Joint initiative offers organizations insights into pay rate changes and trends across major industries
Magnit, an Integrated Workforce Management (IWM) platform provider, announced a new Rate Intelligence initiative in collaboration with Staffing Industry Analysts (SIA). Leveraging Magnit’s robust workforce data, the initiative will shed light on trends in the contingent labor pool, providing visitors to SIA’s website with an interactive real-time pay intelligence tool, unique market insights alongside monthly pay intelligence reports, and an annual report detailing contingent labor supply statistics for top roles within various industries.
Visitors to SIA’s website will gain access to an exclusive online version of Magnit’s interactive Pay Intel solution, enabling them to view real-time rate intelligence based on the parameters they select. Magnit’s Pay Intel solution provides data on pay rates by job title, industry, and location to help organizations tailor their terms to evolving market conditions and better optimize their talent acquisition efforts.
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“Contingent workers are becoming more prevalent in the global workforce, and organizations engaging with these workers desperately need access to up-to-date information that can guide their recruitment strategies,” said Kevin Akeroyd, CEO of Magnit. “This initiative, powered by Magnit Pay Intel, leveraging Magnit’s deep data ocean and SIA’s industry expertise, offers a powerful touchpoint that can help organizations identify and retain the best talent.”
The initiative will grow to include the Magnit Rate Intelligence Index, which will feature year-over-year and month-over-month data on pay rate changes and hours worked by employees hired through direct sourcing and professional or commercial staffing agencies, along with in-depth analyses of identified trends. This insight can offer organizations greater awareness of where contingent workers are shifting and why certain industries are performing better than others.
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“These tools will help SIA Contingent Workforce Strategies Council Members gain a better understanding of real-time pay rates, which our research indicates is one of the most-valued enhancements,” said Barry Asin, President at SIA. “They offer organizations a realistic view of pay rates in the current workforce and how those rates change for in-demand skills and sectors. The SIA | Magnit Rate Intelligence Initiative’s powerful insights will provide needed pay transparency and will help to further our mission to inform, connect, and elevate the industry.”
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