Do you currently watch helplessly as talents resign because line managers would rather see them leave for other organizations than see them working in other teams or with other bosses inside your organization?
Are you often caught blind-sighted when talents leave because they feel they have no more growth in their current roles, when there are opportunities within the organization that has not been explored?
You can get out of the vicious cycle by strengthening your internal talent marketplace!
Strengthening the internal talent marketplace is the practice of identifying and developing employees within our organizations who have the potential to take on new or different roles and responsibilities, and creating opportunities for them to advance instead of hiring from outside. A more trendy term that is related is called “Quiet Hiring.”
The benefits can include:
- Cost savings: Hiring and training new employees can be expensive, so transferring or promoting from within can save money in the long run.
- Increased employee engagement: When employees see that there are opportunities for advancement within the company, they are more likely to be motivated and engaged in their work.
- Improved retention: If employees feel like they have a clear career path within the company, they are less likely to look for opportunities elsewhere.
- Enhanced knowledge sharing: When employees move between different roles and departments, they bring with them valuable knowledge and skills, which can be shared with others in the organization.
- However, there are also several challenges and issues that need to be considered when strengthening the internal talent marketplace.
Last March 31, ASEAMETRICS had an amazing turnout on their webinar on “Transforming Organizations from the Inside Out: Strengthening the Internal Talent Marketplace” with over 300 participants joining us via Zoom!
A sensing poll was conducted by ASEAMETRICS during the webinar to gather information on perceptions and practices related to the topic strengthening the internal talent marketplace. A total of 189 responded to the poll. This report summarizes the results of the sensing poll.
The speakers shared valuable insights on how to build a strong internal talent marketplace and create a culture of learning and development within organizations. From identifying talents, and implementing effective talent management strategies, to succession management roadmaps, the attendees were able to gain a deeper understanding of how to transform their organizations from the inside out.