A talent marketplace is a digital platform that allows employees to look for new roles, projects, mentorships, or other opportunities within their current organizations based on their skills.

Talent marketplaces are often powered by AI, using data to inform talent-management professionals about the best career-pathing opportunities for their employees.

By showing employees clear career-development pathways and growth opportunities, the platform helps organizations:

• Ensure employees are adding relevant skills to advance their careers.
• Improve employee engagement, satisfaction, and retention.

Talent marketplaces also benefit HR professionals by:

• Increasing diversity and inclusion by mitigating biases in hiring and promotions.
• Making data-driven suggestions based on workforce trends, skills gaps, and areas identified for improvement.
• Streamlining talent-management processes, including tracking applications or facilitating communication between employees and hiring managers.
• Allowing for data-driven, streamlined succession planning.
• Reducing time to hire, leading to overall cost efficiencies.
• Enhancing skills development by identifying skill gaps and providing targeted upskilling or reskilling opportunities to employees.
• Creating a more agile and flexible workforce, enabling organizations to adapt to changing business needs and redeploy talent where they’re needed most.

Talent marketplaces also give organizations a competitive advantage at a time when turnover is high and talent is scarce.