Strategies for conquering the war for talent by effectively navigating the contingent workforce landscape

Magnit, a client of Business Reporter, has observed that companies are struggling to adapt to the present workforce landscape. With up to half of the workforce categorized as “contingent” – contractors, freelancers, and gig workers – companies need to optimize this increasingly important area, which costs $5.5tn annually. Kevin Akeroyd, CEO at Magnit, warns that most companies are unprepared for this transformation of the workforce. The contingent workforce is not only remote; it is also being hired more globally. However, while successfully managing this network requires a new approach, many companies are clinging to their old strategies. This article examines the large obstacles to optimising contingent workforce management and the potential ramifications of improper management, such as missing out on hundreds of millions of dollars in savings, losing the war for talent, and breaking compliance laws. Magnit helps companies overcome these obstacles by providing a suite of solutions, including Services, Technology, Data and Intelligence, and Employer of Record. Their software solution streamlines workforce management and optimizes the potential for a company’s contingent workforce program, delivering tangible business impacts that improve employee satisfaction, drive enterprise value, and bring a measurable improvement in diversity and inclusion. Companies transitioning to Magnit have seen a 366% ROI over three years.