Due to the covid pandemic in 2020, several businesses are forced to rethink and rework their budgets and agendas for the coming times. Many companies were forced to lay off their staff to save money with the fear of losing their business. They had to put the workload on other important employees while firing the non-essential staff, but this has led to severe work pressures and problems for them. Full-time employees are a costly idea but there is always an option of hiring a virtual assistant manager to keep things running.
A lot of businesses have now shifted to remote work just to be able to manage their budget and save money, at the same time getting their things done. The best part is that virtual assistants are as productive and efficient as in-house staff and charge a fraction of their cost. Small businesses especially have reaped the benefits of hiring virtual assistants for online business. A virtual assistant is very helpful in saving time and money, as much as $100,000 a year.
Let’s see how virtual assistants can help you save real-time money:
- Pay for single monthly retainer
Usually, the virtual assistants work under a fixed monthly rate and thus you need not worry about paying them for overtime. Moreover, it makes your monthly costs consistent and predictable since you already know the charges of your virtual assistant. This saves you enough money each month and can add to the profits.
- Pay on hourly basis
Full-time employees need to be paid fully even if they are not working on anything important. But, with a virtual assistant, you can pay him on an hourly basis too, like pay only for the number of hours he spent on your job. Since you are only paying for the time the virtual assistant is actively working on your project, you save a good amount of money rather than wasting extra money on full-time employees who are not even giving their full-time. Hire a virtual assistant manager and save real-time money.
- Drop overhead costs by 40%
If you hire a virtual assistant, you do not have to pay for their office expenses, supplies, or equipment. Moreover, you save a lot on the payroll taxes that can cost up to 26% of the basic salary bill for you. You also save on unemployment insurance, i.e., another 2.5-3.7% of the base salary. In addition to this you need not pay for worker’s compensation insurance and are also not responsible for paying overtime charges to the staff. Usually, the overtime is calculated for employees who work for more than 40 hours per week. If you calculate all, there is an approximate drop of 40% of your overhead costs if you hire a virtual assistant for your business needs.
- Save on new hires
When you hire a new employee, you spend a lot on recruiting teams, interview panels, background checks, and onboard training costs. All this adds up to a lot of money and you can easily do away with it by hiring a virtual assistant. Outsourcing these tasks gives you peace of mind and saves your money as everything is well taken care of for you. Thus, it is highly beneficial to hire a virtual assistant for online business.
- Save 32% on employee benefits
When you have a full-time employee, you spend a good amount of money on the employee benefits, and that costs around 32%. If you hire a virtual assistant who is working from a remote location you save on retirement plans, health insurance, employee stock options, etc. Moreover, a lot of savings is done on transportation costs and meal reimbursement costs because the virtual assistant is working remotely and is handling everything on its own.
Conclusion It is evident that if you compare the costs spent on an in-house assistant versus a virtual assistant, you will save a lot by hiring a virtual assistant manager. These saved costs will positively impact your business in every sphere and you can use this money to keep your business running in the full swing, despite the lockdowns and limited business hours. You can rise above the pandemic and stay afloat even in troubled times. Outsource your work to a virtual assistant and be sure that your business will keep running and you will still save money.