Covid-19 has significant impacts on many aspects of life and businesses, one of which is remote work and hiring practices. Due to the need to cut costs during disruptive phases of the pandemic economic restriction, Business Process Outsourcing (BPO) and hiring of offshore contract virtual assistants become a ‘new normal’ practice for companies. 

Who are Virtual Assistants? What can they do? Why you should hire one?

Here are the 8 interesting facts on the Virtual Assistant Industry you should know.

  1. Hiring of Virtual Assistants (VA) through offshore agencies increased 41% in 2020 compared to that in 2019, while the number of full-time staff keeps reducing during Covid-19 economic restriction periods.

  2. Inbound inquiries to VA agencies increased an average 52% and correlated with coronavirus lockdown periods, with an initial surge of inquiries in Q2 2020 and a second wave of inquiries in Q4.

  3. Average hourly workload of individual VAs increased by 17%, while workload of VAs with agencies added by 13%. 

  4. More than half of inbound leads were companies outsourcing work that was formerly performed by in-house staff.

  5. Ninety percent of remote employees believe that they are more effective when they work from home. Two-thirds of managers say they have seen an improvement in productivity from employees who work from home.

  6. Virtual assistants can help firms save as much as 78 percent on operational costs in comparison with a full-time employee.

  7. 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.

  8. In the US, inquiry volume to both agencies and solo operators was highest in Q4 even as the unemployment rate improved to under 7%, suggesting that demand for offshore VAs will remain strong as the practice of offshoring admin tasks becomes normalized for companies that previously had not adapted to the global contractor market.

Innovature Infographic: 8 interesting facts you should know about Virtual Assistant Industry during Covid-19

Innovature Infographic: 8 interesting facts you should know about Virtual Assistant Industry during Covid-19

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