Magnit also achieves “Superior” rating for Overall Service Delivery in SIA’s MSP Global Landscape and Differentiators 2023 Report

Magnit™, an Integrated Workforce Management (IWM) platform provider, attained a “Best Imaginable” overall rating across all six main categories in Staffing Industry Analysts’ (SIA’s) “Vendor Management System (VMS) Global Landscape and Differentiators 2023” research report. It also garnered a “Superior” rating for overall service delivery in SIA’s “Managed Service Program (MSP) Global Landscape and Differentiators 2023” research report.

The reports aim to provide greater understanding of the global VMS and MSP markets. A total of 18 VMS providers submitted sufficient data to qualify for inclusion in SIA’s VMS report, and 24 MSP providers provided enough data to be included within SIA’s MSP report.

“We’re excited to have secured ‘Best Imaginable’ and ‘Superior’ ratings in SIA’s VMS and MSP reports for the third consecutive year,” said Vidhya Srinivasan, chief product and marketing officer at Magnit. “We are committed to providing world-class services and technologies that help organizations optimize their talent supply chains and deliver value for our clients, so they can thrive in the evolution of work.”

In the VMS Customer Perception Assessment, Magnit attained “Strong” or “Superior” scores across 18 of the 23 total categories, which include but are not limited to platform stability, integration simplicity, adaptability, management responsiveness, and analytics and reporting. Magnit also attained “Best Imaginable/Fully Configurable,” the highest possible ranking, in 90 out of the 98 subcategories in the SIA VMS Provider Evaluation, which is based on a combination of provider self-assessment and SIA analyst validation. The main categories of this assessment include:

- Supplier Engagement and Management

- Time, Expenses and Invoicing

- Statement of Work

- Direct Sourcing

- Reporting and Analytics

- User Experience

In the MSP Customer Perception assessment, Magnit scored “Superior,” the highest possible rating, in 20 of the 28 categories — a tally that was not exceeded by any of the other 15 providers evaluated. These categories include but are not limited to overall service delivery, service agility and responsiveness, ability to scale and contract, provision of analytics and benchmarking data, access to talent, supplier selection and management, and workforce planning support.

Global adoption of VMS has grown significantly in 2023, driven by factors including HR’s growing interest in the strategic value of the contingent workforce, the availability of evolving technology solutions to improve efficiency and talent access, and with continuing skills shortages, the need to drive program adoption by offering a positive experience at scale for both staffing suppliers and contingent workers. There has also been a rise in demand for meaningful data analytics, benchmarks, and insights to inform sourcing decisions and improve efficiency.

Spend under management within the MSP market also experienced tremendous growth in 2022, signaling businesses’ increased reliance on the expertise of MSPs as they pursue their organizational objectives. Some notable developments include businesses’ desires for more holistic workforce solutions, increased investments in direct sourcing capability, and the growing sophistication of analytics and benchmarking capabilities.

The VMS report’s data and analysis are based on the results of a survey of VMS providers followed by detailed demonstrations of each platform through web conference, and the data and analysis in the MSP report are based on the results of in-depth surveys of MSPs and their users.

To learn more about Magnit’s VMS and MSP services, read SIA’s VMS Global Landscape and Differentiators Report and MSP Global Landscape and Differentiators Report.

About Magnit

Magnit™ is a global leader and pioneer in contingent workforce management. Our industry-leading Integrated Workforce Management (IWM) Platform is supported by 30+ years of innovation, modern software, proven expertise, and world-class data and intelligence. It enables companies to optimize talent and diversity goals while achieving operational and financial success. With Magnit, companies can adapt quickly to the evolution of work to grow their extended workforce with greater agility, transparency, and speed. magnitglobal.com

“Magnit” is a trademark or registered trademark of Magnit, LLC. Any trade, product, or service name referenced in this document using the name “Magnit” is a trademark and/or property of Magnit, LLC.

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