Magnit, a leading Integrated Workforce Management (IWM) platform provider, has launched its Redeployment Marketplace. This innovative solution aims to revolutionize how organizations source contract workers by using AI-based algorithms to match pre-vetted talent with new opportunities. The solution reduces downtime for workers and helps organizations fill roles faster and more cost-effectively.
- Redeployment Marketplace Overview:
- The Redeployment Marketplace uses AI-driven resume and job description algorithms to match contract workers nearing the end of their assignments with new opportunities.
- This marketplace helps organizations within Magnit’s global client network find the right talent based on location, job title, and bill rate, speeding up the hiring process.
- Advantages for Employers:
- By simplifying the job search and hiring process, Magnit enhances both the employer and worker experience.
- Clients report a 50% reduction in time-to-fill, 13% increase in talent quality, and 5% to 10% lower markup on talent, making the platform highly cost-effective.
- Magnit’s program leverages its data repository and advanced technology to enable faster, smarter, and more accurate talent matching.
- Benefits for Contract Workers:
- Workers gain access to a broader pool of active job opportunities, minimizing downtime between assignments and improving income stability.
- By reducing payroll challenges and offering benefits like same-day pay, Magnit addresses common challenges faced by contract workers.
- Magnit proactively engages workers nearing assignment completion, helping them secure new opportunities seamlessly through advanced algorithms.
- Market Impact:
- Magnit’s Summer/Fall 2024 U.S. Labor Market Report highlighted a 3.2% drop in contingent hiring volume in Q1 2024 compared to Q1 2023.
- In a tightening labor market, Magnit’s Redeployment Marketplace provides continuous employment opportunities and best-in-class benefits, adding exceptional value to both workers and employers.
Magnit’s Redeployment Marketplace is transforming contingent workforce management by creating a win-win ecosystem for both organizations and contract workers. Through AI-powered talent matching and streamlined hiring processes, Magnit helps organizations hire faster, improve productivity, and reduce costs, while providing contract workers with a more stable and frictionless employment experience.
