Key Findings & Highlights:

This NelsonHall vendor assessment analyzes Magnit’s EOR offerings and capabilities.

Magnit, formerly PRO Unlimited (founded in 1991), provides workforce management services and enabling technology, including EOR, MSP, strategic advisory consulting, vendor management, and diverse talent pool solutions. Magnit was created from a risk management/advisory company, not from a staffing business, a fact that would inform its unique vendor-neutral approach in the decades to come.

As the marketplace has changed over the years, Magnit’s vision and mission have evolved, aiming to shape and deliver the next chapter in workforce management for its employees, clients, suppliers, and partners worldwide. Magnit’s Integrated Workforce Management (IWM) SaaS platform enables the real-time intelligence its clients need to successfully source, track, and manage high-quality talent, while effectively managing costs and risks.

Throughout 2021-2022, Magnit acquired several companies to expand its services portfolio and global footprint, including the following:

• PeopleTicker, a leader in compensation data specializing in contingent labor rates and hiring intelligence globally (January 2021)
• Brainnet Group to expand its presence in EMEA (February 2021)
• WillHire, a leader in direct sourcing, worker experience/candidate engagement, and talent pool solutions (September 2021)
• Workforce Logiq to extend its reach and synthesize two like-minded entities that share the same strategy and platform approach to contingent workforce management (October 2021)
• Geometric Results Inc. (GRI), to enhance its MSP footprint and capability, notably in the U.K. (March 2022).

Magnit bases its value proposition for its EOR solutions on offering an integrated workforce management platform, seamlessly integrating its solutions to bring its clients a unified experience.

Powered by its proprietary Magnit platform, the company’s global EOR offerings address the following challenges:

• Ensuring proper employee classification, Magnit maintains ongoing access to a team comprised of former IRS Auditors and legal professionals, enables clients to evaluate employee/contractor classification constantly
• Balancing pay competitiveness and cost optimization, Magnit drives cost savings with access to all billing rates in a centralized location and provides a real-time view of the workforce, and ensures compliance
• Attracting and retaining talent at reduced time-to-fill, Magnit’s competitive onboarding and benefits, including an on-demand pay solution for the extended workforce, deliver an elevated worker experience.

To meet the needs of its ~326 clients and the evolving EOR industry, Magnit provides the following tech-enabled EOR services:

• Sourcing
• Health and family benefits, including national group-qualified medical, dental, and vision insurance
• Pension plans
• Background screening
• HR compliance and risk management services
• Onboarding
• Redeployment services
• Time management
• Trends, analysis, and reporting on hiring, market bill rates, and market-driven changes
• Payrolling.