How to choose the right talent marketplace for your business needs

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Talent marketplaces are essentially matchmakers - connecting large businesses with the right type of independent talent for their immediate project or contract role needs. There are many types of talent marketplaces, offering an array of services. Understanding precisely what they do and how they work is key to getting the most out of the talent matching process.

Take the following scenario which many hiring managers know all too well. A team member resigns with one month’s notice - but it takes two, maybe three months to get the go ahead for a new hire, interview and appoint a new candidate who then also needs to serve out their notice. In the meantime, the rest of the team is under pressure, taking on additional work.

In this scenario, hiring managers have a number of options which present various pros and cons.

Permanent recruitment systems

When it comes to traditional recruitment for permanent roles, a company can do one of three things - they can advertise the role themselves, rely on recruiters, or use a job portal for permanent hires. On the face of it, doing it yourself might seem like the more cost effective option but it is estimated that the cost of a bad hire can be anywhere between 5 and 27 times the person’s salary.

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Recruiters on the other hand have access to talent, but can charge significant fees. And in the pursuit of that commission, not every recruiter is going to have the best interests of your team and your company culture at heart.

The third is a permanent job portal - a platform that connects businesses with job seekers. On the plus side, these provide more visibility than a company that is merely posting vacancies on its own channels creating a wider talent pool. They may also be more affordable than a recruiter.

But all three of these options also take considerably longer, when you factor in placing adverts, collating CVs, interviewing, shortlisting, testing, and notice periods.

But this is where non-traditional hiring methods can be complementary to full-time employment. By opting to bring in fixed-term or project-based independent talent, a company can relieve the pressure on their team, while also giving hiring managers and HR the time to find the perfect fit for a permanent role.

Gig-based freelance marketplaces

Depending on the role, a business may choose to use a gig-based marketplace to source freelance talent across a wide range of skills and careers. These marketplaces have thousands of freelancers available at very short notice, mainly for “gigs” or work on a specific project. The downside here is that there is a wide range of skill levels and no vetting process. This might be a more affordable hiring option, but you’ll have to rely on their word or portfolio and quality assurance could be an issue.

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Curated independent talent marketplaces

Gig-based marketplaces often favour more creative roles, so if you are looking for a graphic designer for overflow work for example, this kind of flexibility is ideal. But if you’re looking for an independent internal auditor or a project-based dev-ops engineer, this is unlikely to be the best option for your business.

This is where curated or specialist talent marketplaces come into their own. While providing flexibility and speed, these marketplaces also vet talent, review portfolios and use high-tech algorithms to determine the best available skills and talent for your organisation. The pool of people may be larger too, as marketplaces often tap into regional or global talent pools beyond the limits of a business’ geographical bounds. This means you get access to more people, with a level of skill and experience that means they will be able to hit the ground running in your organisation.

Talent marketplaces aren’t just useful in the example of someone quitting, but can be useful during any shortage of talent or skill ranging from maternity cover to big projects which need more skills, and even during hiring freezes for permanent talent.

Talent is the backbone of any organisation so sourcing it effectively is not just smart, it’s necessary. The key is understanding that one size won’t fit all. By evaluating your business needs, considering both short- and long-term solutions, and choosing platforms that balance speed, quality, and expertise, you’ll position your team for success.