Ryan McNally | August 10 2021 |
Historically, a lack of market rate intelligence has prevented organizations from optimizing their hiring, both from a cost savings and talent quality perspective. Data as a service (DaaS) solutions can help address this challenge by providing comprehensive hiring intelligence that enables a dramatic optimization of the more than $4 trillion in annual global spend on contingent labor and a massive weapon in the battle for talent.
A DaaS solution typically provides a direct data feed from a data repository to a client’s system (via API) and/or the SaaS solutions of the client’s choosing. In the case of Magnit’s DaaS offering, 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.
With the right developer, APIs can bring enormous value to an organization’s platform. These computing interfaces define interactions between software intermediaries (such as Magnit’s database and a client system), including how to make them, data formats, etc. In short, APIs enable one system to “call” another with a question and receive a (data) answer in return.
There are a variety of different ways that data providers collect, validate and integrate data, and some are better than others. Without the right quality controls, data can become stale, fall subject to bias, or fail to provide a holistic view. For a DaaS solution to provide the intended benefits to users, the data should be accurate, timely, comprehensive, unbiased and relevant. (Read more about “Five-Star” data.)
Organizations can use leading-edge DaaS solutions like Magnit’s to answer questions about how much to pay for a resource, where to source, how rates are moving over time, how difficult it is to hire in different markets, and more. In the case of top-tier platforms, machine-learning capabilities can also be applied to the data to reveal additional insights such as job taxonomy optimization. This intelligence empowers users to spend smartly and secure the best talent.
To learn more about how Magnit’s DaaS solution gives organizations unprecedented flexibility in leveraging the industry’s most robust data set to glean real-time insights, check out our “Data as a Service” fact sheet.
If you’re interested in learning more about how Magnit is helping organizations implement winning contingent workforce programs globally, please contact a Magnit representative at firstname.lastname@example.org.
Disclaimer: The content in this blog post is for informational purposes only and cannot be construed as specific legal advice or as a substitute for legal advice. The blog post reflects the opinion of Magnit and is not to be construed as legal solutions and positions. Contact an attorney for specific advice and guidance for specific issues or questions.