| | OCTOBER 202119cialised technology-related jobs. It is imperative that in the coming years, IT and tech fields will require a much stronger talent acquisition strategy than other fields.Talent Marketplace allows companies to find in-ternal expertise that is often hidden within the or-ganisation that is saving money on recruiting. It also fosters a strong sense of engagement and belonging in the workplace. Not only does it engage people and help them grow, but also assists the company in iden-tifying skills and reducing the need to constantly seek out external talent.The Talent Marketplace is a revolutionary new ap-proach to human resource industry that transforms how talent is used within large organisations. At first, it was not considered a viable option due to heavy reliance on advanced computational abilities and AI. However, new advancements in the field are quickly transforming it into an important, mission-critical tool that global industry leaders are adopting. The new approach also goes beyond the traditional suc-cession planning, where the leadership roles were passed on the basis of climbing up the hierarchy lad-der. Talent marketplaces give HR professionals free-dom to move people from one role to another at any level of the business to meet organizational goals. HR leaders are realising the benefits of hiring a marketplace where they can use talent acquisi-tion to hire freelancers, contractors, and full-time hires whenever the thought of external recruiting arises. This also gives them the ability to scale their workforce based on project needs, without the com-pliance, and cost risks that come with hiring a per-manent workforce. They are abandoning traditional hiring practises and turning to HR solution providers to hire contractual labour. Many roles are now being outsourced to outside consultants, independent con-tractors, and freelancers. When fully utilised, the talent marketplace cre-ates a reality in which employees are no longer as-signed to a single management and tasked with one specific set of responsibilities. Because the talent marketplace coordinates all of the company's talent in light of constantly changing positions and oppor-tunities. It provides unprecedented insight and vis-ibility into the organisation's structure. The talent marketplace is especially helpful in redeploying tal-ent from low demand to high demand areas, by al-lowing organisations that used it to respond quickly and efficiently to dramatic changes in their econom-ic environment during the corona virus pandemic. NASA too, has implemented a talent marketplace. Whether it's maximising talent potential or iden-tifying filling gaps in organizational structure & ca-pabilities or just to boost employee engagement and morale, the talent marketplace is a tool that more and more business leaders are realising they need to start using.
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