Magnit, the industry-leading Integrated Workforce Management (IWM) platform provider, today announced that it has added new skills-based advisory services to its flagship platform to support a more strategic approach to hiring that focuses on skills over work history. The new data- and technology-driven services help organizations enhance the candidate experience, accelerate fill times, reduce hiring costs and increase workforce diversity.
“The job description as we know it is dead. As the evolution of work continues, focusing too heavily on rigid, outdated job descriptions is limiting workforce flexibility, organizational efficiency and individual transferability,” said Kevin Akeroyd, CEO at Magnit. “Today’s candidates aren’t defining themselves by the jobs they’ve previously held. Instead, they’re emphasizing the skills and knowledge they bring to the table and how they can contribute to each organization or project’s overall success. Magnit’s new skills-based advisory services will help employers adopt a similar approach that broadens talent pools, increases candidate quality, reduces hiring bias and improves worker retention.”
To help clients shift to a more skills-based approach, Magnit has further expanded its robust solution set to include new data and tech-based advisory services:
- Skills Inventory & Augmentation: Assesses client job catalog through Magnit’s exclusive Skills AI Engine and returns a DaaS output file that includes skills inventory by role and suggested skills to augment by role.
- Skills Advisory: Provides recommendations for next steps an organization can take to optimize its approach, including skills that could be eliminated to make a role easier to source, possible job titles to rename, and opportunities to synergize redundant roles/skills. Includes a Skills Analytics Dashboard that displays skill trending and redeployment opportunities. Offers recurring support for new jobs and skills as needed.
The benefits of engaging in skills-based candidate assessments extend beyond filling talent gaps. A recent McKinsey study showed that hiring for skills is five times more predictive of performance than education-based hiring and two times more predictive than hiring for work experience, leading to boosted productivity and results. Developing a contingent workforce that emphasizes skills also helps reduce labor spend by ensuring that employers are paying only for the talent they need—and only when they need it.
Despite these benefits, many companies have struggled to transform to a skills-based organization, lacking the data, technology and know-how necessary to keep up with the changing skills needed by their business. Magnit is uniquely positioned to help clients overcome these challenges by leveraging its:
- Massive Data Ocean: Magnit mines the world’s largest workforce data repository, including more than 100 million job postings and 80,000 skills, to drive accurate mapping of skills to job families/titles and inform smarter hiring.
- AI-Powered Technology: Magnit has created an advanced technology that ingests clients’ job catalogs and uses AI/machine learning and parsing techniques to identify skills within descriptions. Furthermore, machine learning continuously feeds the mapping of Magnit’s skills and job database, enhancing its refined skills library.
- Unmatched Taxonomy Expertise: Magnit’s Strategic Advisory team has years of experience optimizing job taxonomies across global organizations and helping drive program governance, market rate adherence, and pay equity and job parity compliance.
Moving forward, Magnit’s Integrated Workforce Management Platform will enable clients to reap the benefits of a skills-based approach across the full spectrum of contingent workforce management, including pay intelligence, VMS software, direct sourcing and services procurement.
To learn more about how skills-based hiring tools will support the evolution of work, visit Magnit’s website.
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