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For employees at Siemens, the path to career advancement at the German engineering and technology company is just a few clicks away. Workers can log on to a talent portal called MyGrowth and within seconds be connected to job openings, courses, and even a “self-reflection” tool that helps them assess their skills and their aspirations. 

This is not your mother’s job board.

As internal mobility becomes an increasingly important priority, more employers are investing in talent marketplaces that facilitate internal hiring and career advancement. Using advanced AI, the platforms help employees find potential jobs, short-term gigs, mentors, and online classes, all tailored to their profiles. Numerous companies, including Siemens, Expedia, Uber, Schneider Electric, Cisco, Nestlé, Unilever, and Standard Chartered Bank, offer their employees these one-stop destinations for planning their next steps — hopefully within their current company.

“MyGrowth is our place where everybody in the company can go to drive their personal growth and their career journey within our company,” says Michaela Schütt, SVP and head of global talent acquisition ecosystem at Siemens. 

It’s easy to see why talent marketplaces are gaining steam. Companies increasingly recognize that fostering internal mobility boosts retention and engagement. According to LinkedIn’s Future of Recruiting 2023 report, three-quarters of recruiting professionals say internal recruiting will be an important factor shaping their industry over the next five years. What’s more, employees at companies with high internal mobility stay 60% longer than employees who work at companies with low internal mobility, LinkedIn data shows.

Hiring internally also helps companies lower their recruitment costs and fill their skills gaps without having to look outside the organization. 

Employers that have implemented talent marketplaces say they’re reaping the benefits. L’Oréal, for instance, saw a 40% increase in roles filled by internal candidates after launching its platform.

The following are some of the ways employers are making the most of their internal mobility platforms.

1. They’re lifting the curtain on all available jobs in the organization

Companies historically haven’t done a good job communicating job openings to their workforce. Employees may have heard about open positions in their department, but not elsewhere in the organization. 

In contrast, employers with talent marketplaces often list most, if not all, of their job openings. In doing so, they’re leveling the playing field and sending a clear message that they support internal mobility. Siemens has a policy that all positions must be posted on its job portal, while Schneider Electric mandates a similar policy for its “Open Talent Market” job portal.

“Digital talent marketplaces,” noted McKinsey partner Emily Field in a podcast, “democratize the process” creating “more transparency and visibility into open opportunities.” 

2. Companies are using job platforms to match the right skills to the right jobs

One of the most important features of talent marketplaces is that they make it easier for employees to connect with jobs that fit their capabilities. 

Workers set up accounts, often importing their LinkedIn profiles. With the help of AI, the marketplace then recommends potential new roles that match their skills. Some platforms infer employees’ skills, recommending positions that may not be an obvious fit. For instance, a talent marketplace might determine that an employee skilled in Microsoft Excel might also be adept at data analysis and other tasks where Excel is used. 

Providing employees with a venue to showcase their skills is an especially important priority at Siemens. Before creating MyGrowth, the company asked its workers to name some of the most important things they wanted out of a career portal. “They said, ‘Give me the chance to make myself visible,’” Michaela says.

3. Talent marketplaces help companies advance DEI goals

Unconscious bias impedes individuals from historically overlooked groups from rising in their organizations.

Talent marketplaces can help solve that problem. Rather than taking into account a person’s gender, race, or other information that might influence hiring decisions,  the platforms take an “objective view of talent based on skills,” wrote Deloitte’s Marin Heiskell, Diana Kearns-Manolatos, and Manu Rawat in a Deloitte blog post. 

AI-powered talent platforms “help remove the barriers to opportunity and provide the transparency that enables equitable outcomes,” the authors added. “They empower employees to own their development and growth in the organization.”

4. Employers are urging workers to try jobs on for size

Some people want the chance to test the waters before plotting their next move within their company. But it’s been hard to know whether those opportunities exist, let alone whether they’re appropriate.

Companies like Expedia and Uber are not only encouraging workers to try out jobs, but they’re using their talent marketplaces to connect employees to short-term internal gigs. 

At Expedia, “people can go after bite-sized experiences with their leader’s endorsement,” says Stephen Lochhead, senior vice president of global talent acquisition at Expedia. “It’s part of their performance and development journey.”

Uber employees can apply for assignments that will take up around 5% to 15% of their work time. In some cases, they can even collaborate with teams in other countries, with the possibility of relocating in the future. 

5. Employees gain easier access to learning opportunities

Companies are investing in robust learning programs from third-party vendors and making courses accessible via their talent marketplaces. Workers also receive course recommendations based on their profiles and their actions.

At Expedia, when employees are turned down for a job, the platform suggests classes that might help improve their chances for success in the future. “Instead of just saying, ‘We’re really sorry,’” Stephen explains, “we say, ‘Here are things you can do to make yourself ready for the next opportunity.’”

Talent marketplaces also accelerate mentorships. Schneider Electric workers can indicate what they’re looking for in a mentor and get connected to people who match their requests. The upshot: Schneider’s Open Talent Market has helped facilitate thousands of mentorships around the world. 

6. Companies tell workers: Take some time for introspection 

Siemens recognizes that employees can’t fully reach their potential until they recognize their own talents and aspirations. As a result, the company decided to include a section called “My Reflection” on its MyGrowth platform. 

Workers can go there and find self-assessment tools, such as questionnaires that help them identify their strengths. “We help you figure out who you are,” Michaela says, “what you want, and what you can do best.” 

Final thoughts

There’s little doubt that talent marketplaces can advance internal hiring and help employees grow and move forward in their careers.

But for companies focused on internal mobility, these tech solutions are just one piece of the puzzle. To be truly successful, employers must develop a culture that prioritizes continuous learning. Company leaders should encourage employees to look for internal opportunities. Employers should dissuade managers from hoarding their most valuable workers and reward managers who support internal mobility. 

“It’s about making sure that you’re building strong talent, building future leaders, and creating higher levels of engagement and energy,” says Teuila Hanson, LinkedIn’s chief people officer, “so good talent stays within your organization.”

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