The Great Resignation has caused leaders to focus on retaining top talent as workers leave to find growth opportunities they could not find within their own company. Their departures have become known as the "silent killer" of employee retention. The latest AI@Work study, conducted by Oracle and Workplace Intelligence, corroborates these beliefs and found that over 75% of people feel “stuck” personally and professionally, and 85% are not satisfied with their employer’s support. Traditional approaches to internal mobility and career exploration that cannot support the engagement and personalization that individuals expect today are ultimately hurting the organization. When employees do end up leaving, companies suffer since they are losing out on the skills and capabilities unique to those individuals and their organizational knowledge and experience. In addition, they incur the cost of replacing workers, which can be as much as is one-half to two times the employee's annual salary.
What if HR could combat a wave of resignations and help retain your employees by providing a more transparent, connected, and engaging experience through an Opportunity Marketplace?
An Opportunity Marketplace is a solution that brings the flexibility of internal gigs, which are temporary opportunities centered around a specific task or project, to the world of full-time employment to meet the new demands of a flexible organization and its employees. With job postings and internal gigs in one place, employees can engage in different activities within the organization and expand their network while learning new skills and experiences. But the thing that makes an Opportunity Marketplace exciting and unique is that the jobs and gigs presented can be connected to the individual’s skills, goals, and aspirations – making career exploration and development an engaging and personalized experience.
Here are three ways HR leaders and employees can benefit from an Opportunity Marketplace:
If companies solely rely on an external market to fill roles, then they are missing out on utilizing the full potential of their greatest asset—their people. With the effects of the pandemic, like layoffs and increased resignations, companies should look internally for an answer to talent shortages or limited resources. The introduction of an Opportunity Marketplace offers a solution that can help source the right talent, support relevant growth opportunities, and adapt to shifts in workforce needs. For example, employees seeking gig or side projects can connect to leaders in the organization with small projects that need to get done. Opening roles to an entire organization helps foster a culture of openness, exploration, and discovery while also enhancing the quality of the talent pool.
To truly take advantage of all skills in your workforce, it’s critical to include all talent and provide exposure to opportunities to a diverse talent network. In 2020, 88% of HR leaders felt that their organization had not supported diversity initiatives in recruiting and career support. An opportunity marketplace helps create a culture of inclusivity and belonging in the workplace by socializing opportunities across the organization versus only leveraging informal networks for talent. Sharing opportunities in a single location for every employee to see makes job opportunities engaging, seamless, and transparent. It also offers workers the opportunity to be exposed to various teams and leaders throughout the organization, grow their network, and find mentors through gig projects they take on.
Every employee has a different set of skills, interests, and goals. An Opportunity Marketplace goes beyond matching people to roles or side projects and encourages continuous learning through personalized recommendations that allow employees to have more control in their careers while gaining new skills and moving forward with the company. For example, if an employee is interested in working in a different department or in a more global role, they can find relevant and recommended gigs through the Opportunity Marketplace. These projects will help develop the skills needed to perform in their desired role, gain exposure to different teams, and grow through new experiences. Instead of feeling unstimulated or unnurtured in their current role, employees are empowered to explore internal opportunities and grow their network.
According to the AI@Work study, employees are not satisfied with their employer’s support of their careers and want technology to help define their future. With the help of an Opportunity Marketplace, organizations are equipped to combat the “Great Resignation” and foster employee engagement and retention by improving the overall employee experience. Learn how you can improve engagement and take full advantage of your workforce today with Oracle Cloud HCM.
Erin McGannon is the product marketing manager for Oracle Cloud HCM, focused on areas including learning, talent management, career development, and performance management.