Magnit™, an Integrated Workforce Management (IWM) Platform provider, exhibited strong capabilities in Staffing Industry Analysts’ (SIA) “Managed Service Program (MSP) Global Landscape and Differentiators” report for the second consecutive year. Demonstrating Magnit’s unique ability to help organizations navigate a complex workforce landscape while meeting organizational goals, the company excelled across all categories in the report, which is considered the gold standard for evaluating the strength of MSPs.
According to SIA, in the period January-December 2021, the global MSP market accounted for $194 billion of spend under management, which represents an increase of 30% year-over-year. The small- to mid-market remains buoyant, with 63% of reported net new client contracts adopting an MSP for the first time as HR and procurement executives continue to choose an MSP as a solution to contingent workforce challenges. Lastly, the vendor-neutral model for sourcing temporary workers and independent contractors remains the most prevalent approach, representing half the market with 50% of all spend.
“The data is clear. C-suite executives are relying on the vendor-neutral MSP model to strategically manage the contingent workforce, improve worker diversity, scale more effectively, and realize other key organizational objectives,” said Kevin Akeroyd, CEO of Magnit. "As one of the industry’s most tenured and largest vendor-neutral MSPs, we’re honored to once again be recognized by SIA as a leader. This assessment is a testament to our team’s unparalleled commitment to innovation and our clients’ evolving world of work.”
In SIA’s report, Magnit was one of four participants (out of 24 in total) that scored a 4 or better (out of a high score of 5) for all 66 services evaluated, which aligned with the following categories:
- Customer Support
- Pay and Bill
- Project Management
- Service Levels
- Supplier Management
- Talent Focus
- Workforce Planning
The data and analysis included within the report was based on the results of an in-depth survey of MSPs. SIA evaluated 24 providers across 66 categories based on a 5-level scoring scale, ranging from “Not Available” (service capability not available and not yet being developed) to “Core” (service is mature and used by more than 50% of clients).
Read the full report.
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.
Andrew Petro, Account Manager