their people. Take KeyBank, a financial services company as an example. With over 17,000 employees across 15 states, one of their main priorities is to keep employees engaged and connected. They implemented Fuel50’s AI Talent Marketplace to enhance their career development program and better equip both management and employees for the future.
KeyBank deployed a ‘Future Ready’ initiative across the enterprise, utilizing AI to give employees insight into their personal values, skillsets, and growth opportunities. As a result, they improved their entire employee experience, upskilled their workforce, gained more insight into their existing talent, and fueled internal mobility across the organization. They experienced a 60% increase in training participation and usage, assessed over 9,800 ‘Future Ready’ skills, and saw employees make 2,700+ reskilling and upskilling actions.
Carole Torres, former SVP & Chief Learning Officer at KeyBank, emphasizes just how crucial it is to prioritize your employees:
“We find that it’s critical to attract, grow and retain talent – it’s not just a nice thing to do for our teammates, but it’s critical to our success. Our leadership recognizes that people are our greatest asset and investing in our team members is paramount to ensuring that they are equipped to meet our client’s current needs as well as their future needs.”
Leveraging AI to truly understand your workforce goes a long way in shaping your company culture and building an engaged workforce. Employees who feel like their employer truly cares and actively invests in their career are 94% more likely to stay at the organization. With retention being top of mind for HR teams across the globe, it’s clear how imperative it is to support and invest in your people.
Using a Talent Marketplace to Become Future-Ready
While it’s difficult to truly predict the future – especially when change is constant, organizations can leverage HR technology to gain powerful workforce insights that fuel better business decisions and drive future success.
Talent marketplaces are not only supporting successful business outcomes but are also completely transforming employee experiences for the better. They are creating a more personalized, employee-centered experience, where individuals are empowered to gain new skills, try new roles, and grow their careers.
With increased talent visibility, better workforce agility, and an improved employee experience, organizations backed by an AI-driven talent marketplace are ready, armed, and able to take on the future of work.