4 steps to maximize stakeholder sign-off for your talent marketplace
Getting everyone on board with your talent marketplace strategy is possible. Here’s how:
By now, most executives know there’s no going back to ‘normal’ organizational structures. The working world has profoundly changed, and traditional operating models and frameworks must evolve to keep pace. Leaders find themselves in uncharted waters, with new challenges like supply chain disruptions and talent shortages threatening to sabotage post-pandemic recoveries.
As more decision-makers begin to see our next chapter of disruption for what it is, there’s also a growing interest in new tools that will support business transformation strategies: talent marketplaces, in particular, are rising to the top of their radars. Gartner even named launching a talent marketplace as one of the top three things that CIOs can do to drive value in 2022.
Yet, while many leaders are on board, that doesn’t mean everyone is going to be on the same page when it comes to implementing disruptive technology. In fact, there may even be a few stakeholders who are reluctant to the idea or insist on holding off until other implementations are complete. Fortunately, there are a handful of strategies you can use to help everyone see eye to eye.
What is stakeholder approval and why does it matter?
When you’re making a decision that’s going to impact your entire workforce, you need sign-off from decision-makers across your organization, especially when it comes to new technologies.
Every organization’s approval process looks a little different, but most are designed to ensure investments align with your business’s overarching goals. Gaining stakeholder support will make or break your project’s success—without it, you’ll never be able to fully capitalize on the benefits that talent marketplaces provide.
In addition to unlocking talent agility, talent marketplaces generate insights that leaders can use to make better workforce planning decisions. The more executives use the platform, the more data your organization will have at its fingertips.
The most common challenges that hinder stakeholder approvals
When pitching your talent marketplace to a group of executives, here are a few potential roadblocks to prepare for:
- Budget concerns
Like any other investment, you’ll need to prove that your talent marketplace is going to deliver a game-changing ROI. When it comes to budgeting, it’s not enough to demonstrate that your platform will eventually help your organization save money. Instead, take it a step further by making a case for why you can’t afford not to implement a talent marketplace.
- Platform overload
Most businesses already have an expansive digital ecosystem that includes technologies aimed at improving the employee experience and career development. Consequently, some stakeholders may have concerns about how your talent marketplace will work with the platforms you already have. They’ll want to feel confident that any new solution is secure, compliant, and ready for enterprise scale.
- Change management
Change is challenging, and implementing new technology is no exception. Even if your stakeholders understand the benefits of a talent marketplace, they might wonder whether these advantages will outweigh the time and effort it takes to get everyone up to speed on a new platform.
4 tips to get your leadership team on board with your talent marketplace
If you want to streamline your approval process, here are a few tried-and-true best practices:
#1. Create a sense of urgency
Every leader has their own deliverables to prioritize, deadlines to meet, and expectations to surpass. The best way to capture their attention is by making a case that no one can ignore. Rather than focusing solely on the benefits that a talent marketplace provides, take it one step further by making it clear that these are advantages that your business needs now.
From the Great Resignation to widening skills gaps, ground your arguments in today’s talent management challenges and the real implications they’re having on your business. Evaluate your own internal mobility, hiring costs, and retention rates and map out the impact that improving these measures will have on your bottom line.
#2. Use evidence to support your claims
Just like actions can speak louder than words, solid data often moves the needle more than lofty claims. It’s easy to say that talent marketplaces will improve productivity and lead to savings, but if you want to make a strong case, you’ll need to prove it. Take advantage of research reports, ROI models, and case studies to showcase the tangible business impacts that organizations achieve with a talent marketplace.
#3. Get in touch with existing customers
If the talent marketplace vendor you’re working with has an active community of customers, don’t be afraid to tap into that network. Set up a reference call to learn more about their experience and let their stakeholders’ words strengthen your case for this game-changing technology.
#4. Emphasize the potential of workforce intelligence
Talent marketplaces are so much more than an HR tool. The platforms generate data and insights that leaders can leverage to make better workforce planning decisions. Leading talent marketplaces even include benchmarking and job architecture management tools that every executive can take advantage of.
Since it’s clear that talent marketplaces will be a game-changer in the new world of work, the organizations that start tapping into their benefits first will be at a serious advantage. Check out our blog to learn more about why 2022 is the year to launch a talent marketplace.