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MagnitBased in San Francisco, it is a global staffing and recruitment services company that was established through a number of acquisitions over the years. Announcing new unified workforce management platform and assistant powered by AI They call her “Maggie” (pronounced like “Maggie”) for recruiters. beginning It is unique in the human resource management industry.
The goal is to give other staffing agencies and hiring managers at client companies access to data, sourcing and workforce management tools through a single interface, ultimately making it possible to hire primarily seasonal and temporary talent much faster and easier than before.
“We wanted to embrace technology and automation to simplify the complexity and manage our contingent workforce,” explains Vidhya Srinivasan, chief product and marketing officer at Magnit, a former director of marketing at ServiceNow and SVP at supply chain management platform Blue Yonder.
“Whether it’s recruiters or talent suppliers, they’re all used to a very manual way of using technology,” she added. But Magnit’s goal is to introduce them to the generative AI era with an assistant that lives inside a chatbot window. But Srinivasan argues that its assistant goes far beyond your average co-pilot or large language model (LLM)-powered chat interface.
This focus on automation and intelligence is central to Magnit’s approach, which aims to minimize inefficiencies and improve outcomes.
Key Features of Magnit’s New AI-Powered Platform
According to Srinivasan, the underlying intelligence behind Maggi and Magnit’s integrated workforce management (IWM) platform is OpenAI’s GPT-4.
“This is connected to our dataset, which includes customer data, public sources, and curated industry data,” the CPO/CMO said in an interview with VentureBeat a few days ago.
The updated Magnit IWM platform is built around “three buckets”: executing routine tasks, notifying with proactive and reactive alerts, and planning, Srinivasan said.
First, on execution: Magnit’s new software platform allows hiring managers, suppliers and employees to all interact in the same system, so they can share data about talent that fits job descriptions, without being siloed.
This will enable businesses to source and manage talent across various sectors, including blue-collar, white-collar, skilled and unskilled labor, and mixed workforce needs, all on one platform.
In terms of “proactive warnings and planning,” Magnit will provide notifications regarding updates to local laws and regulations.
“If new labour regulations come into force in a country where we have contingent workers, Madhi can provide input reactively or proactively,” Srinivasan said.
The new “Action System” automates workflows for recruiting, onboarding, payroll, compliance and more.
Meanwhile, when it comes to planning, users can tap into Magnit’s extensive “data ocean” and AI/ML capabilities to input their client’s goals and help figure out how to achieve them.
“If a client wants to launch a new program in a new region or expand an existing program to a new country, Maggie can create a plan template,” Srinivasan explained.
In terms of analytics, Magnit claims that its system provides clients with detailed data-driven insights into pay rates, market trends and candidate profiles, ensuring cost savings and improved competitiveness.
“Maggie pulls market pricing, looks at customer data and gives the hiring manager what they need, whether that’s pulling from a talent pool or pulling from a specific job description. They don’t have to fill out 40 fields; Maggie handles that,” Srinivasan added.
Focus on results
AI-driven platforms are designed to produce rapid, measurable results.
It also provides a compliance framework and reduces the risks associated with payroll and recruitment failures.
Finally, by leveraging a wider range of sourcing channels, companies can expand their access to quality talent.
“Our approach is to solve specific pain points in the hiring process. If Maggi doesn’t improve the day-to-day experience, people won’t use it. Our aim is to increase addiction and retention on the platform,” Srinivasan said.
As for pricing and availability, Srinivasan told VentureBeat that for now the company is offering its AI platform and Maggi through an “early adopter program” and is “considering whether there will be a base model and a Plus model to offer.”
For now, the AI platform and Maggi are bundled into Magnit’s current integrated workforce management platform.
The origin of Magnit
Magnit is a 33-year-old company formerly known as PRO Unlimited. Rebranding in 2022 Post-acquisition EQT Private Equity.
According to a press release announcing the acquisition, the company was formed to “help large companies manage their contingent workforces in order to better attract specialized talent seeking more flexible workforce solutions.”
Acquiring rivals Workforce Logiq in 2021 and a “dedicated data science and development team.”
