Magnit (formerly PRO Unlimited) Launches Industry’s Most Powerful DaaS Solution for Real-Time Labor Rate Data to Fuel the Contingent Workforce Management Industry

First of its kind DaaS solution gives organizations unprecedented horsepower and flexibility in leveraging the industry’s most robust contingent labor data set to glean real-time insights, driving smarter spend and optimizing talent acquisition.

SAN FRANCISCO--(BUSINESS WIRE)--Magnit (formerly PRO Unlimited) , the modern workforce management solutions provider, announced today the launch of its new Data-as-a-Service (DaaS) solution. Available for over 160 markets worldwide, Magnit’s DaaS solution provides organizations with the most comprehensive hiring intelligence, enabling a dramatic optimization of the $4 trillion+ annual spend on contingent labor globally, and a massive weapon in the war for talent.

While the human capital industry has a very robust and mature provider ecosystem of data for full-time employment (FTE) salary intelligence, from market leaders like AON, Mercer, Payfactors, ADP, Salary.com, among others, they have historically only covered the 50% of the workforce that is FTE. Magnit (formerly PRO Unlimited) delivers the same robustness for the other 50% of the workforce that remains contingent. Magnit’s data set is unprecedented. It includes 30 billion+ data points on 1.5 billion+ workers across 100,000+ job titles, 20,000+ specialty skills, 160 global markets, and represents over $560 billion in contingent spend. Filling this void is a major step for the ever-increasingly strategic and important contingent workforce industry.

A lack of business intelligence has prevented organizations from fully optimizing hiring decisions, resulting in significant unnecessary spend through paying higher market rates by role and/or location and significantly lower overall quality of talent. Magnit’s DaaS solution helps organizations overcome these challenges and delivers streamlined, higher-quality talent acquisition, as well as hundreds of millions of savings annually for the largest enterprises in the world.

This data includes market rates for staff augmentation and SOW professional services, salaries for full-time positions, and hiring intelligence such as candidate supply/demand information. Clients can use this data to answer questions about how much to pay for a resource, where to source, how rates are moving over time by location, how difficult it is to hire in different markets, and more. Depending on a client’s needs, Magnit's leading-edge machine-learning and AI capabilities can be applied to its data set to reveal additional insights such as job taxonomy optimization as part of the DaaS offering.

Magnit (formerly PRO Unlimited) will continue to offer this unique data set through its own SaaS solutions such as Wand Vendor Management Software (VMS), RatePoint Hiring Intelligence, and DirectSource PRO . Magnit (formerly PRO Unlimited) will also enable pure DaaS via API access so its customers can utilize this data in their other mission critical HR, ERP, Procurement, Data, and/or Analytics systems.

“Our goal is to enable the smartest customer base in the world through real-time data and insights via our DaaS and SaaS workforce solutions,” said Kevin Akeroyd, CEO of Magnit (formerly PRO Unlimited). “As a critical piece of Magnit’s holistic, integrated contingent workforce management platform, our DaaS solution provides another robust option to help clients meet their market rate intelligence needs, empowering them to spend smartly and secure the best talent.”

The foundation of Magnit’s DaaS solution is the world’s largest, most accurate data repository ever assembled in the industry. To achieve the highest data quality, coverage, and scale, Magnit (formerly PRO Unlimited) integrates multiple sources, including:

• Its Massive Database of Anonymous First-Party Data: This proprietary, highly sought-after data set encompasses hundreds of thousands of jobs being filled globally, along with all the submittals across those positions.
• Acquisition of PeopleTicker: In January 2021,Magnit (formerly PRO Unlimited) acquired PeopleTicker's data science and market rate intelligence solution, which enables HR, talent acquisition, procurement and compensation professionals to access strategic insights and market rate benchmarking to better attract and retain talent, while reducing costs across 160 countries.
• Trusted Third-Party Partners: To maximize the geographic scope of its data, Magnit (formerly PRO Unlimited) also partners with leading market data firms such as Burning Glass and Emsi.
• Validated Public Data: This includes global government, public sector and salary survey data.
• Vast Supplier Network: Because of a purely vendor-neutral approach, its 7,000-plus supplier partners share rate data with Magnit (formerly PRO Unlimited) , providing additional hiring intelligence.

Pulling these sources together adds up to the most complete, far-reaching market rate data set in the world, but Magnit (formerly PRO Unlimited) doesn’t stop there. To ensure the highest levels of data accuracy and widest geographic reach, Magnit (formerly PRO Unlimited) leverages its 30+ years of experience and an industry-leading team of compensation experts to validate and calibrate the data. These experts include:

• Data Science Team: Data scientists and engineers that leverage advanced technical skills to scrape, ingest and sanitize the data. This team also creates proprietary algorithms to match and score data via APIs.
• Compensation Analytics Team: Analysts focused on labor pricing data and client delivery with the goal of ensuring the data is reasonable, reflective of market conditions, and tailored to client strategies.
• NorthStar HCM: Business consultants and data experts that advise clients on the best ways to leverage, understand and take action on DaaS solutions.
• Skills Village: 600-plus compensation analysts on six continents that validate and calibrate market rates, providing market intel for global markets.

As the unmatched industry leader in contingent workforce management data, PRO is constantly expanding its cross-client data set. Its DaaS solution is available now to all PRO customers and select partners.

About Magnit (formerly PRO Unlimited)
Servicing hundreds of the world’s most recognizable brands, Magnit (formerly PRO Unlimited) offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet your flexible workforce needs. Magnit’s Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, Magnit (formerly PRO Unlimited) has helped global brands and organizations achieve operational and financial success for more than 30 years. For more information, visit https://magnitglobal.com/ and follow the company on LinkedIn, Twitter and Facebook.

Contact
Gillian Roberts 
gillian.roberts@aircoverpr.com 
(818) 395-2948