Top 3 Ways a Virtual Assistant Can Help Save Cost Up to 70%
Save Up To 70% with Virtual Assistant Services – Want to Know How?
It’s no secret that a virtual assistant can be beneficial to your business. Hiring and managing a virtual assistant isn’t just helpful in improving productivity but can also help save more on your time and expenses. Research says you can save up to 70% in business expenses by working with professional virtual assistant services.
The cost of hiring a virtual assistant is significantly lower than hiring in-house experts. Plus, virtual assistant service providers don’t ask you to pay for insurance or set up employee retirement accounts, all of which can significantly reduce your business expenses.
Here is a split up of hiring a virtual assistant vs hiring a full-time employee for your business. Want to know more? Here we can explain better in detail how hiring a virtual assistant can help you save cost –
You can Save up to 40% of Your Overheads:
The employee benefits can raise the cost of hiring up to 30%. In addition, if it’s a full-time employee, you need to provide medical insurance, family coverage, and retirement benefits which can alone cost up to 6% of the pay.
You are also responsible for payroll taxes (which can cost up to 26% of your employee’s base salary) and overtime pay (for employees working over 40 hours per week). Moreover, your expenses can skyrocket significantly if your company offers mobile phones, internet connections, laptops, and vehicles/transport as part of your benefits package.
Since you don’t need to give your virtual assistant any of these benefits and only need to compensate through a monthly payment, you’ll save a tremendous amount of money. Plus, if you hire your virtual assistants on an hourly basis, you can actively allocate work that takes less time to finish, thereby reducing your expenses even further.
Save Up to 70% on Onboarding Costs:
According to a study by Glassdoor, the average company spends about $4,000 to hire a new employee. When you hire a full-time employee, you’ll have to invest a considerable amount of time and resources into training them for different aspects of their job. 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.
The virtual assistants can start right away!
The fact is, many virtual assistants are highly trained. For example, 45% of virtual assistants hold a Bachelor’s degree. In addition, 18% have an Associate degree, and 6% have a Master’s degree. So, there’s a very high chance that your virtual assistant outsourcing company will be able to allocate a VA who has all the qualifications you require for higher-order jobs. Additionally, their existing skills will prevent your need to train your internal employees on specific skills.
Reduce Your Company’s Attrition Rate Up to 50%
According to the Work Institute, employee attrition costs the US a whopping $630 billion. Hiring virtual assistant services can solve this problem. However, even if your internal employees don’t quit, having a talent shortage can lead to immense losses. For example, talent shortage costs US companies $435.7 billion, UK companies $90 billion and Chinese companies $147.1 billion.
A study conducted by students of Stanford University shows that a virtual assistant can cut your company’s attrition rate and expenses by 50%. This is mainly because virtual assistant outsourcing companies work with you on contract. Therefore, they are legally bound to complete their tenure with you and cannot just leave your company whenever they prefer.
Tips to Increase your Saving by Working Effectively with a virtual assistant:
Now that you know how your virtual assistant outsourcing company can save you up to 70% of your expenses, let’s see how you can increase your savings:
Be strategic about how you allocate to your virtual assistant:
Discuss with your virtual assistant services provider and create a work schedule that ensures both you and your virtual assistant can have some face time every day. If something can be automated or done later, give your assistant the autonomy to plan those tasks according to how they feel best.
Give virtual assistants access to organizational resources
Have a shared file which your internal team and your virtual assistant outsourcing provider can both access. Keep updating your software/account passwords, scheduling needs, meeting notes etc., so your virtual assistant for small businesses can keep working without chasing people for access.
Share your expectations with them & reward them for a job well done
Discussing your expectations from their role and position in the company can help your virtual assistant plan their work carefully. They’ll be careful to ensure that they meet your requirements with care and that allocated tasks are delivered on time.
A virtual assistant for a small business can be a wonderful and cost-saving addition to your team. A Vgrow, we have a team of highly-educated, qualified and experienced virtual assistants who can help you reduce operational expenses and improve your business performance. Our virtual assistant costs are incredibly budget-friendly and designed to meet the needs of start-ups and MNCs alike. You can now hire our virtual assistants at just $6/per hour.
Contact us today to know more about our virtual assistant outsourcing service.