Magnit Launches Industry’s First Outcome-Driven, AI-Powered Platform

Artificial IntelligenceNewsOrganization Development

By Business Wire On Sep 17, 2024

The transformative workforce management platform features the debut of a GenAI companion, Maggi, to optimize talent-forward strategies and achieve business outcomes

Magnit, an Integrated Workforce Management (IWM) platform provider, unveils the evolution of Magnit Platform, now powered by GenAI, delivering a complete paradigm shift to the industry and ultimately changing the way organizations work. With this launch, Magnit continues its 30-plus year history of industry-first innovation by offering a radical new technology approach to optimizing workforces.

“Magnit” is a trademark or registered trademark of Magnit, LLC. Any trade, product, or service name referenced in this document using the name “Magnit” is a trademark and/or property of Magnit, LLC. ”

The transformative AI-powered Platform delivers rapid business outcomes by integrating industry-leading capabilities from recent acquisitions, including pay and talent intelligence, blue-collar and shift-based workforce management, and more, into a single platform. By combining data, sourcing, and intelligence into a single unified experience, it’s now faster and easier to create talent-forward strategies that empower businesses to achieve their organizational goals.

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“In an industry where following the status quo is the norm, Magnit has consistently chosen a different path, embracing innovation and change. Contingent workforce management today involves an extremely manual and complicated set of workflows, systems, and supply chains. It’s time to minimize the chaos and simplify the way we work,” said Vidhya Srinivasan, Chief Product & Marketing Officer at Magnit. “The Magnit Platform delivers on the promise to manage this complexity and completely transform and level up the way work is done. By tapping into the Platform’s vast data ocean—curated with industry expertise —it scales access to talent and harnesses the power of AI/ML to future-proof how organizations find and build the most effective workforce to accomplish their business goals.”

One Experience. One Data Ocean. One Supply Chain.
The challenges of traditional contingent workforce management are all too common: complexity, inefficiency, and a lack of strategic focus. Organizations often grapple with manual and repetitive tasks, fragmented data, and slow hiring processes, all of which impede productivity and growth. All stakeholders – workers, hiring managers, suppliers, MSPs, and more – are required to deal with a significant amount of friction. Magnit Platform removes the chaos and empowers users to reach their most ideal business outcomes – simply and effectively. It consists of three core layers:

System of Engagement: Imagine a world where managing your contingent workforce is effortless, efficient, and insightful. This is now a reality with Magnit Platform’s new system of engagement, powered by Maggi, a new GenAI companion that simplifies contingent workforce management by learning your business, automating tasks, and delivering actionable insights for exceptional outcomes. Maggi, along with the native platform experience, empowers everyone involved in the workforce journey, from hiring managers and suppliers to workers, by providing one system of engagement across all users to ensure a unified and streamlined experience.
System of Action: The system of action simplifies intelligent orchestration and automation of workflows across critical workforce management processes. This includes sourcing across all fulfillment channels, from recruitment and onboarding to payroll and compliance to reporting and analytics, as well as fragmented supply chains. It allows organizations to create the right workforce for their specific needs, regardless of the type of expertise required: blue-collar, white-collar, or blended collar. Finally, users now have access to the most qualified candidates for every role, powered by one platform.
System of Record: Magnit Platform’s system of record leverages Magnit’s expansive data ocean, curated with industry expertise and powered by AI/ML, to provide clients unmatched data-driven insights and the power of decision-making at their fingertips. Clients also gain access to proprietary and industry data on market and pay rates by location, skills, and candidate profiles, ensuring optimal cost savings and market competitiveness.

Business Benefits Gained with Magnit Platform
Magnit Platform introduces a complete paradigm shift to the industry, ultimately providing organizations with intelligent business outcomes at speed and enabling them to:

Accelerate Time to Hire: Minimize workflows, system hopping, and never-ending clicks and inputs, reducing friction in the talent supply chain resulting in expedited talent allocation decisions.
Optimize Contingent Workforce Spend: Global pay intelligence data supports enhanced cost savings throughout workforce management programs, enabling clients to plan, forecast, and budget overall spend.
Ensure Compliance: Magnit Platform’s robust compliance framework ensures organizations adhere to labor regulations across countries and regions for payroll, hiring, and onboarding initiatives, significantly reducing the risk of misclassification while powering informed engagement decisions.
Scale Access to Quality Talent: Access to multiple talent channels provides optimized talent sourcing and allocation.

Magnit is a global leader and pioneer in contingent workforce management. Our industry-leading Integrated Workforce Management (IWM) Platform is supported by 30+ years of innovation, modern software, proven expertise, and world-class data and intelligence. It enables companies to optimize talent and diversity goals while achieving operational and financial success. With Magnit, companies can adapt quickly to the evolution of work to grow their extended workforce with greater agility, transparency, and speed.

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