5 Reasons Why a Talent Marketplace is a Key to Recruitment and Retention

Even before the COVID-19 pandemic upended the workforce, hiring managers were already facing an uphill battle when trying to attract the right talent. The so-called Great Resignation—or the ongoing trend of employees resigning from their jobs—has aggravated the situation even further, with the U.S. Bureau of Labor Statistics reporting that roughly 4 million people have quit their jobs each month in 2022. As a result, recruiters are struggling to match the right talent to the right positions, leaving many companies with staffing shortages and resourcing gaps.

The factors that spurred the Great Resignation are numerous and stretch back long before the onset of the pandemic, but a common refrain amongst the recently voluntarily jobless is a desire for a better quality of life. That is, employees are looking for more than a paycheck—they’re seeking positions which will provide a challenge, enable them to develop professionally, ensure that they feel valued, and respect their work-life balance desires.

In essence, employees in 2022 don’t go into a job interview expecting a one-sided conversation. They’re also conducting an interview of their own to determine if the company is the right fit for them.

In this new environment, recruiters must pivot. Recruiting tactics that worked in the past need to be reexamined, and ultimately, companies must rethink how they approach hiring and managing employees at large.

This is where an online talent marketplace can be your company’s biggest asset. Talent marketplaces not only enable companies to find, vet, and ultimately hire the right candidates for their open positions, they also allow employees to become more involved in the hiring process as well. The result is a better match for both companies and employees, which will lead to better retention, increased job satisfaction, and an overall higher standard of work.

1. Employee Development and Retention

It’s no secret that Millennials and Generation Z have been called “the job-hopping generations,” but as older generations edge toward retirement, figuring out why younger employees are less likely to remain at one company for very long will become a crucial task for companies looking to hang on to their talent.

The answer centers largely around development. Modern employees are looking for roles that allow them to grow. In fact, one recent survey found that 72% of Millennials value career advancement opportunities and grow bored in roles that do not offer that. In other words, younger workers want to know that there is a path toward professional development.

A two-sided online talent marketplace allows employees and their managers to communicate about these goals more transparently. This way of working puts your employees at the helm of their own trajectory by providing a clear look into career pathways within your organization, the skills and development needed to advance, and the resources available to enable them to grow.

2. Agile Mobility

Utilizing an online talent marketplace allows companies to create more agile teams. The traditional models of company organization keep people siloed in disciplines, departments, or projects, outlining a strict linear path for career development. Today’s workforce expects more flexibility for dynamic and exciting opportunities.

The talent marketplace model provides companies with a framework that fosters agile teams. American Express, IBM, and Google are just a few of the companies that use a talent marketplace, and top employees are free to choose which projects or assignments they work on. This freedom keeps employees engaged, excited, and passionate about their work.

3. AI Matching to Fill Gaps

AI-powered matching tools have become invaluable to recruiters and HR departments in their search for top talent. This is hardly a new advent, and recruiters have been utilizing AI through platforms like LinkedIn, Indeed, Monster, and Upwork to find eligible candidates for many years.

The online talent marketplace model takes this one step further by providing people analytics. People analytics, or data gleaned from performance evaluations and noted skillsets, allow companies to identify which employees or candidates have the right skills and availability for a particular project or role. By providing these detailed and precise insights, companies can ensure that their hires are not just suitable for their role; they’re perfect.

4. Administrative and Management Support

A robust online talent marketplace platform will assist operations and management across a wide range of responsibilities. AI-powered matching capabilities cut recruitment busy work and drastically increase the chances of finding strong talent. The talent marketplace also offers greater insights into their employees’ skills, work styles, and performance, which can help managers make informed decisions about task assignments and organizational structures.

Additionally, the talent marketplace model intrinsically reinforces career mobility, which organically fosters a company culture of growth and development. HR and operations managers who use talent marketplace models find that employees are more content within this framework and are therefore less likely to need managerial support.

Find out why businesses choose Remote Symphony as the top talent marketplace.

5. You Will Hire Better Talent

The online talent marketplace model facilitates a transition from traditional ways of hiring towards a system where candidates are shortlisted based on their skills and how those skills match your needs. Because the talent marketplace model is engineered to accommodate remote work, organizations are no longer restricted to their local talent pool; they can access highly skilled professionals all across the globe. This will ultimately result in a team that was handpicked for their ability to meet your business’s needs while fostering a culture of diversity and sharing amongst employees.

Start Finding Talent Today

As the first online two-sided talent marketplace to specialize in Finance, Accounting and IT, Remote Symphony enables companies to overcome even the most difficult of challenges facing hiring managers today. We are here to help you overhaul your recruitment processes, match your company with top talent, and keep both inefficiencies and costs low.

Fuel your business with the best talent available in your industry, and schedule an absolutely free consultation with an expert today. We look forward to helping you grow.