Reduce Costs and Hire Faster with Magnit VMS Integrated Pay Intelligence

Managing a contingent workforce is often filled with friction, which becomes particularly noticeable when sourcing talent. Program managers experience inefficiencies throughout the process as they access multiple disparate systems, rely on outdated compensation data and limited sourcing location information, and handle numerous manual tasks. These friction points not only create user frustration, but also hamper organizational efforts to reduce sourcing costs, optimize talent strategy and stay competitive.

This friction is underscored by a recent Everest Group report, which highlights the top three challenges organizations face today: price/cost pressure, adapting to evolving customer needs and business models, and the talent/skills shortage. The scope of these challenges emphasizes the necessity for innovation within the workforce technology ecosystem. Solutions that are integrated, flexible and scalable are the best fit to address the top challenges companies face today and are the foundation of continued growth for tomorrow.

Introducing Magnit VMS Integrated Pay Intelligence

Magnit VMS now features Integrated Pay Intelligence, a new capability that addresses key sourcing challenges and further strengthens Magnit’s position as a market leader and innovator in contingent workforce solutions. With the VMS at the foundation of Magnit’s integrated workforce platform, it’s the engine that powers the workforce transformations we deliver to our clients while elevating the worker experience.

The integration of Magnit’s comprehensive market rates and hiring insights directly into Magnit VMS empowers our clients to reduce costs and hire faster by streamlining their sourcing efforts. This feature enables clients to seamlessly source, accurately price, and quickly create staffing requests to meet their complex contingent workforce needs.

3 Common Sourcing Challenges

Let’s look at some common challenges program managers face as they are determining the best fit for a role and are going through the staffing request creation workflow. We’ll also share some solutions to these obstacles, all of which are addressed through Magnit VMS with Integrated Pay Intelligence.

Challenge #1: ​Access to accurate compensation data needed to competitively source talent.

In many cases, program managers have one system to look up bill rates and margins, and a separate system (the VMS) to enter bill rates for new staffing requests.

Similarly, determining compensation rates for each job title, by location, requires them to use separate systems (or spreadsheets). Additionally, these rates are often only updated periodically, meaning they may not reflect true market rates, making companies less competitive than they otherwise could be with real-time rates.

Solution: Ensure that your technology systems and integrations enable you to calculate your bill rates using your custom markups from directly within your VMS.

In addition, integrate market rates seamlessly into your sourcing requisition workflow. These rates should be updated in real time and reflect the market rates at the time you’re sourcing. This will save valuable time and ensure you’re not overpaying or underpaying for talent – helping your company continue to attract top talent and remain competitive. (Related reading: “Next-Level VMS – Orchestrating Total Talent Intelligence.”)

Challenge #2: ​Limited visibility into optimal sourcing locations for new staffing requests.

When choosing a location to source a new staffing request from, program managers are often limited to locations previously set in the VMS. While those locations may have met the sourcing criteria at the time, the ever-changing talent landscape means they need data that reflects the current sourcing dynamics across all potential sourcing locations.

Solution: Configure your technology and data sources so you can easily review multiple locations to determine the best pay rates.

Aim to have the following hiring insights at your fingertips​ (for a given job title at a given location):

• How difficult it may be to hire at this location​
• The number of candidates (on average) that apply to related positions​
• The expected (average) speed of candidate submissions​

Challenge #3: ​Reducing manual effort to track workforce expenses

When program managers are sourcing their contingent workforce needs, many systems make it difficult for them to keep track of spend.

Solution: Look for ways to give program managers easily accessible visibility into the data they need. Ideally, the technology you’re leveraging should enable users to review project estimates to better manage budgets​ in the same screen when sourcing their next staffing need.

Elevating Your Global Talent Strategy 

With Magnit VMS Integrated Pay Intelligence​, you can overcome these challenges, streamline the requisition process and drive cost savings — all in one platform​​​​.

To learn more, watch this video and try our interactive demo.

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.