Being a business owner is no easy task. Regardless of the industry, you operate in, you are often faced with long to-do lists and an onslaught of projects and responsibilities. If you don't possess the necessary skills to perform specific tasks, they may become neglected. This can be especially true for niche skills such as Administration, Marketing and Social Media Management. If you are a growing business looking to delegate tasks so that you can free up time to focus on other things, hiring someone that is skilled and specialized makes perfect sense. When seeking the ideal candidate for the job you may be asking yourself, should I hire a virtual assistant/contractor or an employee?
The Rise in Self-Employment
According to Statistics Canada, self-employment and contract work are on the rise, with an increase of nearly 15% over the past four decades at nearly 2.9 million workers. This shows a growing trend in well-educated, self-sufficient individuals. As work from home popularity and the desire for work-life balance increases, virtual assistants are becoming more readily available than traditional employees and businesses are in a position save money by hiring short-term independent workers with a specific area of expertise.
Why Contracting May Be the Better Choice for Your Business
Your business is dealing with dozens of tasks and a steadily growing workload. You need help but the work that needs to be done may only require a short time commitment. If your project has a defined beginning and end or is not anticipated to go on indefinitely, a contractor may be just what you are looking for.
What is a Virtual Assistant?
A virtual assistant is an independent contractor who provides administrative, technical, and creative business services to clients while working remotely.
Here are 4 benefits to hiring a virtual assistant/contractor:
1. Fills Gaps in Staffing
You may have a project that requires temporary help or wish to utilize a service that you don't need regularly. Rather than hiring new staff and paying for endless training and development, you can hire a skilled and specialized contractor for a one-off job or as needed. Instead of wasting time and resources trying to find the perfect employee, a reputable contract staffing agency will find you a candidate that is a great fit for your company much more quickly.
2. Reduces Your Administrative Overhead
High labour costs can cripple a business. The expense of hiring an employee adds up quickly, especially when you are looking for a specific talent that is in high demand. Investing in the process of onboarding and training takes time and money coupled with overhead costs such as payroll taxes, EI and Workers' Compensation. With a contractor, there is no overhead or benefit-cost like health insurance, disability and paid vacation. You may pay more per hour than an employee, but your overall employment costs will be significantly reduced while still maintaining output and productivity.
3. Virtual Assistant/Contractors Are More Flexible
During busy times of the year, hiring a contractor can temporarily alleviate heavy workloads with no obligation to keep paying for services once they’ve done the job and your needs change. You can start or end contracts at any time with no impact on employee morale and match your workload and specific project requirements with the right level of staff. Many contractors work remotely, meaning that you can access talent without the expense of providing office space or tools to do the job. Depending on where your contractor is located, they can work around the clock increasing productivity.
4. Hiring Virtual Assistant/Contractors Is Quicker
Outsourcing to a contractor allows you to find someone quicky without the standard, time-consuming recruitment process of hiring a traditional employee. If you have higher than usual demand or need help on short notice, you can find a contractor to work on your project almost immediately. In a fast-paced world where clients expect services to be delivered at high speed, a contractor is the way to ramp up your capabilities.
For many businesses, the benefit of hiring a contractor is wide-ranging and is a flexible way to get work done without the commitment of paying an employee long-term quickly. Clever use of contractors can save your business time and money and maximize returns. In a modern generation that uses technology more confidently, the corporate culture has turned to outsourcing services more than ever before.
FULL-TIME EMPLOYEE VS VIRTUAL ASSISTANT COST COMPARISON
As your business starts growing, you will find yourself in a position where you need help managing all of your tasks and projects. Now the question is, do you employ a full-time employee or hire a Virtual Assistant?
According to Glassdoor*, a full time Social Media Marketing employee in Canada can earn on average $44,000 a year. However, their actual cost to an employer is closer to $52,000, due to other additional expenses such as benefits. We have broken down additional information in the table below.
Who We Are:
Creative Dynamics Virtual Services is a well-rounded team that can assist your company with more than just one task. Our team provides administrative support, marketing, website development and/or maintenance, while providing creative business solutions to entrepreneurs.
Key Points:
No related tax insurance or benefits
Only pay for the time needed
Ability to stay on schedule
We specialize in various tasks
SAVE MONEY
We would love to hear from you! Please book a free consultation today!