Designing a Skills Marketplace for the Future of Work
Tap into a blockchain-enabled seamless ecosystem
Tap into a blockchain-enabled seamless ecosystem
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Tap into a blockchain-enabled seamless ecosystem
Tap into a blockchain-enabled seamless ecosystem
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Human capital is the bedrock of all future of work strategies that enterprises design with talent management playing a pivotal role. The talent management ecosystems currently used by HR executives are highly distributed and fragmented, leading to lack of trust and additional expenses for data verification. These challenges are compounded with enterprises increasingly moving to a work-from-anywhere operating model and emergence of gig economy.
This illustration calls attention to key challenges that organizations face in their talent management process. According to a study TCS commissioned to Everest, as many as 80% seek an increase in turnover rate, 75% seek to expand the skills gap, and 70% struggle with verifying candidate credentials. The illustration defines a skills marketplace as a platform that employs technologies such as AI, blockchain, data and analytics, and application programming interfaces (APIs) to help enterprises connect with internal and external talent. The key advantages of a skills marketplace include improved security and compliance, reduced cost and time in recruitment, seamless candidate experience, the development of social capital, and gaining insights into skill development and management. A portion of the illustration walks through a skills-based recruitment journey with a fictional character, Lisa—a student seeking an entry-level position at a technology firm. Her academic credentials have been provided digitally. The marketplace enables the facilitation of these credentials, ensuring Lisa reserves the right to share them. This helps Lisa stay in control of her privacy yet circulate her achievements to organizations that may be interested in her skill sets.
Tata Consultancy Services commissioned Everest Group to conduct a market study for a deeper understanding of the inefficiencies in the current talent acquisition and development life cycles. The outcome, a recommendation for an alternate model that brings greater agility, transparency, and credibility to all talent management processes.