If you’re like most people in 2022, you are looking for ways to cut costs. You may have gone through lay-offs, budget cuts, or had to raise your prices. Now more than ever, saving money where you can is essential. This is why looking at alternatives to full time employees is absolutely vital.
There has been a trend towards remote work and it looks like that trend is not stopping soon. With remote workers being proven to be just as efficient as in house workers, the benefits are plenty. To make remote work even more viable, you can hire a virtual assistant.
Virtual assistants are team members that work on a contract basis for a set amount of hours per month, without the taxes and employee benefits on top. Virtual Assistants work for agencies that handle all of that in house, so you never have to worry about it. Below we will lay out the top 5 benefits to a company hiring a virtual assistant.
- Save on recruitment costs. When using a virtual assistant company, you skip the steps of finding, interviewing, and recruiting new hires. This can save significant time that allows you to focus on your business. You simply contact an agency, let them know what you need, and you are provided with a high quality virtual assistant.
- Pay one straightforward cost. When hiring an employee, costs can vary quite a bit month to month when you factor in bonuses, paid time off, and overtime. This is eliminated by hiring a virtual assistant. You pay one agreed upon monthly fee and it never fluctuates. This greatly increases the ability to budget and keep your P and L realistic.
- Save on employee benefits. Did you know that benefits raise the cost of an employee by almost 35%? When you hire a virtual assistant you save on the cost of paying for health insurance, retirement plans, employee stock options, and bonuses. There is no office to pay for, transportation costs to consider, or meal reimbursement to worry about. You pay for the hours worked, and that’s all.
- Only pay for the hours you need. When you go with a virtual assistant company, you are generally offered multiple packages with different amounts of hours available. You will usually work with a rep who will guide you through the process of selecting the package that best fits your needs. This eliminates paying for hours that aren’t needed and streamlines your work flows.
- Save up to 40% on overhead costs. When you add up all of the savings from hiring a virtual assistant versus a full time employee, the results are quite staggering. Combining office space, reimbursements, and employee benefits add up to almost 40% of having an employee on your payroll. This cost is immediately eliminated when hiring a virtual assistant.
In summary, hiring a virtual assistant versus hiring a full time employee seems like an obvious choice. If you are interested in hearing more about what a virtual assistant can do for you, feel free to contact us and set up a consultation call today. We would love to help you get your time back, cut costs, and increase productivity.