A talent marketplace is an employee training and development strategy that is set in place within an organization.
It is found to be most beneficial for companies where the most productive employees can pick and choose the projects and assignments that are ideal for the specific employee.
An ideal setting is where productivity is employee-centric and tasks are described as “judgement-based work,” for example, in a law firm.
The point of activating a talent marketplace within a department is to harness and link individuals’ particular skills (project management or extensive knowledge in a particular field) with the task at hand.
It cannot be left solely to the human resources department to attract and retain employees, but rather be practiced in all levels of an organization.
The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates.
Examples of companies that implement the talent marketplace strategy are American Express and IBM.
In adverse economic conditions, many companies feel the need to cut expenses.
Talent management is also an important and necessary skill for people in the workforce to acquire.
Finding good and talented people is not a hard thing to do, but making sure that they want to stay working for the same business is the challenge.