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Deloitte Human Capital on Rethinking Internal Talent Marketplaces in the midst of COVID-19
by Isaiah E. Bailey | on 23 October 2020
Employee wellbeing and avoiding burnout is a top priority for human resource professionals and upper management across all industries.
Redeployment of the workforce across functional silos and boundaries allows management to uncover talent, unlock capacity and increase productivity.
Internal talent marketplace is the 'opportunity marketplace' employers can use to unlock and increase talent mobility, workplace experience and employee engagement.
It's time to shift gears. As corporations continue to navigate the muddy waters that is the COVID-19 pandemic, those in decision making positions must begin to focus on positioning the workforce for the future. This means increasing talent mobility, focusing on workplace experience and encouraging employee engagement.
Deloitte's human capital consulting and integrated research groups facilitated a virtual training session last week titled Internal Talent Marketplaces: Unleashing the Power of the Workforce where practice leaders shared steps upper management should consider moving forward.
Virtual Work Arrangements the Bare Minimum Moving Forward
The onset of the COVID-19 pandemic ushered in with it a prioritization - mostly from a health a safety perspective - to enable a completely virtual workforce. While some wagered this would be a temporary undertaking, others were able to see more clearly a future that was in fact completely (or almost completely) virtual.
Enabling employees to do work virtually with sufficient and appropriate resources, although a continuing and evolving process for many organizations, is no longer the topic dujour. The current focus is - or at least 'should be'- prioritizing discussions on employee wellbeing and avoiding burnout.
Human resource professionals and upper management must work diligently to find ways to keep employees engaged now more than ever. Taken for granted not too long ago, employee burnout is real and has tremendous impacts on workplace productivity and employee retention.
Management must be more purposeful and deliberate about providing resources to its workforce.
Opportunity Marketplace the Greatest Source of Talent, Productivity and Capacity
Workforce issues have skyrocketed to the top of priority matters for business and organizational leaders. Employee engagement and talent mobility are hot topics right now in the market and for very good reason. Employers must strategically upgrade and enhance the overall workplace experience in order to satisfy - and ultimately exceed - the demands for the future of work.
The greatest source of talent is the talent within your organization. This is the opportunity marketplace many decision makers neglect to tap into. Assigning projects and 'gigs' aimed at upskilling and reskilling the workforce is equally as important as assigning titles and roles.
Allow your organization to unlock capacity and increase productivity by optimizing your employees' transferable skills and fulfilling their desire for positions and assignments that may be counter to their original job description. This is how to unlock the talent of the opportunity marketplace.
Talent Mobility and Redeployment a Matter of Resilience and Agility
Your talent marketplace sits at the intersection of purpose, potential and perspective. Understanding how to redeploy people across functional silos and to work across boundaries is key in navigating the bumpy roads ahead. Both short-term and long-term organizational priorities must be put into perspective.
Resilience and agility is when projects are assigned to fill time slots that increase employee satisfaction and productivity for example. Encouraging an owner mentality where employees help management figure out where they belong and want to be in the organization is another great example of talent mobility and redeployment efforts. This allows people to work in short and part time roles in an efficient way.
Understanding Diversity and Inclusion as an Ingredient for Success
Business agility and resilience will require redeploying talent based on needs allowing transferable skills to develop into new skills and work opportunities. Human resource professionals refer to this process as talent management - an emerging area focused on developing talent pools and progressing careers. Management must act with a genuine interest in employee journeys and allow growth in different areas to build skills and expertise.
Build in mentorship relationships in this process to benefit from a greater return of investment in the workforce. The experience in and of itself creates a diversity of soft skills in developing skills like empathy.
Talent marketplaces by design have the ability to create greater transparency and make opportunity available and assessible to improve diversity, equity and inclusion across the organization. Internal sourcing provides great candidates for advancing the organization to meet the demands of the future of work.
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Isaiah E. Bailey
Founder, Black Accountants Talent Network (BATN)
I am passionate about creating constructive conversations aimed at improving and implementing actionable and impactful diversity and inclusion strategies applicable to all industries. I am also a dedicated mentor to high school and college students across the Greater New York City and Philadelphia areas.
I am an experienced accounting and auditing professional with over 5 years experience auditing financial statements and documenting, validating and assessing financial systems, strategies, and controls that significantly improve business operations. I have a strong ability to analyze and organize data and communicate results across all levels of an organization both verbally and written.
I have experience providing financial statement audit, carve-out audit, single audit, audit of internal controls over financial reporting (ICFR) and IFRS quarterly reviews for engagements both domestic and international, ranging from start-up to billion dollar companies both private and public.