October 10, 2024
October 10, 2024
Employee engagement is critical to boosting performance and retaining top talent. However, keeping employees engaged is an ongoing challenge as both their work and personal contexts continuously evolve.
Traditional tools often fall short in responding to these rapid changes—whether it's due to the rise of hybrid work, varying generational priorities, or employees' different levels of digital fluency.
Leading organizations are addressing this challenge by implementing internal talent marketplaces. These platforms foster engagement by connecting employees, empowering them, and utilizing market-like mechanisms to match needs with opportunities.
Engaged employees deliver better results. Studies show that organizations with highly engaged workers experience a 21% increase in profitability, along with other benefits:
- Highly engaged employees are 2.5 times more likely to exceed performance expectations.
- Engagement reduces absenteeism by 40%.
- Engaged employees are 87% less likely to leave their organizations. (Source: Think Learning)
Given the pressures facing today's businesses—from geopolitical instability to disruptive technology and environmental crises—having an engaged workforce is essential for navigating these challenges. Yet, maintaining engagement is harder than ever.
Several external and internal factors make employee engagement difficult:
1. Polarization: Employees are increasingly divided on political, environmental, and social issues. Social media amplifies these divisions, making it harder for colleagues to maintain healthy working relationships, a critical element of engagement.
2. Competing Networks: With the rise of social media, employees are part of multiple networks beyond their workplace. They expect the same ease of connection, personalization, and real-time interaction in their work environment.
3. Remote, Digital-First Workforce: The increase in remote work and digitally native employees presents new challenges. While traditional office-based engagement strategies are less effective, many digital-native employees feel more comfortable building relationships online than in person.
The Good News Organizations can turn these developments to their advantage by using internal talent marketplaces to enhance employee engagement.
Internal talent marketplaces provide:
- A unified network where all employees can connect.
- Market mechanisms where employees both create demand and offer value.
- Personalized, real-time data-driven recommendations based on each employee’s preferences.
Here's how to leverage them effectively:
1. Foster Social Connectivity: Use the marketplace as a platform where employees can share updates, achievements, and ideas. These interactions can mimic the informal office "water cooler" and foster stronger internal networks.
2. Encourage Peer Support: The marketplace allows employees to help each other, whether through mentorship or stretch assignments. By promoting cross-functional collaboration, employees can form meaningful connections across departments, boosting engagement.
3. Personalize the Experience: The marketplace should personalize each employee's experience based on their preferences and interests. This can help them build an internal network as robust and relevant as their external social media circles.
With internal talent marketplaces, organizations can build engagement strategies that surpass traditional office-based approaches. By leveraging the power of digital connectivity, businesses can help employees form stronger networks and stay engaged, leading to improved performance and retention.
Let’s reimagine what your organization can achieve when people thrive. Discover how Virkware can elevate your employee experience and unlock the full potential of your workforce.
