Talent Marketplace: What It Is, How It Works, & When to Use It

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Fred Monnier
By
Fred Monnier
|
Chief Staffing Operations Officer
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Table of Contents

Learn more about what a talent marketplace is, and how it can serve you when you are looking to attract high-quality employees when scaling your business!
Published on
May 11, 2023
Updated on
April 11, 2024

The modern workforce is rapidly changing, with workers increasingly expecting growth opportunities. Societal and digital disruption has driven this change, forcing employers to rethink talent management. More than ever, employees are focused on growing their skills and pursuing their passion. They want control over their professional growth and career mobility rather than traditional job titles and full-time roles. Employers are increasingly looking for alternative recruitment solutions. This is where a talent marketplace comes in.

So, what is a talent marketplace? How does it work? When should you use one? Read on to learn more about talent marketplaces and how Revelo can help you find the right talent for your organization.

What Is a Talent Marketplace?

A talent marketplace is a form of online, on-demand job boards for skills and services. It connects employers to existing pools of skilled professionals and freelancers, a host of job seekers eagerly waiting to be hired. The marketplace simplifies finding, hiring, and onboarding new employees or contractors. It also allows employers to match and find talent for specific job roles or projects.

Employers often use internal talent marketplaces to manage their existing staff, resources, and contractors. These marketplaces help them better organize talent pools based on skill sets, experience, and availability.

Employers usually use external talent marketplaces to find new freelancers, contractors, and full-time candidates. These marketplaces make it easier to find the right talent quickly, as they provide a vast pool of potential hires from across industries, countries, and experience levels.

How Do Talent Marketplaces Work?

Talent platforms enable companies to find and recruit candidates for the job. The talent marketplace software facilitates the entire process, from searching and listing job postings to tracking applications and managing interviews.

To fully understand how talent marketplaces work, it’s important to discuss several factors.

The Role of Talent Marketplace Platforms

Talent marketplace platforms serve as a bridge between employees and employers. They provide an online platform for individuals to showcase their talents and connect with employers who can evaluate them for potential jobs. The following are some roles of talent marketplace platforms:

  • Job posting and matching: The platform allows employers to post job listings, which can be searched and filtered by various criteria, such as location and experience level.
  • Building talent profiles: Talent marketplace platforms allow individuals to create detailed profiles describing their experience level, skills, and (most importantly) the projects they have previously completed. This helps prospective employers or clients easily identify and recruit the right professional.
  • Connecting with the right professionals: By connecting with an extensive network of employers and professionals, employers can find the right professional for their project quickly and easily. Enlisted talent marketplace platforms make finding experienced professionals who meet the job's requirements easier.
  • Onboarding and post-hiring management: Talent marketplace platforms also help onboard new hires and manage their performance after hiring them. The platform provides employers with access to data-driven insights and feedback on the performance of employees, allowing them to make informed decisions regarding talent management.

How Companies & Professionals Connect 

Talent marketplaces connect companies with experienced professionals to fill short-term needs. Companies post job openings, and experienced professionals can search for jobs that match their skills, qualifications, and experience. Companies obtain access to a larger pool of candidates, and professionals can find more opportunities that fit their needs.

For professionals, talent marketplaces provide a platform to showcase their skills to employers and businesses, including the agility of their talent. Employers can easily search for professionals with the right experience and qualifications for a position, then contact them directly. This saves businesses time and money when hiring personnel and allows them to quickly access the right talent.

When to Use a Talent Marketplace

A talent marketplace is a great option for businesses that need specialized skills or expertise. It is especially beneficial when a company needs to hire people quickly and with minimal effort. The marketplace simplifies recruitment by connecting employers to pre-vetted and qualified freelancers or employees from different industries. This is especially useful when the company needs to recruit and fill a specialized role, such as hiring a data scientist, developer, or analyst.

On-demand talent marketplaces are also beneficial for companies that may not have the resources or budget to hire full-time employees. By using a marketplace, companies can find qualified employees for short-term or project-based work that may not have been possible through traditional recruiting methods.

An internal talent marketplace can be instrumental for companies with a large workforce. With the right platform, managers can quickly post job openings and access a pool of available internal candidates who are already trusted members of their organization. That way, they can easily identify qualified team members for specific projects and skill sets.

Using a talent marketplace can also benefit businesses that need consistent expertise in certain areas. By having access to a pool of qualified individuals, the company can ensure they are always connected to people with the right skills for any given task.

Why Use a Talent Marketplace?

Unlike traditional job boards, a talent marketplace offers a more efficient and effective way to fill positions. By providing access to a diverse pool of qualified professionals, an online talent marketplace helps employers find the right people and allows them to target their search based on specific skills. Below are more reasons why you should use a talent marketplace.

Internal Mobility

An internal talent marketplace allows companies to source and hire employees within their organization instead of relying on external talent. This helps create a superior hiring process, eliminating external recruitment fees and allowing the company to use its existing resources. Additionally, it enables organizations to retain top talent and foster a culture of internal mobility.

Internal mobility allows employees to move freely within their organization, which helps create a more dynamic workforce. Furthermore, it encourages employees to explore other internal opportunities within their organization and develop new skills to benefit the company. A talent marketplace provides a platform for companies to nurture internal talent in diverse ways, which can lead to higher job satisfaction.

Career Growth & Development

Talent marketplaces offer access to top talent in a wide range of fields that can help an individual enhance their career development. Such marketplaces have made it easier for people to find job opportunities that match their skills, enabling them to further develop those skills and gain more experience. They also provide users access to resources like mentorship programs and professional development opportunities, like remote courses. These resources help them build successful careers and stay apprised of new roles.

Enhanced Employee Experience

Talent marketplaces can significantly enhance the employee experience by offering access to diverse opportunities. Employees can use these platforms to discover and pursue career paths that suit their skills, interests, and ambitions. Increased flexibility allows them to make more informed decisions about their career paths and find roles matching their qualifications and goals.

Talent marketplaces also provide employees access to a global network of industry contacts, peers, and mentors. This can help them stay informed about industry trends and advance their careers.

Best Practices for Using a Talent Marketplace

When using a talent marketplace, several best practices are helpful to keep in mind to get the most out of it.

Create Effective Job Descriptions

A job description is a key tool employers use to attract and retain top talent. It should be carefully crafted to accurately describe the position’s responsibilities and requirements. It should also provide clear expectations for the employee about how their job fits into the bigger picture of the company's mission.

The job description should have inclusive language, avoid stereotypes, and be written in a way that reflects the company's culture. Additionally, employers should confirm that they provide an appropriate compensation and benefits package that reflects the value of the job.

Find Growth Opportunities

A talent marketplace is a great way to identify improvement areas to increase success. Employees in the same role for a long time may experience stagnation and a lack of motivation. With a talent marketplace, you can quickly assess skills gaps and make changes to increase employee engagement and performance.

Leverage it for Career Goals

For employees looking to advance their careers, the talent marketplace is a great way to find roles beyond their existing skill sets. It provides an opportunity to explore adjacent skills, projects, or positions, which build a diverse portfolio of experience that can help employees stand out in their field. It also alerts potential employers to their adaptability, creativity, and skills.

Try Revelo's Talent Marketplace

Using one of the best talent marketplace platforms, like Revelo, is the perfect way for companies to find highly skilled remote developers. Our team of experts works with you every step of the way to ensure that you get the right talent for your organization. We provide a hassle-free, supportive process, giving you access to highly talented engineers in Latin America. We rigorously vet candidates in our marketplace for technical and soft skills and English proficiency, ensuring that you get the best engineers to build a successful team.

If you're looking for remote developers, contact us today to begin building your engineering team.

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