Magnit Launches Redeployment Marketplace to Transform Contingent Hiring

Magnit™, an Integrated Workforce Management (IWM) platform provider, announced the release of Redeployment Marketplace, a solution designed to transform how organizations source contract workers with faster, smarter, and seamless matching of pre-vetted talent. Magnit Redeployment Marketplace and Program leverages AI-based resume and job description algorithms to proactively match high-quality workers nearing the end of their assignments with open opportunities from participating organizations across Magnit’s global client network based on location, job title, and bill rate. By streamlining the job search process, Magnit elevates the worker and employer experience and cultivates a win-win ecosystem.

Historically, contingent workforce management has operated on a “catch and release” model, with minimal emphasis on talent redeployment and continuity. This approach forces businesses into a constant cycle of sourcing for active contingent roles, placing significant pressure on HR teams to quickly find, hire, and onboard qualified talent. Contract workers face their own set of challenges, contending with unwanted downtime between roles, multiple W2s, and payroll hiccups. Magnit’s Redeployment Marketplace reduces the friction points associated with sourcing, hiring, and onboarding talent while delivering more accurate talent matching and accelerated time to productivity.

“Redeployment Marketplace deepens Magnit’s talent sourcing capabilities and provides clients with broader, faster, and more cost-effective access to top talent to drive greater contingent workforce program success, while also enhancing the overall job search and onboarding experience for workers,” said Sam Smith, President of Global Client Delivery at Magnit. “It’s a secret weapon in today’s battle for talent, with employers experiencing a 50% reduction in time-to-fill, a 13% increase in talent quality scores, and a 5% to 10% lower markup for talent.”

A successful redeployment program requires the right data, people, and technology to succeed. By combining cutting-edge technology with its robust data repository and human expertise, Magnit empowers clients with the visibility and resources to effectively realize talent matches and convert candidates into fills. As high-quality workers near assignment completion, Magnit proactively emails these candidates, building a talent pool. Magnit’s Redeployment Marketplace leverages advanced algorithms to match this vetted talent with open requisitions from participating clients. This results in faster, more cost-effective hiring compared to traditional supplier-driven methods.

The technology also benefits workers by broadening their access to active job postings, reducing uncertainty about where their next role will come from, and increasing income stability. Recent data from Magnit’s Summer/Fall 2024 U.S. Labor Market revealed that overall contingent hiring volume is down, with Q1 2024 seeing a 3.2% drop compared to Q1 2023. In a landscape with fewer available roles, Magnit delivers exceptional value for contingent talent by offering continuous employment opportunities, best-in-class benefits (including same-day pay), and a frictionless job search and onboarding experience.