Magnit | March 6 2023 |
Joint initiative offers organizations insights into pay rate changes and trends across major industries.
BURLINGAME, Calif. (March 6, 2023) – Magnit™, an Integrated Workforce Management (IWM) platform provider, today 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.
“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.
“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.”
Executives from Magnit will be available to discuss the Magnit Rate Intelligence Index at SIA’s Executive Forum North America 2023 from March 6–9, 2023, in Miami Beach, FL. For access to monthly pay rate analysis on the healthcare, manufacturing, technology, and other industries, visit the index.
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. magnitglobal.com
“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.
SIA is the Global Advisor on Staffing and Workforce Solutions
Elevating the Workforce Solutions Ecosystem
Founded in 1989, SIA is the global advisor on staffing and workforce solutions. Our proprietary research covers all categories of employed and non-employed work including temporary staffing, independent contracting and other types of contingent labor. SIA’s independent and objective analysis provides insights into the services and suppliers operating in the workforce solutions ecosystem including staffing firms, managed service providers, recruitment process outsourcers, payrolling/compliance firms and talent acquisition technology specialists such as vendor management systems, online staffing platforms, crowdsourcing and online work services. We also provide training and accreditation with our unique Certified Contingent Workforce Professional (CCWP) program.
Known for our award-winning content, data, support tools, publications, executive conferences and events, we help both suppliers and buyers of workforce solutions make better-informed decisions that improve business results and minimize risk. As a division of the international business media company, Crain Communications Inc., SIA is headquartered in Mountain View, California, with offices in London, England.
Andrew Petro, Account Manager