Author: VSLS Africa
Economic challenges call for innovative solutions that do more than just patch the problem—they lay the groundwork for future success. Traditional quick fixes like mass layoffs might offer short-term relief but often lead to lasting damage. At VSLS, we propose a game-changing alternative: building an internal skills-based marketplace. This strategy not only cushions the impact of economic downturns but also sets the stage for a robust recovery.
What Exactly is a Skills-Based Marketplace?
Imagine a dynamic ecosystem within your organisation where team members align their skills with the projects and roles that need them most. It’s about creating opportunities for growth and adaptation, ensuring your workforce isn’t just employed but employed strategically.
How Does a Skills-Based Marketplace Work?
Look at trailblazers like Google, IBM, Deloitte, and PwC. These companies have harnessed the power of internal marketplaces to drive innovation and flexibility. They provide platforms where team members can explore diverse projects across departments, supported by learning portals facilitating skill development and lateral movement.
Managers actively list projects, inviting team members to contribute a few hours weekly. These projects aren’t just tasks—they’re opportunities to forge connections, enhance skills, and build robust careers within the company’s ecosystem.
Connecting the Dots: The Gig Economy and Skills-Based Organisations
The rise of the gig economy has revolutionised how we view work. A growing desire for flexibility and autonomy drives this shift towards independent, project-based roles.
At VSLS, we see the gig economy as a natural extension of the skills-based marketplace. By integrating gig-work principles, we create a seamless environment where team members can engage in various short-term projects or “gigs,” gaining diverse experiences and broadening their skill sets without leaving the company.
This approach harnesses the gig economy’s flexibility and innovation while providing team members with a stable and supportive environment. It allows for agility, responsiveness, and continuous learning, which are essential for thriving in today’s dynamic business landscape.
Research by McKinsey underscores this trend: “About a quarter of respondents report that they pursue independent work because they enjoy what they do; this is the top reason cited by high earners. Another quarter say they do it for the flexibility and autonomy.” The shift towards independent work reveals a significant opportunity for employers.
It is crucial to understand that many professionals are willing to forgo traditional job perks for flexible work arrangements. Organisations investing in technology, adaptive policies, and team member training are better positioned to attract and retain top talent, fostering an inclusive workplace for on-site and remote workers.
The Economic Imperative for Retention
Layoffs are costly—not just financially but in terms of lost knowledge and future rehiring expenses. Gallup reports that replacing a team member can cost up to twice their annual salary—a steep price for short-term savings. In contrast, a skills-based marketplace leverages existing talent, preserving core capabilities and company culture, which are invaluable during recovery periods.
Dual Benefits: Organisational and Team Member Growth
This approach serves dual purposes:
Implementing with Confidence
To bring a skills-based marketplace to life, organisations must:
Establishing a skills-based marketplace is not merely an operational shift but a visionary move towards organisational resilience and market leadership.
By investing in our people and aligning their growth with our strategic needs, we do more than survive; we thrive. This is our call to action for all forward-thinking leaders: transform not just how you weather economic storms but how you emerge stronger on the other side.
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