Magnit Unveils New Diversity and Inclusion Solution Strengthened by Stanford University Research

Today, we’re proud to unveil Magnit Diversity, Equity & Inclusion (DE&I), an unparalleled and comprehensive DE&I solution for the contingent workforce. The solution combines our 30 years of industry expertise, DE&I knowledge, the world’s largest data repository, and proven technology with research-based strategies from Stanford University’s VMware Women’s Leadership Innovation Lab (WLIL). Magnit DE&I focuses on four key areas of DE&I: cultural inclusion, worker diversity, diversity intelligence and supplier diversity. 
 
Contingent workers are a substantial and growing part of today’s workforce. We’re committed to working with the world’s largest brands to drive diversity and inclusion deep into this critical piece of their talent ecosystems. Organizations are already leveraging Magnit DE&I to create customized DE&I programs that fit strategically within their company goals.

Magnit's DE&I Consultative Methodology

Our DE&I consultative methodology is informed by multiple data sources, including Stanford’s evidence-based model for creating sustainable change. As a member of WLIL’s corporate program, we utilize research and frameworks from Stanford’s VMware Women’s Leadership Innovation Lab. 
 
Additionally, our cultural inclusion training consists of comprehensive employee programs, manager education, racial literacy campaigns and worker support programs such as "Community Circles” to accelerate cultural readiness. The goal is to help companies establish processes and practices that remove barriers to diversity, promote inclusivity and enable the contingent workforce to contribute to their fullest. 
 
Magnit DE&I includes services designed to directly impact worker diversity, enable diverse suppliers and promote change and accountability through powerful data analytics. These services are amplified through our SaaS solutions, including Magnit Vendor Management System (VMS), Direct Sourcing and our recent technology partnerships and acquisitions with Eightfold AI and PeopleTicker. These additions to our platform enable the highest standards for inclusive hiring, including identity masking, access to a massive data repository to expand the talent pool, and targeted sourcing of candidates from underrepresented backgrounds. 
 
Further, our purely vendor-neutral strategy is critical as it is a main driver for supplier diversity. Our deep supplier partnerships empower diverse suppliers to maximize their market share. Our approach also integrates inclusive hiring and engagement best practices into sourcing that provide clients with the highest level of talent. 
 
Finally, the ability to track diversity data, trends, benchmarks and labor market availability and utilize it to draw actionable insights is key to measurable change. Our Strategy, Analytics and Metrics (SAM) team provides dashboards using supplier, worker and candidate tracking data provided by Magnit VMS. These data insights inform strategic investment decisions such as sourcing locations, pay equity, supplier focus and accountability.

CEO Kevin Akeroyd's Perspective

Here’s what our CEO Kevin Akeroyd had to say about the new DE&I solution: 
“Magnit understands that embracing all of humanity’s many differences is a strategic imperative when creating truly transformative workforces. What businesses need from their Managed Services Provider isn't just a vendor, but a strategic partner experienced in navigating the complexities of implementing DE&I programs that result in real, sustainable change. Our advanced technology, analytics, data and team of experts will help create the kind of change within our clients’ organizations that positively impacts their workers’ lives. The appointment of Rebecca Samarasinghe Perrault, our DE&I Practice leader, will help drive these programs forward, ensuring that our clients are exceeding the bar of diverse, equitable and inclusive workforce practices.”

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  info@magnitglobal.com.

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.