The future of market networks and their role in talent management – Times of India | Region & Cash

There was a time when interaction was limited within closed systems where only people in the same system could interact and transact with each other. For example, people on Paytm could only make or receive payments from people on Paytm. Then the move from Web 2.0 to Web 3.0 and the further spread of open networks made it possible to interact with users of other systems. Unlike the closed network, which restricted access to outsiders, the open network, with its open architecture, enabled interoperability.

The most recent examples of open networks in India are UPI and ONDC. UPI or Unified Payments Interface is an open network that allows multiple banks to offer services through a single application. It has enabled seamless integration for money transfer and withdrawal. Similarly, ONDC – the Open Network for Digital Commerce – enables the exchange of goods and services over open digital or electronic networks, so that buyers and sellers do not have to be on the same platform for business transactions. This eliminates monopolistic business practices of marketplaces and benefits both sellers and consumers.

Today, open networks have evolved even further market networks. Market networks essentially represent the coming together of marketplaces as we know them today and open networks. A marketplace like Amazon or Uber currently facilitates the relationship between buyer and seller and acts as a trust broker. However, this can lead to monopolistic behavior. In the market network, the system itself encourages trust-free collaboration by building a trustworthy reputation for all parties involved, enabling smooth collaboration and better innovation digitally.

The market network in the context of talent management has positive disruptive potential that can bring about transformative changes in the entire talent ecosystem. In the talent market network, companies, individuals, HRMS and service providers such as banks, loans, insurance, EWA (Earned Wage Access), etc. can be directly interoperable. They can share data and insights, transact, and collaborate to achieve agility and accuracy across the talent ecosystem.

Role of market networks in talent management

A variety of challenges characterize the current landscape of talent management. There is cross-industry competition for talent on the job market. Organizations struggle to find the right people for evolving roles, attract the right talent, trust the information provided by candidates on their resumes, have lengthy selection and interview interviews, have poor offer acceptance for entry rates, and leverage existing talent through employee empowerment and -keeping engagement etc. The whole talent management process requires an out-of-the-box solution and a redefined thinking that is structured differently and involves continuous improvement.

The right solution to tackle these problems together is the Talent Market Network. It transforms the entire talent management lifecycle from finding the right talent, designing world-class offerings, knowing industry-wide salary insights, launching digital offerings, seamlessly onboarding employees, providing accurate and reliable background checks, and delivering a great employee experience This allows them to avail tailored offers from different sectors such as banking, rental, finance, L&D, insurance, hospitality, etc.

Let’s take a closer look at how the Talent Market Network makes life easier for HR professionals:

  • It provides key salary benchmarking insights that help HR managers make more informed decisions on hiring, regular payroll, and raises. Instead of conducting annual salary benchmarking exercises, HR teams can now access real-time salary insights aggregated from participating companies in the network. Hiring managers can also use this compensation insight to create compelling offers for the selected candidates, thereby improving offer acceptance rates.
  • It makes drafting and rolling out offers to the selected candidates smoother. HR teams can create a quote in minutes and approve quotes digitally. The candidate can digitally accept, reject or negotiate the offer. It also prevents a burning issue in the hiring space — candidate ghosting. Network-wide registration can ensure that a candidate accepts only one offer at a time. Of course, the candidate also has the option of rejecting a previous offer and accepting a new one.
  • Employee onboarding is one of the most important and challenging processes. After the right candidate has been found, the HR department needs to collect, upload and also review documents. Background checks such as B. Reference checks from previous employers increase the time and effort required to onboard a new employee. The Talent Market Network offers the digital collection of a candidate’s credentials within minutes and instant verification of all information gathered against trusted data sources. The network allows an identity, once verified, to be used consistently across the network, eliminating redundant and repetitive processes.
  • The talent market network also benefits employees with other services, e.g. B. easily accessible insurance, banking, rental and lending. Because authentic employee data already exists on the network, verification becomes a breeze.

The trustless cooperation between Companies, employees, service providers and HRMS companies created by the Talent Market network are revolutionizing talent management. HR managers are assured of agility and accuracy in hiring and managing talent. At the same time, employees are also empowered to retain control over information. Not only that, the Open Talent Network uses blockchain technology and Web 3.0 principles to enable intra-system connectivity in organizations and eliminate silo work. Different applications solving different business problems can communicate with each other through the open network. It also provides an infrastructure to access a whole range of services from the talent ecosystem, e.g. B. Full-time talent, freelancers, recruiters, interviewers, BGV agencies, etc. based on the reputation they have built on the network. The possibilities in the Talent Market Network are endless and many more new use cases are being added regularly.

What does the future hold?

The Talent Market network is constantly expanding as employers, employees, HRMS companies and service providers join the network. Such an increasingly robust network will make talent management seamless for the companies as the data on the network continues to grow. Individuals also have equal authority on the network to share their personal information with relevant parties with verified profiles. The future is much brighter with more innovative solutions addressing the critical aspects of talent management. More solutions means empowering everyone in the ecosystem – employers, employees, HRMS platforms and all service providers.



linkedin


Disclaimer

The views expressed above are the author’s own.



END OF ARTICLE



Leave a Comment