24 Feb Virtual Executive Assistant (VEA) Trends to Watch for in 2022
Despite the current economic downturn in many industries, the Virtual Executive Assistant (VEA) industry has seen huge growth. And trends suggest the rise in VEAs will continue through this year. Here are the latest VEA trends that will shape business decisions in 2022.
1. The Growing Number of Remote Freelancers
The worldwide COVID impact has led to a steady rise in freelancers working remotely. Whether its project management or administrative tasks, an increasing number of freelancers are stepping up to offer virtual assistant services. According to the 2020 Statista report, 50% of Generation Z employees are doing some form of freelance work.Trends show that full-time employees have transitioned to freelancing and provide virtual executive assistant services for the industries they specialized when they were working full time. In fact, the 2021 virtual executive assistant statistics reveal that 59% of virtual assistants were actually full-time employees. They enjoy the benefits of remote work like a flexible schedule, better work-life balance, higher work productivity, and more.As a result, business owners can greatly benefit from the growing virtual executive assistant market. Whether it’s managing calendars, scheduling meetings or handling HR matters, companies can save money by hiring a virtual executive assistant.
Key Takeaways:
– Freelancers work independently and do not require a lot supervision.
– Business owners have the flexibility to hire freelancers on a contractual basis.
– Before hiring a virtual executive assistant, it’s easy to assess their work quality and experience.
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2. Increased Reach of High-Speed Internet
The US government will be spending approximately $150 billion to improve the digital infrastructure over the next decade. As a result, virtual work is on the rise, and the virtual assistant market is hugely benefitting from the implementation of hi-speed Internet and wireless networks.This makes it easy for companies to harness the working population with Internet accessibility. It’s giving more people the option of remote work, and encouraging an upward market growth for virtual executive assistants.
Key Takeaways:
– Good Internet connectivity helps business owners stay in touch with remote workers and get regular updates.
– Virtual executive assistant can access, download, and share data while working from anywhere.
– The Internet encourages self-learning and eliminates the need for additional training.
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3. The Rise of Remote and Virtual Startups
Startups are always looking for cost-effective solutions that can help them save money and generate more revenue. And a remote or virtual staff can help save more money by eliminating the need for a larger office space. More specifically, business could save up to 78% in operating costs every year.
Key Takeaways:
– Virtual assistants can quickly familiarize themselves with the digital tools used at a remote work place.
– Remote companies can access a larger talent pool and recruit a virtual personal assistant from any corner of the world.
– Virtual assistants tend to follow a flexible work schedule, perfect for remote startups that generally don’t have standard work hours.
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4. Plan For Outsourcing and Cost Savings
Due to the widespread impact of the pandemic, many businesses have incurred huge losses, both in terms of clients and revenue. It has caused many businesses to prioritize cost savings and embrace the trend of outsourcing.Outsourcing work to a virtual executive assistant can significantly bring down the cost of doing business – no medical benefits, office equipment, or other expenses of maintaining full-time employees.
Key Takeaways:
– The demand for virtual and remote executive assistants will continue to grow, as more companies adopt remote and hybrid work models.
– Outsourcing administrative tasks can free up time and resources, allowing business owners and CEOs to dedicate more time to complex tasks.
– An outsourcing vendor brings in specialized knowledge and assures quality deliverables for CEOs and business owners.
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5. The Shift Towards a Flexible Work Schedule
A flexible work schedule gives remote employees the freedom to work during their most productive hours. In fact, a survey by Boston College in the USA reveals that 70% of managers and 87% of employees believe that a flexible work schedule positively impacts their productivity.Allowing a virtual team to work flexible schedules can help businesses retain and attract talented resources. It enables companies to build a team of highly motivated employees and promotes a healthy work culture.Additionally, hiring virtual executive assistants and giving them the flexibility to work from anywhere ensures they’re able to keep a work/life balance.
Key Takeaways:
– A flexible work schedule improves job satisfaction levels.
– Offering flexible work arrangements helps build a positive brand reputation and enhances business’s market size.
– Flexible work schedules all for a perfect work/life balance.
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6. Integration of Digital Tools
Digital tools can help scale daily business operations, reduce paperwork, manage payrolls, and streamline team communications. Real-time updates, access customer insights, and create automation capabilities are available 24/7.Integrating digital tools can help companies manage their remote employees and virtual assistants with absolute ease. According to the 2021 Statista report, 79% of employees, including virtual assistants and remote employees, have been using digital tools for improved collaboration.
Key Takeaways:
– Digital tools like project management software give virtual executive assistants easy access to information, data, and files in one centralized place.
– It becomes easier to discuss project briefs, weekly tasks, and client updates via video, call, or chat.
– Digital tools can help with the online scheduling of tasks and meetings and streamline internal team communication.
The recent trends emphasize the significance of hiring a VEA, especially in the face of the ongoing COVID crisis. At Ann Albrecht Consulting, we are here to help you grow your business, increase the profit margin and ultimately raise your market share. Call us today, and let’s talk about the benefits of hiring a virtual executive assistant.