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Taking A Look at Using Virtual Assistance

Companies always have a continuing list of tasks and projects that they would like to get done and yet, many of these are put on hold as there is only so much that can get done with the current staffing level and the number of working hours available in the day. Some of these tasks and projects are high enough of a priority that they get worked on as time is available - meaning they are getting done at a snail's pace.

Hiring Directly Comes with A Price

It may seem that your only or best option is to increase the size of your staff, but that comes with a heavy price - a minimum of $22,212.161. And this does not include any costs you would incur for recruiting. The more experience and skills that you require, the more the cost goes up. Hire someone with more than ten years of experience and a well rounded administrative skill set and you are looking at closer to $69,294.002. The average employee works about 1,944 hours annually3. Broken down, this means your true hourly cost could range between $11.43 and $35.65. And this is just a rough estimate. Many factors can cause this to increase, such as overtime, workman's compensation insurance, etc. Unless the list of projects directly results in sales or revenue, your bottom line is definitely going to take a hit. But there are other options.

Temporary Labor Just As Costly

Many executives have the mindset that temporary employees, hired through a third-party agency, are the best option for short-term projects. Like any good industry, the marketing is better than reality - at least when looking at its impact on your bottom line. Pricing out temporary labor is not as clear cut as direct hire, meaning that many of the costs and fees vary significantly from employment agency to employment agency. Even the reported profit margins vary, but can be as high as 46% or more. That means a 46% charge on top of the hourly rate the temporary employee is being paid. Sounds pretty economical for a short-term project until you realize that it is just about double the cost (per hour) as hiring someone directly. In other words, that $11.43 direct hire will cost you closer to $20.00 or more through the temporary agency. There is another option though, that you can consider - one that is flexible and affordable.

Virtual Assistance Is An Affordable Option

Virtual Assistance provides companies with the best of both options - direct hire and temporary assistance combined. Virtual Assistance provided through ICTUS can incorporate a wide range of projects or even day-to-day tasks. The only requirement is that they not require an on-site presence, but can be done virtually. With over 20 years of experience in a variety of industries ranging from real estate to warehousing to manufacturing and more, no project is too large or small to be considered. And the rates are commensurate with an experienced executive assistant - but without the additional cost of taxes, insurance, benefits, etc.

Depending on the project or task and the work required, you might be invoiced by the hour, the line, the page, the recorded minute, or even a flat rate. If you should need assistance full time, meaning 40 hours a week, our rate would still offer you a savings of approximately 25% over hiring someone directly. Our rates are very competitive and open for negotiation. We take the time to research what other professionals are charging for similar services. We take into consideration the value of the people working for us. And we take a look at our bottom line. It is our goal to be as competitive as possible while maintaining a sustainable environment for both our professionals and our business. While we usually have a general range in mind, we are always open to listening to our clients’ needs too and will work with our clients to develop pricing that is sustainable for all parties.

Getting Started with Virtual Assistance

If Virtual Assistance sounds like a viable solution to you, the first thing to do is to start reviewing your projects and day-to-day tasks. Which ones require personnel to be on-site? Unfortunately, Virtual Assistance cannot help with those particular tasks and projects. The remaining items on your list of tasks should be prioritized. Once you have your prioritized list, contact Chelle Fuller at chelle.fuller@ictuscomm.com to discuss the projects you need assistance with and we can discuss the options we offer or even prepare a proposal for you or management to consider.

 


1 This was calculated using a base rate of $8.00/hour, FICA at 6.2%, Medicare at 1.45%, Fed Unemployment of 1.45% (for $7,000), State Unemployment of 3.2%, General Labor Expenses at 3.2%, Benefit Package using a national average of 9.1%, which covers insurance and bonuses, but does not include vacations, holidays, sick days, etc. Also includes general HR functions for completing required paperwork, excluding recruiting, for 10%.

2 This was calculated using a base rate of $25.00/hour and the same additional costs as used previously.

3 The average number of working hours was calculated by multiplying 40 hours by 52 weeks and then subtracting 40 hours each for Federal holidays, vacation, and sick days and 16 hours for personal days.

 

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