Interesting Virtual Assistant Facts You Should Know in 2023

Ready for some interesting Virtual Assistant facts you should know in 2023? 😉

With the rise of remote work, the virtual assistant industry growth is better than ever, unleashing a whole world of possibilities for businesses.

And whether you’re an established corporation or a start-up—VAs are here to stay!

So in this blog, let’s explore some interesting facts and statistics about virtual assistants in 2023 that may persuade you to get one or two VAs of your own:

• Fact 1: The most popular VA specialties are admin work and project management.
• Fact 2: VAs save executives an average of 16 hours per week on day-to-day admin work.
• Fact 3: VAs can help firms save as much as 78% on operational costs.
• Fact 4: 70% of startups offer some form of remote work.
• Fact 5: The Philippines is home to roughly 13% of the world’s virtual assistants.
• Fact 6: The freelance VA market is projected to grow by $4 BILLION in 2025.
• Fact 7: There are three ways to hire a virtual assistant (hire a freelancer, agency, or managed service.)

Fact 1: The most popular VA specialties are admin work and project management.

General admin work and project management are two crucial areas for any business, according to Operation Verve. And we’re sure they can be time-consuming for you, too!

For admin work, VAs can take over data entry, document organisation, email management, file maintenance, and more. By entrusting these responsibilities to a VA, you can ensure that essential information is accurately recorded and easily accessible when needed! 💯

And when it comes to project management, VAs usually assist in planning and organising projects, creating timelines, monitoring progress, and more.

With VAs keeping a close eye on project milestones and deadlines, your projects will be completed successfully more often than not.

But how do you know if your prospect/current VA is up for such tasks? 🤔

Check out the profiles of our seasoned VAs—each of them specialises in different areas like admin, project management, social media, and more!

Fact 2: VAs save executives an average of 16 hours per week on day-to-day admin work.

Executives spend an average of 16 hours per week on day-to-day admin work. Their time is filled with scheduling meetings, email correspondence, and planning business trips…

All of that time could’ve been spent on brainstorming to grow the business instead! 😅

Virtual assistants can help executives regain this lost time. And with the burden of administrative work lifted, executives can experience reduced stress levels and increased job satisfaction.

Not to mention, they can fully immerse themselves in their leadership roles, leading to enhanced creativity, sharper focus, and a more proactive approach to problem-solving.

Our happy clients are enjoying this very freedom! Here’s what some of them have to say:

Fact 3: VAs can help firms save as much as 78% on operational costs.

One of the main benefits of hiring a VA is the cost savings. Virtual assistants can help firms save as much as 78% on operational costs in comparison to hiring a full-time employee.

This is because you would pay for the hours worked, avoiding the additional costs of benefits, office space, and equipment. 👍

This significant cost reduction is particularly advantageous for small and medium-sized enterprises (SMEs) or startups with limited budgets.

By leveraging the services of VAs, these companies can access top-tier support without incurring the financial burden associated with traditional hiring processes—which could take weeks, if not months! 👀

Fact 4: 70% of startups offer some form of remote work.

70% of startups offer some form of remote work, according to Crunchbase.

This trend has led small businesses and startups to turn to virtual assistants as a cost-effective and productive solution. 👌
By outsourcing tasks to VAs, these companies can benefit from familiarisation with digital tools used in remote workspaces, diverse skill development, and reduced business costs.

With remote work becoming increasingly prevalent, companies embracing this model can also tap into a global talent pool and hire virtual personal assistants from anywhere in the world—as long as they meet the required criteria, of course!

VAs typically follow flexible work schedules, aligning well with the dynamic nature of remote startups that don’t adhere strictly to traditional working hours. This flexibility ensures that VAs can assist with urgent tasks even on weekends if the need arises.

That’s the power of workers from other time zones! 🌏

Pictured: A sneak peek at Outsourcing Angel’s monthly virtual get-togethers. Images taken on March 2, 2023 (left) and November 25th, 2022 (right).

Fact 5: The Philippines is home to roughly 13% of the world’s virtual assistants.

When it comes to virtual assistants (VAs), the Philippines stands out as a leading provider. 💪

Approximately 13% of the world’s VAs can be found in this country. And this statistic comes as no surprise!

Why? Filipinos rank 22nd out of 111 countries in terms of English proficiency. Their ability to communicate effectively in English sets them apart from other VAs and makes them well-suited for tasks that require strong English language skills.

Filipino VAs also boast an impressive literacy rate of 96%, the highest among VA sectors worldwide. This means that they possess the necessary skills to comprehend and interpret information accurately, enhancing their overall effectiveness in performing tasks. 😉

And of course, it also helps that they’re very warm and friendly!

Pictured: (left) Outsourcing Angel staff during the Annual Company Trip at Samal Island, Davao City, Philippines last 2019. (Right) Founder & CEO Linh Podetti with OA business analyst Cha Yan at the September 2022 Retreat in Australia

At Outsourcing Angel, we’re 100% remote and our experienced VAs are located in the Philippines.

We also have an energetic team in Australia that works closely with our clients. And aside from them, we also have team members from Italy, Singapore, and Malaysia! 🌏

Fact 6: The freelance VA market is projected to grow by $4 BILLION in 2025.

The virtual assistant industry growth is healthier than ever, especially in the freelance market.

According to Business Wire, experts predict that the freelance virtual assistant market will expand by an impressive $4 billion between 2021 and 2025. This growth reflects a rising demand for virtual assistants. 📈

And remember 2020—the year of the pandemic?

Back then, there was a notable 41% increase in hiring of VAs through offshore agencies. This surge in demand can be attributed to the economic restrictions imposed at that time, which led companies to make adjustments (such as laying off full-time staff.)

So as businesses sought cost-effective alternatives, outsourcing virtual assistants from offshore agencies naturally became an appealing option.

But that’s not the only way to get a VA!

Fact 7: There are three ways to hire a virtual assistant.

When it comes to hiring virtual assistants, there are three main options to consider: hiring a freelancer, utilising an agency or going for a managed service.

Hire a Freelancer

One popular method is to hire a freelancer VA through marketplaces or job boards. This option provides flexibility and a wide range of choices. 👀

You’ll have the freedom to browse profiles, evaluate skills and experience, and directly engage with potential candidates. This also grants you more control over the selection process. Plus, you can determine the level of involvement you want in managing their work.

BUT! Keep in mind that you will be responsible for overseeing their tasks, ensuring quality, and addressing any performance issues. 😴

Utilise an Agency

Another approach is to partner with an agency that specialises in providing independent contractor VAs.

These agencies have pre-screened and vetted VAs available for hire, saving you time and effort in the selection process. The good ones also handle administrative tasks like onboarding, payments, and contract management. 📃

Opting for an agency can offer a balance between control and convenience. You can still direct and manage the VA’s tasks while relying on the agency for support and guidance.

Going for a Managed Service

For those seeking a more professional approach, a managed service might be the right choice.

With a managed service, you delegate the entire process of hiring, training, and managing virtual assistants to a dedicated team. They take care of all the administrative aspects, ensuring quality control, and providing ongoing support.

This option allows you to focus on your core tasks (such as growing your business) while entrusting the management of VAs to experts who specialise in this area.

At Outsourcing Angel, we even have a Lifetime Client Happiness Guarantee: if you’re not happy with your VA for any reason, we’ll find you a replacement at zero additional cost.

Plus, you’ll get 1 week of free VA service to help you get settled with your new VA! 😉

And that’s on top of our comprehensive 6-step recruitment process, which we’ve developed from over 10 years of experience.

We know, we’re extra like that. 😆

But ultimately, the decision on how to hire a VA depends on your individual requirements, preferences, and comfort level with varying levels of involvement and responsibility. 👌

The Virtual Assistant Industry is Stronger Than Ever

In short? The virtual assistant industry is experiencing significant growth as time goes by. More and more businesses are looking to outsource tasks to VAs to increase productivity!

And with the rise of remote-friendly startups and the need for cost-effective solutions, it’s no surprise that the VA industry will continue to flourish in 2023 and beyond. 🙏