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Before outsourcing, you’ll need to determine how much to pay your virtual assistant. And since the decision you are about to make is innovative and strategic, you’ll need to establish a budget for paying the virtual assistant to assist with business tasks.
Factors to Consider When Paying your Virtual Assistant
Outsourcing is like a marketing strategy. Taking that strategy and formulating a budget requirement, then incorporating Key Performance Indicators (KPIs) to measure the effectiveness of outsourcing business tasks.There are three factors to consider in identifying how much is a virtual assistant being paid. The first factor is the type of tasks or work, the second is the experience level, and the third is the place where the virtual assistant is located.
Factor #1: Type of Tasks/ Work
Virtual assistants vary widely in terms of their skill sets, which also affects the charges they receive. Here is the average salary of a Filipino virtual assistant based on skills and expertise.Source:The average virtual assistant fees are based on full-time. Thus, if your business only plans to hire part-time VAs, then the salary will be 50% of the full-time VA.
Factor #2: Experience Level
Often, the services of a newbie virtual assistant are cheaper compared to that of an established one. Also, since virtual assistants are growing, in-demand and their salaries change, you need to determine how much experience the VA has.For example, you need someone who will develop a social media marketing strategy and manage it. Plus, you need results quickly, so a larger budget is required as the experience level is relatively high.Nevertheless, if you are looking for a virtual assistant who can create and post content, you can choose either a newbie or one with some experience. In terms of fees, here, you will pay the VA at a lower cost.
Factor #3: The location they are working from
You might wonder why you should consider the country in which the VA is living. Paying a low per-hour rate does not necessarily mean the VA is limited and cannot add value to your business. Countries like India and the Philippines offer an attractive marketplace for VAs with phenomenal expertise at lower rates.These virtual assistants undergo much training and obtain much experience; yet, they charge less.Why is that so? This is because of the strong US Dollar exchange rate to Philippine peso. Many brands and businesses prefer working with Filipino virtual assistants because of the quality of their work. Also, the charges are lower compared to other countries like the US and Europe.
How to Pay your Virtual Assistant
To pay your virtual assistant, you must consider:1. The right payment structure2. Use the popular payment platforms
Choose The Right Payment Structure
It is imperative to distinguish the most suitable payment structure for your virtual assistant before you pay them.The first move is to decide whether to pay your VA an hourly rate or a fixed rate. For more information on how to do it effectively, check out this guide:
Use Popular Payment Platforms
When it comes to paying your virtual assistant, you must know which payment platforms to use. Here are the top three payment platforms most businesses use.
Virtual assistants are location-independent, which gives you a larger talent pool to choose from. You don’t have to hire someone who lives in your city or country. Because virtual assistants can be anywhere, you need to use a payment platform that is accepted globally. These payment platforms are:
1. PayPalPayments for virtual assistants are paid with PayPal, a leading payment platform.
With Payoneer, you can pay virtual assistants across countries quickly.
3. Wise, formerly Transferwise
It is a global money transfer platform that charges low and transparent fees on all transactions.
Estimating the cost of hiring a virtual assistant doesn’t have to be complicated. First and foremost, it is essential to identify the tasks you need to outsource.After you determine the type of VA support you need, you need to consider the experience level of the VA and determine how much you will have to pay a VA for their services.
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And if you need more information onHow much you should pay a virtual assistant,please contact us by firstname.lastname@example.org.We are happy to assist you.