Best Talent Marketplace Platforms to Boost Internal Mobility in 2024

What is a Talent Marketplace Platform?

In today's rapidly evolving job market, organizations face the ongoing challenge of finding and retaining skilled talent. A Talent Marketplace emerges as a transformative solution designed to optimize internal mobility, boost employee engagement, and align workforce capabilities with business objectives.

Its technology, a talent marketplace platform, is a software-as-a-service (SaaS) powered by AI algorithms, people analytics, and machine learning. This cutting-edge technology facilitates the seamless matching of employees with suitable internal opportunities. It operates on principles of transparency, accessibility, and efficiency, aiming to maximize both individual career development and organizational strategic goals for employee development, retention, and recruitment.

Incorporating a talent marketplace platform transforms traditional talent management practices into a more agile, employee-centric, and skills-based approach.

In the following sections, we'll explore the benefits of implementing an internal talent marketplace and delve deeper into the best software options to help your organization embark on this journey.

Following this article, I’ll explore the benefits of implementing an internal talent marketplace and delve deeper into the best software options for you to get started.

Benefits of a Talent Marketplace Platform

Implementing a talent marketplace platform offers a range of strategic advantages that can significantly enhance an organization's talent management practices.

These benefits extend beyond simple job matching to encompass broader organizational agility, talent development, employee retention, and more.

Here are some key benefits of having an internal talent marketplace platform for your people and your organization:

Empowering Workforce Agility and Optimization

A talent marketplace platform empowers employees by allowing them to find and move to roles where their skills are most needed. This agility enables the organization to adapt quickly to changing business demands.

Boosting Employee Engagement and Retention

People are no longer stick with traditional career path. They’re more and more empowered to pursue the career that represents themselves. And it's great to make it happens within your company!

A talent marketplace platform offers employees the chance to explore diverse roles and projects within the company, which can significantly boost job satisfaction.

When employees feel they have a variety of growth paths and development opportunities available to them, they are more likely to remain engaged and stay longer. This sense of belonging and career development opportunities reduces turnover, creating a more stable and motivated workforce.

Facilitating Continuous Skill Development and Personal Growth

With an internal talent marketplace, employees are enabled and encouraged to pursue roles and projects that align with their career aspirations and personal interests. The technology also helps you provide learning programs, coaching conversations, and feedback appropriately and timely to team members depending on their personal routes.

This fosters a culture of continuous learning and development, helps employees grow professionally, and keeps them engaged and motivated.

By promoting a learning culture in a practical way, the organization benefits from a workforce that is constantly evolving and improving, driving innovation and competitiveness.

Enhancing Cost Efficiency

‍By maximizing the use of internal talent, you can significantly cut down on the costs associated with external recruitment, such as advertising, hiring fees, and onboarding processes.

Most importantly, you save your time and money on the cost of turnovers and getting people up to their optimal productivity level by keeping talented employees longer.

Enabling Data-Driven Decision Making and Strategic Alignment

‍By nature, internal talent marketplaces manage comprehensive data on employee skills, performance, and career aspirations.

This data and its insights help managers make informed decisions about training, development, and succession planning.

By aligning talent development with strategic business goals, organizations can ensure they are prepared to meet current and future challenges.

This alignment supports long-term success and ensures that employees are growing in ways that contribute to the company's objectives.

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5 Best Internal Talent Marketplace Platforms to Consider in 2024

GoFIGR

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Suitable for: Companies of all sizes to quickly enable internal mobility and gig work models

‍GoFIGR, previously Flow of Work, offers an internal talent marketplace platform designed to support companies in optimizing internal mobility and talent retention strategies. (Calculate your own Turnover Cost here!)

The FIGR in our name, for a fun fact, stands for Find, Inspire, Grow, and Retain and we believe that the ultimate way to unlock the full potential of your teams and build the workforce of tomorrows.

GoFIGR leverages advanced AI-driven technologies to collect and analyze employee skill sets, predict potential career pathways, and align these with your business needs.

GoFIGR's internal talent marketplace offers an easy-to-use and straightforward experience that minimizes the learning curve for both HRs and your teams. Another of GoFIGR's standout features is its speed to launch, with the ability to have companies up and running in just a few weeks.

GoFIGR can also integrate with most HRIS, ATS, LMS, performance management, payroll, reward and recognition systems, and intranets to ensure a seamless flow of information and efficient management of talent.

GoFIGR’s Key Features‍

• Talent Scout: Enables rapid visibility of employee skills and experience, allowing for efficient internal recruitment and project staffing.
  
• Career Path Finder: Uses AI to help employees explore potential career trajectories within the organization, enhancing engagement and retention by providing clear career progression pathways.
  
• Opportunity Marketplace: Matches employees with internal roles, projects, and gigs, increasing internal mobility and filling critical roles quickly, reducing dependency on external hires.
  
• Talent Insights: Offers detailed insights into workforce skills and development needs through analytics dashboards, supporting strategic workforce planning by providing visibility into skills inventory and future skill requirements.
  
• Coaching Tool: Facilitates meaningful career conversations and goal setting with behavioral science principles, helping continuous career development by providing personalized action plans and recommending mentors and learning opportunities.
  

‍Book a free demo with us to discover how GoFIGR can help you unlock your internal talent marketplace and foster a future-focused workforce from today!

Gloat

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Suitable for: Large enterprises looking to improve internal talent utilization.

Gloat, originally known as Workey, shifted its focus from a general job-matching solution to internal mobility, establishing itself as a frontrunner in the talent marketplace platform sector.

Through its user-friendly platform technology, InnerMobility, Gloat aims to help companies enhance career development, reduce turnover rates at all corporate levels, and boost organizational agility.

Gloat integrates AI-driven talent matching to connect employees with suitable internal opportunities. They also provide career development tools including career pathing, a career navigator, and mentorship programs. This approach helps break down organizational silos, optimize talent utilization, and foster a culture of continuous learning and development.

Notable clients of Gloat include HSBC, Mastercard, Schneider Electric, and Nestlé.

‍Gloat’s Key Features:‍

• AI-Driven Talent Matching: Advanced algorithms match employees with internal opportunities that align with their skills, past experiences, and career aspirations.
  
• Career Pathing and Development: Personalized career pathing tools help employees visualize and plan their progression within the organization.
  
• Skill Insights and Analytics: Detailed analytics on organizational skills help identify gaps and plan workforce development.
  
• Employee Empowerment: Self-service tools allow employees to search and apply for internal opportunities.
  
• Project Marketplace: Enables a marketplace for short-term projects or gigs, matching employees with relevant opportunities.
  

Fuel50

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Suitable for: Traditional companies needing customized solutions to transition to an agile workforce.

Fuel50 is also a pioneer in the internal mobility market. It offers a comprehensive talent marketplace platform that focuses on job models, career models, and competency management.

Fuel50’s AI-driven marketplace facilitates internal mobility and gig work, promoting talent agility and workforce development. The platform uses hyper-personalized AI to match employees with real-time opportunities, ensuring alignment with the organization’s needs.

With its proprietary skill ontology framework and adaptable technology infrastructure, Fuel50 excels at supporting companies in modernizing their talent management approach to enhance talent mobility and enablement.

The platform also provides deep data insights and analytics for organizations to make informed decisions about talent management.

According to Enlyft data, Fuel50 customers typically are medium- to large-sized U.S.-based companies with revenue of 200M to 1000M+ dollars.

Fuel50’s Key Features:

• Personalized Career Pathing: Offers AI-driven personalized career pathing to help employees visualize their potential career trajectories based on their skills, aspirations, and company needs.
  
• Interaction and Gamification: Employees can participate in challenges, earn rewards, and receive badges for completing learning activities and achieving career milestones. This feature makes career development more interactive and rewarding.
  
• Gap Analysis and Development Support: Identifies team members' existing skills gaps and offers various tools to help them improve, such as personalized L&D recommendations, coaching requests, and 360-degree feedback.
  
• Internal Recruiting: Easily create and apply for internal gigs and projects, manage applicants, and build project talent pools.
  
• Real-Time Analytics and Reporting: Provides insights into workforce trends, skills development, and talent mobility patterns.

Eightfold.ai

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Suitable for: Enterprises seeking to enhance talent management with an AI-driven, skills-based approach.

Eightfold.ai is a Talent Intelligence Platform that leverages deep-learning AI to transform talent management into a competitive advantage.

With its skills-based approach, Eightfold offers a comprehensive solution for businesses to retain top performers, upskill and reskill the workforce, efficiently recruit well-matched talent, and achieve diversity goals.

Eightfold supports talent development and internal mobility by leveraging its proprietary AI system to dynamically identify the right skills for job requirements, mitigate bias in talent management practices, and provide comprehensive talent matching and analysis.

The platform serves a wide range of industries and is especially effective for large enterprises.

According to Enlyft data, companies using Eightfold.ai are mainly U.S.-based in computer software and IT industries with 10K+ employees and 1000M dollars in revenue.

‍Eightfold.ai’s Key Features:‍

• AI-Powered Skills Identification: Dynamically identifies the right skills for job requirements at scale, utilizing a continually updated global data set and deep-learning AI to ensure precision in matching skills to roles.
  
• DEI Enhancement: Mitigates bias with Equal Opportunity Algorithms and AI that corrects biased language in job descriptions, promoting diversity, equity, and inclusion across the organization.
  
• Employee Career Hub: Offers a talent marketplace for professional growth opportunities, including internal roles, courses, projects, and mentors, empowering employees to take charge of their career development.
  
• Automated Career Pathing: Predicts potential based on inferred and adjacent skills, surfacing best-fit growth opportunities for employees, including lateral and non-traditional career moves, ensuring employees have clear pathways for progression.
  
• Succession Planning: Predicts individual role readiness and identifies potential successors for any role, ensuring continuity and preparedness for future leadership and critical role transitions.

Workday

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Best for: Large, multinational corporations seeking an integrated talent marketplace within their HCM system.

Workday Talent Marketplace is a cutting-edge addition to Workday's comprehensive HCM solutions. Developed after acquiring Rallyteam, this platform is designed to help global organizations adapt to the dynamic nature of modern work environments.

At its core, Workday Talent Marketplace leverages advanced machine learning to match employees' skills and interests with relevant internal opportunities.

The platform's seamless integration with Workday HCM is a key differentiator. It allows businesses to harness their existing employee data, enable more precise talent matching, foster career growth, and enhance organizational agility.

Workday also emphasizes skills intelligence with AI-driven tools to predict and infer skills, providing a holistic view of workforce capabilities.

This comprehensive understanding supports strategic workforce planning and informed decision-making, particularly beneficial for multinational corporations managing diverse talent pools.

‍Workday Talent Marketplace’s Key Features:‍

• Comprehensive Talent Profiles: Collects, maintains, and dynamically updates talent profiles that include employees’ skills, experiences, career goals, and learning history from various employee management activities.
  
• AI-Powered Skills Ontology: Provides a detailed view of available skills and identifies gaps, enabling targeted training and development programs to meet current and future business needs.
  
• Integrated Learning Hub: Seamlessly connects with Workday Learning to provide personalized learning content that enhances employee skills and prepares them for new roles.
  
• Opportunity Suggestions: Uses skills-matching algorithms to suggest networking, mentorship opportunities, gig and internal job matches, and relevant Workday Learning content.
  
• Skills Augmented Analytics: Advanced analytics that provide data-driven insights into the skills landscape, predict future skill needs, and offer actionable intelligence for strategic workforce planning.
  

For details, read our deep-dive on Workday Talent Marketplace here.

‍Final Thoughts

‍As we move into 2024, the talent marketplace revolution is just beginning. These AI-driven platforms aren't just optimizing workforces; they're future-proofing organizations.

By encouraging internal mobility and supporting continuous skill development, you're paving the way for a more agile, resilient, and innovative workplace. Whether you're a startup or a global enterprise, your competitive edge might lie in harnessing this potential.

And if you're looking to get started quickly and seamlessly, regardless of your size or industry, GoFIGR is ready to help. Book a demo today and let show you the first step towards a more dynamic, engaged, and future-focused workforce.

The talent you need is already within reach—let GoFIGR help you find, inspire, grow, and retain them.‍

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