Sometimes it’s the small changes that can make the biggest difference. For small and mid-size businesses, this often plays out in how you handle one of the most important tasks of managing a company: the hiring process.
Let’s be honest, finding a person who is not only qualified but also the best fit for your company’s needs and culture — and who is eager to accept the position at a compensation level that you both find agreeable — is not easy. Far from it.
Much of the stress and difficulty in this process stems from the high stakes that come with mounting a search to fill a full-time, permanent position. The last thing a business owner wants is to go through the considerable cost and time investment involved in hiring someone and have the process end with an ill-fitting hire.
Fortunately, there is a more efficient alternative. Much of the risk and potential for missteps that can occur during a traditional hiring process are minimized or rendered moot through the use of virtual assistance. This growing trend benefits businesses in ways that really matter, namely by preserving your bottom line and saving you time.
Virtual assistance involves relying on skilled professionals who work remotely and, typically, on a freelance basis. This strategy enables businesses to quickly bolster the effectiveness of their workforce without sharply increasing their labor costs or going through a lengthy employee search.
Advances in technology are transforming how people communicate and collaborate on projects. Working with an employee who is in a different location is now a seamless and cost-effective option. One of the great benefits of virtual assistance is that the most qualified person for the job could be in another time zone, another country or across town and it doesn’t matter.
Going through the traditional hiring process to fill a full-time, in-house job is the opposite of easy, especially for small businesses. In a survey by Wasp Barcode Technologies of more than 1,100 small U.S. businesses, half said hiring new employees was their biggest challenge. Among the reasons, smaller companies tend to have limited human resources staff and also less time to engage in a lengthy candidate search.
Finding a qualified employee through the use of virtual assistance has become easier in recent years amid an explosion of online companies that connect freelance workers with employers. These include Upwork, Freelancer and Zirtual, among others.
Sites like Upwork are set up so that workers compete to bid on available jobs, often by agreeing to do the job for less pay or in less time than other applicants. Some platforms also incorporate tools for employers to keep tabs on the progress the independent worker is making on their assigned task, tying pay to project milestones.
FINSYNC’s virtual community of specialists provides businesses with unrivaled support for bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Businesses can maximize their resources and support growth by tapping into this growing pool of virtual support professionals.
Perhaps the biggest benefit that virtual assistance offers businesses is big savings relative to the cost of a traditional hire. Virtual assistance enables employers to call in extra help without having to find space in their budget to add another full-time employee. And because they work remotely, that helps reduce the company’s cost for leasing office space, computers, furniture and other expenses.
The cadre of online portals used to connect virtual assistants and employers are a less expensive method to finding a new hire than the traditional path, which often involves spending money on recruitment and training.
In addition, not having to pay for health insurance coverage, paid vacation days and other benefits that companies typically offer full-time hires is probably the biggest source of savings that companies reap from relying on virtual assistance.
Benefits alone account for more than 31.4% of the average full-time employee’s total compensation, according to data from the U.S. Labor Department.
Boost Capacity When It’s Needed the Most
One of the unique benefits of using virtual assistance is the flexibility it offers businesses. Are you scrambling to finish a last-minute project in an area where your current workforce isn’t so strong? Virtual assistance enables businesses to quickly increase their workforce with skilled professionals who can provide the support needed to deliver the job.
Once the project is over, you no longer need to hang on to the extra help. It’s all about getting the help you need, and only as long as you need it. Many companies are going beyond one-off projects and relying upon virtual assistance to permanently fill gaps in their workforce.
Some 65% of executives say their external workforce is essential for operating at full capacity and meeting demand, according to a report by MBO Partners.
Optimize Company Finances
Sometimes a skilled outsider’s viewpoint can help businesses see where their financial management is lacking. Having discipline and objectivity about finances can be a challenge for small business owners who may have taken on a job ordinarily handled by an accountant or bookkeeper. That approach opens the door to problems once the company begins to grow and its finances become more complex.
Tight hiring budgets may persuade small business owners to handle bookkeeping and similar tasks on their own, but a far better option is to use virtual assistance. Enlisting a virtual bookkeeper or virtual accountant to handle bill payments, invoicing and other transactions frees managers to focus on other areas of their business. And isn’t that when business owners do their best work?
Tap into FINSYNC’s virtual assistance network to be matched with a skilled financial professional that’s best suited to help your business grow.