Online talent platforms such as LinkedIn have the power to improve job outcomes for up to 540 million professionals and graduates around the world, a new report claims.
According to A Labour Market that Works: Connecting Talent with Opportunity in the Digital Age, these platforms could increase global gross domestic product (GDP) by £1.7 trillion per year while also improving job outcomes by reducing costs and increasing output.
Depending on the sector and specific workforce requirements, businesses which adopt talent management platforms could save up to 7% on HR and recruitment costs while upping output by 9%
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The research, by McKinsey, also found that online talent platforms increase the levels of transparency when it came to demand for skills.
This ensures that companies can not only identify and recruit new graduates and professionals but also motivates them to improve productivity once they begin working.
The report said that these online talent platforms “can take the form of websites, mobile apps, or proprietary corporate systems” which work well simply because they “gather a huge volume of information regarding both individual workers and employers or work projects”.
McKinsey suggest that if a business aligns their demands and operating models with the huge amount of data available on these platforms then their global GDP could increase 2% by 2025.
McKinsey also looked at how these platforms can track the vacancies which employers are filling and whether members of staff are actually content within their role.
They found that 37% of the global respondents – taken from a recent LinkedIn survey – said their current job did not fully utilise their skills or provide them with enough challenges.
The report also highlighted that while many leading businesses have already adopted the use of online talent platforms, they could still develop new systems to “improve the full spectrum of talent management; from compensation to engagement” as technology continues to involve.
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