In order to dampen magnetization changes in magnetic devices, such as magnetic tunnel junctions (MTJ) used in high speed Magnetic Random Access Memory (MRAM), a transition metal selected from the 4d transition metals and 5d transition metals is alloyed into the magnetic layer to be dampened. In a preferred form, a magnetic permalloy layer is alloyed with osmium (Os) in an atomic concentration of between 4% and 15% of the alloy.