We’re only five months into 2020, but you’ve probably had to rethink your original budget and agendas for this year due to the coronavirus pandemic. Many organizations have had to lay off their staff and are now worried they’ll lose their businesses altogether. Full-time employees can be an expensive proposition but there’s another option to keep operations running.
Many businesses are suddenly moving to remote work, and with good reason. Virtual Assistants are as productive as their in-house counterparts and at a fraction of the cost. Over the last 8+ years, we’ve supported small businesses with executive-level Virtual Assistants. We’ve seen all the ways that a Virtual Assistant can save you time and a significant amount of money. We’re talking about a potential savings of close to $100,000 a year!
Let’s break down the top 5 ways virtual workers will save you a lot of real-time money.
- You only pay for hours worked. You never have to worry about spending money on an employee who has nothing to do. You only pay for the time your VA is actively working on a project.
- You pay a single monthly retainer. Most virtual assistants work under an established rate month. That means you won’t be concerned with paying overtime wages. That makes your monthly labor costs predictable and consistent.
- You save up to 32% on employee benefits. Benefits raise the cost of an employee by almost 32%. Hiring virtually eliminates health insurance, retirement plans, or employee stock options. You also save on transportation costs and meal reimbursement costs.
- You save on new hire expenses: According to a study by Glassdoor, the average company spends about $4,000 to hire a new employee. Recruiting teams, background checks, interview panels, and onboard training costs add up quickly. These expenses don’t apply when you outsource your work because it’s already taken care of for you.
- Your overhead costs drop by up to 40%. By using a virtual assistant, you don’t pay for office space or office equipment and supplies. You also save on payroll taxes (which can cost up to 26% of your employee’s base salary) and unemployment insurance (which adds another 2.4-3.7% of the base salary to your bill.) You don’t pay worker’s compensation insurance (a low estimate being $300 per employee). You’re also not responsible for overtime pay (which must be paid to employees working over 40 hours per week).
Our infographic says it all. Going with a VA over an in-house executive assistant can save you a whopping $97,000 per year! That could positively impact all areas of your business. You can save money and keep your business running despite city-wide quarantines and limited business hours.
If these numbers are catching your attention, we’d love to help you learn more about the benefits of outsourcing! We have over 8 years of experience and can match you with someone to suit your needs.