Are virtual assistants and outsourcing just a trend that you should try or good for boosting growth and productivity of your business?
What is outsourcing?
Outsourcing is a business method in which an organization employs a third party to conduct activities, administer processes or deliver resources to the company. An example would be a company wanting to develop an application for their business.
To save costs in hiring IT experts and purchasing programs, a business organization can opt to outsource agencies to do the job. Business leaders can outsource recruitment, accounting, payroll, and legal counselling services.
For clarifications, outsourcing is a more general term for involving a third party to finish a project or task. An organization can outsource a service, a task, or a professional.
What is a virtual assistant?
A virtual assistant provides specific services like administrative, technical, and creative assistance to fulfil a specific business goal. A virtual assistant can work full time, part-time, or per project.
Generally, virtual assistants are experienced professionals in their fields and usually hired by small businesses in place of an in-house employee due to the quality of the work they deliver on a fraction of a cost.
Facts and Statistics
Here are some fascinating facts on outsourcing and virtual assistants that you should know.
Outsourcing facts from Capitol Counselor.
- In 2019, the worldwide outsourcing market was worth $92.5 billion.
- The top reason for outsourcing (59%) is to save money and cut costs.
- 14.3 million is the number of workers US overseas affiliates hired back in 2015.
- In 2017, a whopping 84.2% of outsourcing deals came from the States.
- 60% of the work being outsourced is related to the IT industry, IT outsourcing statistics reveal.
- Twenty-four percent of small businesses outsource to increase the efficiency of their business. Another 18% do so to get expert assistance; 16% do it to be more flexible; lastly, according to outsourcing statistics, 15% do it to cut and streamline workflow.
- Around 300,000 jobs are outsourced by the US annually.
- Eighty-five percent of the world’s logistics leaders are expecting an increase in their outsourcing budgets for the year 2020 (and beyond).
- US outsourcing statistics from 2019 suggest that maintaining good relationships with outsourcing partners is key to success (for both businesses involved).
- Around 37% of small businesses use outsourcing to handle at least one of their business processes.
Everyone has caught up with outsourcing and its more specified counterpart is catching up as well in terms of the advantages it can give your business. But, virtual assistants may not be as popular but the facts laid out can change your mind.
If you are still thinking whether a virtual assistant may be the right choice for your business, check out the compilation of virtual assistant and remote worker facts from different studies and surveys below.
- The latest figures show that virtual assistants can help firms save as much as 78 percent on operational costs in comparison with a full-time employee.
- The total percentage of remote employees choose to work remotely for the remainder of their lives is a whopping 90%.
- The top two destinations for locating virtual assistants are India and the Philippines.
- Sixty-nine percent of office employees suffer from depression due to a stressful work environment, compared to remote workers.
- Fifty-nine percent of virtual assistants are full-time staff.
- Ninety percent of remote employees believe that they are more effective when they work from home.
- Most VA’s are over 35 and bring a range of experience and skills with their business. Not to mention, virtual assistants come from all over the globe, bringing in diversity in the work setup.
- The latest work from home statistics shows that as many as two-thirds of managers say they have seen an improvement in productivity from employees who work from home.
- Analysts say that the increase in productivity from workers who shifted to a work from home arrangement is worth an enormous $1.3 billion in added value to the US economy annually.
- Another benefit of hiring virtual assistants for your business is that it can help you save precious time and clear up your schedule for more important things, like family.
What does it mean to your business?
Outsourcing and virtual assistants appear to offer multiple benefits both for the business leaders and remote workers themselves. Based on the figures above, the future is looking bright for outsourcing and virtual assistants, even post COVID-19.
Outsourcing, specifically of virtual assistants, is a practical alternative for businesses that plan to grow and cater to the global market. Virtual assistants are less expensive than their regular counterpart, as efficient as the office staff, and offer convenience to business leaders who want to live a balanced life.
If you are in search of a professional to support your business, run digital marketing, handle your social media accounts, and other tasks, VALUE Virtual Assistants will help you find the assistance you need.
Looking for a virtual assistant?
