Create a Crisis Growth Plan: Start With Opportunity Marketplaces

Successful strategic execution may depend on this emerging talent management strategy.

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Topics

Future of the Workforce

The Future of the Workforce initiative explores divergent strategies, as some organizations seek to make their human resources more transactional while others look hard at how to make better bets on longer-term human capital cultivation and returns.

IN COLLABORATION WITH:

Deloitte
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The COVID-19 pandemic has completely disrupted how most global enterprises operate. With new priorities comes an urgent and strategically important challenge: ensuring that enough of the right people are working on the right opportunities at the right time, all while operating in an investment-constrained environment. Organizations should have visibility into their workforce capabilities and deployments to make informed decisions about how to optimally allocate their workforces.

Based on recently released research on opportunity marketplaces,i we contend that market mechanisms can be a faster and more effective way to address this challenge than traditional workforce planning and deployment methods. There is evidence of organizations using marketplaces to accelerate the redeployment of employees and workers to business-critical roles and projects in a variety of industries and circumstances. These marketplaces can also have a beneficial effect on workers: They can sustain employment, reveal untapped worker capabilities, and motivate workers in new ways.

Schneider Electric is a case in point. In 2018, the company created a platform-based open talent market, in part to retain workers: Managers listed opportunities for side projects, training, and mentoring, and workers pursued those opportunities according to their interests and availability. When the pandemic started, Schneider’s marketplace became essential to getting work done. “We’re relying tremendously on our open talent markets,” says Andrew Saidy, vice president of talent digitization. “The pace of employee registrations we’re seeing is unprecedented; more projects are being posted. With the crisis, you have budget cuts here, you have roles being frozen there. But managers still have projects that they need to deliver, so they need helping hands.

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Topics

Future of the Workforce

The Future of the Workforce initiative explores divergent strategies, as some organizations seek to make their human resources more transactional while others look hard at how to make better bets on longer-term human capital cultivation and returns.

IN COLLABORATION WITH:

Deloitte
See All Articles in This Section

References

i. M. Schrage, J. Schwartz, D. Kiron, et al., “Opportunity Marketplaces,” MIT Sloan Management Review and Deloitte, April 2020.

ii. Schrage et al., “Opportunity Marketplaces.”

iii. L. Weber, “50,000 Jobs, 900,000 Resumes: Coronavirus Is Redeploying Workers at Record Pace,” The Wall Street Journal, April 15, 2019, www.wsj.com.

iv. D. Kiron, “What Sells CEOs on Social Networking,” MIT Sloan Management Review, Feb. 7, 2012, https://sloanreview.mit.edu.

v. C. Stone, “How This Economic Crisis Can Make the ’20s Roar Again,” Money & Markets, April 29, 2020, https://moneyandmarkets.com.

Acknowledgments

The authors thank Michael Schrage for his contributions to this article.

Reprint #:

61433

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