What is an internal talent marketplace?

According to Gartner by 2025, 20% of large enterprises will have adopted an internal talent marketplace to optimize the utilization and agility of talent, but what is an internal marketplace?

Internal talent marketplaces also called talent marketplaces, are used by managers and HR professionals to post job opportunities, mentorships, temporary assignments, part-time projects, and any other tasks that internal talent or contingent workers can contribute to.
It's like a mini-job board for your company, accessible only to employees who have been invited by the recruiting team.
The benefit of an internal marketplace is that it gives hiring managers a chance to find new roles within the organization. This could include open positions across departments, or it could be more specialized roles like new developers or product managers.
Internal talent marketplace benefits
The benefits of internal marketplaces are far-reaching, and they can be used to solve a variety of problems. Here are some:

• Cost reduction: Companies who use this type of software also benefit from reduced training costs because new employees are already familiar with the company's culture and processes. This means that training time is shorter and less expensive, which saves you money in the long run.
• Increased Retention: Companies with internal talent marketplace software are able to make sure their employees are happy with their jobs by making it easier for them to find new positions within the company or elsewhere. This reduces turnover and helps ensure that employees feel needed and appreciated by the company.
• Saving time with automation: Let artificial intelligence help you to identify the best candidates and save time in the process. This frees up your HR team to focus on more important things, like creating a culture of innovation and creativity.
• Increased Productivity: Internal talent marketplace software also makes it easier for employees to find each other, which reduces the time spent searching for resources or communicating with their peers.

Common internal marketplace use cases

Internal marketplaces are a great way to identify talent within your own organization, which can be far more cost-effective than hiring from outside. They also provide an opportunity for your company to attract and retain top talent. Internal marketplaces can be used as a way to source new hires, but they're also valuable tools that can help employees grow their careers. It helps employees learn new skills and find new roles.

An internal talent marketplace can give employees a chance to try out different roles—whether it’s within their current function or somewhere else in the business—without having to leave their current position or interview someone outside their team. This helps build connections between departments that might otherwise not be able to cross paths as often, which gives employees additional exposure and experience beyond what they had before joining an internal marketplace program.

In addition, since you don't have as many candidates applying for each role since it's not an open market like LinkedIn or Glassdoor, there's less competition for those positions so it's more accessible for applicants from all levels of experience (not just recent grads) find success applying!