Workday Talent Marketplace
The talent marketplace is a new category of HR technology that redefines how organizations engage and optimize their workforce.
Workday Talent Marketplace is one of the leading offerings in this category. It is designed to harness the power of artificial intelligence to match employees with opportunities that align with their skills, interests, and career aspirations.
Additionally, talent marketplaces like Workday's enable businesses to empower employees to drive their professional development, fueling the shift towards a more dynamic and fulfilling future of work.
In this article, I'll provide a comprehensive understanding of the Workday Talent Marketplace, including the pros, cons, and potential alternatives.
Understanding Workday Talent Marketplace
What is a Talent Marketplace?
But first: what is a talent marketplace, actually?
A Talent Marketplace is a digital platform that matches individuals' skills and career aspirations with internal opportunities such as projects, gigs, full-time roles, and mentorships.
It focuses on transparency, accessibility, and efficiency to enhance workforce development and align with organizational goals.
Talent marketplaces have evolved from simple job-matching sites to offer comprehensive employee development tools. Josh Bersin's summary table highlights this evolution.
Traditional task assignments based on job roles often miss individuals' broader skills and interests.
And because internal talent marketplaces consider personal interests, qualifications, and goals, they lead to better task matches, a more engaged workforce, and higher productivity and job satisfaction.
If that sounds too good to be true, I can assure you it's not.
For more, see our complete guide to the Talent Marketplace.
What is the Workday Talent Marketplace?
The Workday Talent Marketplace, launched in 2019, stands out as a fairly sophisticated implementation of this concept.
At the time, Workday noted that COVID-19 "changed the nature of work and how businesses operate,' and that "to stay competitive, organizations have to accelerate the adoption of emerging talent strategies" like talent marketplaces.
The Workday Talent Marketplace, now part of its "Talent Optimization" offerings, helps companies:
- Get a complete view of their talent.
- Gain a deeper understanding of how to make the most of it.
- Connect jobs and job seekers within an organization.
- Integrate project-based and gig work into the company's talent strategy.
- Ensure that the right skills are assigned to the right projects.
The Workday Talent Marketplace links to other elements of the Workday ecosystem, making it attractive for companies already on their platform.
Because of this, the marketplace is about filling positions as much as it is a strategic tool to enhance workforce management.
Key Features of Workday Talent Marketplace
Workday Talent Marketplace is powered by the Workday Skills Cloud, which helps organizations manage and understand employee skills.
This technology supports the identification of skills gaps and helps in planning for future needs by providing insights into existing and required skills.
Based on these skills, employees can see and apply for internal job opportunities that match their skills in their company's "Career Hub."
As you can see, the robustness of the offering and the user interface leaves something to be desired, but for talent looking to make a move, it's good that organizations can offer this marketplace.
For administrators, the Workday Talent Marketplace offers analytics and insights, while the Manager Insights Hub lets team leaders offer proactive career guidance to their employees.
How Workday Talent Marketplace Works
While complex, the fundamental workings of the Workday Talent Marketplace are deceivingly simple.
The operational mechanism is centered around its ability to match talent to opportunities efficiently.
The system recommends the most suitable projects and roles by analyzing an employee's skills, interests, and work history.
AI facilitates this matchmaking by assessing the fit between the employee's capabilities and the job requirements.
For instance, an employee skilled in Microsoft Excel might be recommended for roles that require robust data analysis and reporting skills, thanks to the ontology-based understanding of skills that recognize related abilities and experiences.
This innovative approach streamlines talent deployment within organizations and supports continuous learning and career development.
According to a report by leading consultants Mercer, talent marketplaces like Workday's are "crucial in fostering a flexible, engaged, and competent workforce by providing employees with opportunities that align with their career aspirations and the company's needs."
Benefits of Workday Talent Marketplace
Increased Workforce Mobility
Workday Talent Marketplace enhances internal mobility by creating transparent connections between employees and opportunities that align with their skills and learning paths.
Since Workday often has a rich amount of data on each employee, including detailed skill information, this matching can be done effectively.
This isn't just about full-time roles: Cornell University, for example, uses Workday Talent Marketplace to offer short-term gigs to existing employees.
Enhanced Employee Engagement
Offering a Talent Marketplace like Workday's elevates employee engagement and shows an organization's commitment to employee growth.
This is important, because 2024 Gallup data shows that engaged employees are more productive, innovative, and committed to their roles and contribute positively to the company.
If the marketplace is integrated well, employees will see more reasons to commit to the company emotionally and do their best work.
Integration with Workday
All of the above may apply more to the stronger talent marketplaces from dedicated providers like Eightfold, Gloat, and us at GoFIGR.
These platforms have been purposefully designed to deliver a great, modern experience without the complexity of Workday's legacy systems.
But where Workday shines is in its integration with the core Workday system. Companies that have already invested millions into Workday will see their Talent Marketplace as a
solid option.
Challenges of Workday Talent Marketplace
Lack of support for SMEs
Workday, due to its size, complexity, and high cost, is used mainly by large enterprises.
2024 Enlyft data shows that Workday is most popular with companies with over 1,000 employees and over $10 million in annual turnover.
Smaller companies, who can benefit from talent marketplaces just as much as these enterprises, often find Workday out of reach.
Lack of Integration with Existing Systems
One of the primary challenges organizations face implementing the Workday Talent Marketplace is the integration with existing HR systems.
Many companies find that aligning the new platform with their current software and processes can be complex and resource-intensive.
Even Workday admits that this often requires significant time investment and can lead to temporary disruptions in HR operations.
High Implementation Costs
Some organizations also face barriers to implementing the Workday Talent Marketplace.
The expenses related to purchasing their software, integrating it into existing systems, and training staff can be substantial.
While the long-term benefits may justify the investment, the initial financial outlay can be a deterrent, especially for smaller companies.
Complexity of the Platform and Cost of Personnel
The rapid pace of technological advancements challenges keeping the Workday Talent Marketplace up-to-date.
Continuous updates and upgrades are necessary to ensure the platform remains effective and secure.
This requires ongoing investment in technology and skilled personnel to manage the updates, which can strain resources.
Alternatives for Workday Talent Marketplace
SAP SuccessFactors
SAP SuccessFactors is a comprehensive human capital management (HCM) system with extensive functionalities similar to Workday Talent Marketplace.
It helps align business strategy with performance by managing recruitment, employee performance, compensation, and employee development.
The system is known for its robust analytics and reporting capabilities, which help organizations make data-driven decisions.
Oracle HCM Cloud
Oracle HCM Cloud offers a suite of HR solutions designed to efficiently manage an organization's workforce globally.
It includes talent management, HR analytics, and a powerful workflow automation tool simplifying talent deployment and management.
Oracle's solution is highly scalable, making it suitable for large and smaller enterprises.
Microsoft Dynamics 365 Human Resources
This platform integrates with other Microsoft products, providing a seamless user experience.
Microsoft Dynamics 365 Human Resources helps transform employee experiences through improved data visibility, which enhances operational efficiency.
It supports various HR functions, including compensation, benefits, leave and absence, compliance, payroll integration, and feedback.
Cornerstone OnDemand
Cornerstone OnDemand focuses on providing a comprehensive suite for learning and human capital management.
The platform offers extensive tools for recruitment, personalized learning, performance management, and succession planning. It is particularly noted for its strong emphasis on development and learning, making it a suitable alternative for organizations focused on continuous employee growth and development.
GoFIGR
Although biased, we believe that GoGIFR is a great option, especially for smaller and mid-sized companies that want hands-on support and a trusted partner to get the most out of their talent marketplace.
Our team is passionate about unlocking internal talent opportunities, which helps employees and businesses grow.
What makes GoFIGR unique as a talent marketplace platform solution is:
- An easy-to-use, flexible interface that's a joy for employees to use
- Straightforward set-up process for HR professionals
- Speed to launch: we can have you up and running in just a few weeks
- Strong AI engine for matching employees with opportunities
- Integration with most HRIS, ATS, LMS, performance management, payroll, reward and recognition systems and intranets
Conclusion: Workday Talent Marketplace
There's no doubt about it: Workday Talent Marketplace offers a sophisticated solution for internal talent management.
It leverages AI to match employees with opportunities that align with their skills and career aspirations based on the Workday Skill Cloud data already on the platform.
However, while it excels at integrating with the broader Workday ecosystem and provides significant benefits such as increased workforce mobility and enhanced employee engagement, it also faces challenges.
These include high implementation costs, complexity, and limited support for smaller companies.
For companies without months and millions to invest, GoFIGR stands out as a superior proposition.
We offer the most easy-to-use, flexible interface, a straightforward setup process, and rapid deployment.
Additionally, GoFIGR’s strong AI engine and seamless integration with various HR systems make it a trusted partner for efficiently and effectively unlocking internal talent opportunities at companies like The Motley Fool and Reece.
If you're ready to take the next step and improve your employee engagement and retention, click here for a demo.
Helena Turpin spent 20 years in talent and HR innovation where she solved people-related problems using data and technology. She left corporate life to create GoFIGR where she helps mid-sized organizations to develop and retain their people by connecting employee skills and aspirations to internal opportunities like projects, mentorship and learning.
