Workday Talent Marketplace is now generally available. The new feature enables employees to browse roles and projects within organisations. Companies can identify potential candidates for roles regardless of location. Dell Technologies launched a pilot version a year ago.
Karen Caveney, chief HR technologist, Dell Technologies commented: “At Dell Technologies, we see great value in enabling talent capability with skills and experiences. We launched our Workday Talent Marketplace pilot a year ago and have had fantastic feedback from both gig owners and workers. Other groups in the business are eager to follow suit, and we believe our employees will truly benefit by taking on opportunities that will help them further their career development goals.”
The launch of Workday Talent Marketplace could not have been better timed. With home working becoming the norm across the world, employers recognise that the location of an employee is not a barrier to employment. There are several benefits to firms using an internal marketplace to seek new hires.
- Existing employees will understand the business better and have a shorter onboarding time.
- There is a much lower cost of hiring internally.
- Employee satisfaction is increased as career ambitions are met, and loyalty can also increase.
- It will also lower attrition.
- And help to ensure that the best employees can fulfil their potential.
What does the Talent Marketplace enable?
The Talent Market place uses the Skills Cloud to connect people with opportunities. The skills cloud will match people against opportunities based on the skills they have listed but also any inferred skills that they may have. For example, more experienced staff may have specialized experience but omit lower level qualifications from their CV. It can also help to highlight to employees where their skill set falls short of the requirements for a specific role. It can then provide additional learning and development for them to attain those skills.
Organisations will create a more agile workforce. They can provide candidates from across the organisation to fill roles they would not previously have been aware of. Organisations are having to redeploy workers into different roles as requirements are changing. For example, with fewer visitors to offices, receptionists will often seek other roles. These may be part-time or project-based that meet their current skills set. Talent Marketplace allows them to develop a career in an organisation. The organisation can benefit from employee skills they may not have been aware of previously.
For employees themselves, this is an opportunity to identify the next step in their career path easily. Importantly, with a common solution across an organisation, this promotes equality across an organisation. Any employee can aspire to, and apply for, any role. This removes some of the barriers that are put in place through historical processes. It also promotes diversity with the ability for anyone, anywhere in an organisation to close the skills gap needed for a role. It improves internal mobility, importantly, not in an enforced way. Therefore helping to ensure that employees are retained longer and have a higher level of loyalty to an organisation.
Enterprise Times What does this mean
David Somers, general manager, Talent Optimization, Workday commented: “Workday is fundamentally changing how businesses optimize talent, providing a deep understanding of skills that can only be derived with insights from a true cloud HCM system. People have far more capabilities than what they enter into a resume or CV; because our skills technology can infer related skills, customers have seen a dramatic increase in the number of skills attributed to their workers and enabled better discovery and recommendations for more targeted opportunity matching. With Workday Talent Marketplace, organizations can build a more agile workforce to achieve long-term success in a skills-based economy.”
Workday is not the only company to have developed an internal marketplace for organisations. Oracle recently added an internal marketplace to the latest release of Fusion HCM. iCIMS has had one for some time within its Talent Cloud.
What differentiates Workday from competitor solutions is the Skills Cloud. It creates an ontology that enables employees from diverse background to identify project roles and jobs that are suitable. Likewise, organisations can search for employees with the right skills sets without missing someone because they did not list a specific skill.