Magnit™, an Integrated Workforce Management (IWM) platform provider, announced that it was named a Leader in Everest Group’s Vendor Management System (VMS) PEAK Matrix^® Assessment 2024 for the fourth consecutive year. According to Everest Group, Magnit also achieved the highest positioning for Vision & Capability for the fourth straight year, underscoring the company’s tech-forward strategy and exceptional value proposition compared to other solutions available on the market.

“Earning Leader designation for the fourth consecutive year in Everest Group’s VMS PEAK Matrix^® showcases our continued dedication to innovation, influencing the evolution of work and creating meaningful business outcomes for our clients,” said Vidhya Srinivasan, Chief Marketing and Product Officer of Magnit. “By achieving the highest score for Vision & Capability, Magnit demonstrates the strength of its platform in delivering tech-driven results and empowering organizations to successfully navigate a continually shifting labor market and macroeconomic impacts.”

Everest Group’s 2024 VMS PEAK Matrix^® — which is part of the global firm’s Contingent Workforce Management research program — evaluated 22 VMS providers and designated them to three categories: Leaders, Major Contenders, or Aspirants. The position of Magnit VMS as a Leader in the 2024 PEAK Matrix^® was established by Everest Group’s scoring along two main axes, Vision & Capability and Market Impact:

• Receiving the highest positioning for Vision & Capability, Magnit was recognized for its exceptional innovation in emerging and differentiating technology capabilities; increase in product scope and functionality; expansion of product-associated consulting, training, support, and maintenance capabilities; and technology and domain-focused investments.
• As a leading performer in Market Impact, Magnit also demonstrated exceptional performance in number and value of licenses, extensions, and signings; and portfolio mix and value delivery, as evidenced by growth metrics, a diverse client base, and positive customer feedback.

“Magnit enhanced its capabilities to cater to the unique requirements of diverse job families, including shift-based blue-collar workers and healthcare professionals,” said Krishna Charan, Vice President, Everest Group. “The rollout of its innovative Contingent Referral Program focused on redeploying known talent complements its EOR offering for clients. Moreover, its MSP capabilities, analytics prowess, and vision to integrate proprietary tools into its VMS have collectively contributed to its position as a Leader in Everest Group’s global VMS PEAK Matrix^® Assessment 2024.”

In addition, Everest Group found that Magnit:

• Consistently incorporates new dashboards pertaining to areas such as spend, DE&I, total talent, and other contingent workforce areas, to ensure its clients receive the most relevant insights.
• Was lauded by referenced clients for its user interface, analytics capability, flexibility, and adaptiveness.

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