The world of work is rapidly evolving, and so are the career aspirations of the people. Compared to what we saw decades ago, people don’t want to embrace the same position for years till they retire. Instead, they are looking for opportunities to try new duties, get new skills, and stay flexible and agile.
On the flip side, today’s labor market is highly competitive, and there is a scarcity of skilled workforce. The PwC CEO survey reveals that a whopping 74 percent of CEOs are concerned about the shortage of critical skills and talent.
As a response to those challenges and today’s look at the future of work, internal mobility comes into play very actively.
The ‘secret sauce’ of internal mobility
The modern internal mobility concept evolved as the next logical step after the traditional career management model. The problem with career management was the idea of “waiting until someone is ready.” This resulted in losing top talent who took career opportunities elsewhere. Even if mobility was facilitated—or rather forced by management—it looked more like “assigning” new roles to employees.
Internal mobility today is agility built into the company’s talent processes. This model allows companies to get the most out of the talent and skills their employees obtain. Employees, in turn, get multiple opportunities like taking new and adjacent roles, upskilling, and keeping up with the company without having to leave it.
Internal talent evolution, however, wouldn’t be possible without technology. Today, the HR tech landscape contributes to internal mobility by providing what are called talent marketplace solutions. Simply put, a talent marketplace is a platform that connects employees with career opportunities inside the organization.
From recruiting to employee upskilling: What the talent marketplace brings in
The talent marketplace helps companies improve their employee engagement, development, and retention. Other challenges the talent marketplace helps address are:
- Accelerating time-to-hire and optimizing hiring costs: Many organizations still pay big bucks to recruit people from outside. With a talent marketplace platform and insights into the company’s skills and talents, organizations can save recruiting expenses and instead connect their internal employees with the internal job openings.
- Improving productivity of new hires: Employees who joined a new project or stepped into a new area of responsibilities within the company demonstrate better productivity. The reason follows. Internal talents have already spent some time with the company and can bring their valuable insights and skills to the new role. Besides, the opportunity to shift to a new role within a company contributes to employee motivation, engagement, and development.
- Addressing skill gaps and future-proofing: The talent marketplace also helps the company coordinate all its available talents and see if they match current and future job roles. This way, companies can spot the skill gaps and align their employee development activities with their strategy and market trends.
- Building a more agile workforce: In the long run, by embracing internal mobility powered by technology, companies can foster transition to a more agile workforce.
Talent insights as a fuel for internal mobility
One more component that makes internal mobility sufficient is data. The lion’s share of it, apparently, comes from within the company. Employee CVs, job profiles, training programs, and other assets containing information about skills are filling the internal mobility machine. Data about internal skills loaded into the talent marketplace platform transform into insights. Some of them allow companies to:
- Basically, match employees to existing job openings, projects, and tasks
- Personalize reskilling and upskilling journeys to help employees grow into new roles
- Benchmarks future skills and future jobs
Another source of insights fueling internal mobility is the external market. Market trends that have run through the talent marketplace provide companies with insights into emerging roles, skill developments, and future business trends awaiting the particular industry.
With intelligence like this, companies can fill existing job openings with existing employees and take internal mobility to a whole strategic level. Specifically, they can make skills in their company transparent. Also, they can know what skills are still missing in their company, and plan strategies to address these deficits. They can plan, personalize, and predict the effort of employee development initiatives aimed to fill in the skill gaps.
Of course, embracing internal mobility doesn’t happen overnight. It takes time, investment, data, and the right technology. But most importantly, it requires the right future-oriented mindset. American Express, IBM, Nestle, P&G, Unilever, and Google are just a few examples of brilliantly performed internal mobility strategies set on the future and employees’ development. Hopefully, more prominent companies will join these ranks.