The human arsenal has, over the years, possessed many valuable elements, but it has still never seen anything more significant than that desire of ours to grow on a consistent basis. We say this because the stated desire has brought the world some pretty huge milestones, with technology emerging as a rather unique member of the group. The reason why technology’s credentials are so anomalous is based on its skill-set, which was unprecedented enough to guide us towards a reality that nobody could have ever imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did scale up our experience through some outright unique avenues, but even after reaching so far ahead, this prodigious concept called technology will somehow keep on delivering the right goods. The same has grown to become a lot more evident over the recent past, and assuming a new HRM-themed development ends up with the desired impact, it will only propel that trend towards greater heights in the near future and beyond.
Magnit, the industry-leading Integrated Workforce Management (IWM) platform provider, has officially launched new skills-based advisory services to scale up the industry’s standard approach in terms of talent sourcing and retention. According to certain reports, these services are purposed around helping organizations enhance the candidate experience, accelerate fill times, reduce hiring costs, and simultaneously increase workforce diversity. But what is so unique about these services? Well, on more actionable note, they encourage companies to take a merit-based methodology, a methodology where Magnit can leverage its exclusive Skills AI Engine to assess client job catalog and return a DaaS output file that includes skills inventory by role and suggested skills to augment by role. Apart from it, the new framework is also well-equipped to provide recommendations for next steps an organization can take to optimize its operation. This includes identifying skills that could be eliminated to make a role easier to source, possible job titles to rename, and opportunities to synergize redundant roles/skills. Another detail worth a mention here is how Magnit’s platform is now able to put-forth a Skills Analytics Dashboard which displays skill trending and redeployment opportunities.
“The job description as we know it is dead. As the evolution of work continues, focusing too heavily on rigid, outdated job descriptions is limiting workforce flexibility, organizational efficiency and individual transferability,” said Kevin Akeroyd, CEO at Magnit. “Today’s candidates aren’t defining themselves by the jobs they’ve previously held. Instead, they’re emphasizing the skills and knowledge they bring to the table and how they can contribute to each organization or project’s overall success.”
Interestingly enough, the development follows up on one McKinsey study where we learned that hiring for skills is five times more predictive of performance than education-based hiring and two times more predictive than hiring for work experience. The stated skills-centric approach further makes a point to cut back on labor spend, considering it lets you pay only for the talent you actually need, and only when you need it.
Talk about the ways in which Magnit is helping companies become more skill-based, the answer has to include its massive data repository. At present, the said repository boasts more than 100 million job postings and 80,000 skills for accurately mapping skills to job profiles. Moving on, the company also uses an advanced AI-driven technology that ropes in clients’ job catalogs and then applies machine learning and parsing techniques to locate relevant skills within descriptions. In case those capabilities didn’t quite seal the deal, Magnit can now bank upon that proverbial skill-driven ideology to enjoy benefits across areas like pay intelligence, VMS software, direct sourcing and services procurement, as well as in several other aspects of workforce management.
“Magnit’s new skills-based advisory services will help employers adopt a similar approach that broadens talent pools, increases candidate quality, reduces hiring bias and improves worker retention,” said Akeroyd.
