In this constantly transforming realm of talent acquisition, talent marketplaces fuelled by AI have risen as unconventional mavericks, completely transforming the way employers engage with talents. The fusion of machine learning (ML), natural language processing (NLP), and robotic process automation (RPA) has unlocked fresh possibilities, reshaping the recruitment panorama with unparalleled efficiency and effectiveness.
Wondering how can both employers and employees benefit from this changing landscape? We asked Gopal Kulkarni CEO and COO of Kendra Business Technologies, a software development company. In an exclusive conversation with us, he explained how the use of AI-powered internal talent marketplaces can help.
What are AI-powered internal talent marketplaces?
Traditionally called Internal Job Boards or IJB in short, an internal talent marketplace is a technology-enabled platform that captures and shares data on the available positions, projects, assignments, training, and other opportunities within an organisation. “It uses AI to match employees’ skills with appropriate opportunities based on their capabilities and interests. It also provides recommendations and feedback to help employees improve their skills and advance their careers,” explained Kulkarni.
An internal talent marketplace is similar to how we use a travel booking app to find a hotel. On one end, there is a database of hotels and their amenities. On the other end, we input the criteria we’re looking for (location, dates, amenities, etc.) The app then presents us with a list of available hotels that suit our parameters.
“Similarly, the internal talent marketplace platform houses all available postings for opportunities within an organisation. Employees input a profile of their skills and interests, which can be updated as they develop their abilities through training or new experiences. Algorithms create matches and make recommendations to relevant candidates based on their profiles,” he added.
Departments across an organisation can use the internal talent marketplace to either announce or find the right person for opportunities such as:
- Full-time or part-time positions
- Short-term or long-term projects
- Temporary assignments or gigs
- Mentoring or coaching relationships
- Learning or development programs
- Volunteering or social impact initiatives
How do AI-powered internal talent marketplaces work?
AI-powered internal talent marketplaces leverage the power of machine learning (ML), natural language processing (NLP), and robotic process automation (RPA) to create a seamless and personalised experience for both employers and employees, stated CEO of Kendra Business Technologies and talked about each models.
ML is the branch of AI that enables computers to learn from data and make predictions or decisions without being explicitly programmed. ML can help internal talent marketplaces to:
- Analyse large amounts of data on skills, roles, opportunities and performance
- Identify patterns, trends and gaps in talent supply and demand
- Generate insights and recommendations based on data-driven evidence
- Adapt and improve over time based on feedback and outcomes
Natural Language Processing
NLP is the branch of AI that enables computers to understand, process, and generate natural language. NLP can help internal talent marketplaces to:
- Extract relevant information from resumes, job descriptions, feedback forms and other text sources
- Classify and tag skills, roles, opportunities and interests based on keywords and phrases
- Match candidates with opportunities based on semantic similarity and relevance
- Generate natural language responses and suggestions based on user queries
Robotic Process Automation
RPA is the branch of AI that enables computers to automate repetitive and rule-based tasks. RPA can help internal talent marketplaces to:
- Streamline the workflow of posting, applying, screening and hiring for opportunities
- Reduce human errors and biases in the talent matching process
- Enhance the speed, accuracy and efficiency of the internal talent marketplace operations
- Integrate with existing systems and platforms such as HRIS, LMS, ATS, etc.
What are the benefits of AI-powered internal talent marketplaces?
According to Gopal Kulkarni, AI-powered internal talent marketplaces offer several benefits for both employers and employees. A few of them are:
- Increase workforce agility and adaptability by enabling rapid redeployment of talent across functions, locations and projects
- Optimise talent utilisation and productivity by aligning skills with business needs and filling skill gaps
- Enhance employee engagement and retention by providing more autonomy, flexibility, learning and growth opportunities
- Foster a culture of innovation and collaboration by enabling cross-functional teams and diverse perspectives
- Reduce hiring costs and time by leveraging internal talent pool instead of external sources
- Take ownership of their career trajectories by exploring various opportunities within the organisation
- Develop new skills and competencies by accessing learning resources and receiving feedback
- Advance their careers by applying for positions or projects that match their aspirations
- Increase their visibility and network by connecting with mentors, coaches or peers
- Achieve work-life balance by choosing opportunities that suit their preferences
How to use AI-powered internal talent marketplaces effectively in your organisation?
AI-powered internal talent marketplaces are not a one-size-fits-all solution. “They require careful planning, implementation, and evaluation to ensure they meet the specific needs and goals of your organisation,” explained Kulkarni.
Steps to consider:
- Define your objectives and metrics: What are the main challenges and opportunities you want to address with an internal talent marketplace? How will you measure the success and impact of the internal talent marketplace on your organisation?
- Choose your platform and provider: What are the features and functionalities you need in an internal talent marketplace? How will you integrate the internal talent marketplace with your existing systems and platforms? Who are the best providers or vendors that can offer you a customised and scalable solution?
- Communicate and educate: How will you communicate the benefits and expectations of the internal talent marketplace to your stakeholders, leaders, managers, and employees? How will you educate and train them on how to use the internal talent marketplace effectively and ethically?
- Monitor and improve: How will you collect and analyse data on the usage, performance, and outcomes of the internal talent marketplace? How will you solicit and incorporate feedback from your users? How will you update and improve the internal talent marketplace based on the data and feedback?
The new era of AI-powered internal talent marketplaces has brought forth a revolution in talent acquisition. “ML, NLP, and RPA have reshaped the recruitment landscape, providing unprecedented efficiency, accuracy, and effectiveness. As these technologies continue to advance, internal talent marketplaces will further evolve, delivering innovative solutions that empower organisations to find the perfect talent, shape their future workforce, and gain a competitive advantage in today's cutthroat business world,” concluded CEO and COO of Kendra Business Technologies.