In today’s fast-paced business world, executives are always looking for ways to be more efficient and productive. One way to do this is by hiring an Executive Assistant (EA). But should you hire an in-house EA or a remote EA? Both have their pros and cons, but understanding the hidden costs of each can help you make the best decision for your needs.
In-House EAs: The Traditional Approach
Hiring an in-house EA has been the go-to method for a long time. It offers benefits like face-to-face interaction and a deep understanding of your company culture. However, this traditional approach comes with costs that are often overlooked.
- Salary and Benefits: The most obvious cost is the EA’s salary. In 2024, the average salary for an experienced EA in the UK ranged from £24,000 – £42,507 per year. But that’s not all. You must also consider benefits like health insurance, retirement plans, and paid time off, which add to the total cost.
- Office Space and Equipment:Providing a workspace for your in-house EA also adds to the expenses. Office space, furniture, computers, and supplies all contribute to overhead costs. In big cities with high rent, this can be a significant burden. When you factor in expenses like taxes, benefits, equipment, and office space, an in-office employee typically costs 1.25 to 1.4 times their base salary .
- Recruiting and Onboarding: Finding and training a new employee takes time and money. Advertising the position, screening candidates, conducting interviews, and onboarding the new hire can cost around £15000 recruiting and £3,000 for onboarding.
- Hidden Costs:
There are also hidden costs to consider, such as:
- Training and Development: Keeping your EA’s skills sharp requires ongoing training, which can be costly.
- Performance Bonuses: Many companies offer bonuses to motivate employees, adding to the overall compensation.
- Paid Time Off: Sick leave, vacation time, and other types of paid time off contribute to the overall cost.
- Employee Turnover: When an employee leaves, you incur costs related to finding, hiring, and training a replacement.
When you add everything up, the total annual cost of hiring an in-house EA can be as high as £100,000.
Remote EAs: The Modern Solution
With the rise of remote work, businesses have a new, cost-effective option: remote EAs. They offer many benefits while keeping costs down.
- Cost Savings: One of the biggest advantages of remote EAs is the cost savings. You don’t need to provide office space, equipment, or many of the overhead expenses associated with in-house employees. This can significantly reduce your overall costs. In fact, 82% of Chief Financial Officers (CFOs) believe that a hybrid work model, which includes remote roles like EAs, is more cost-effective than traditional office setups. The cost of hiring a remote Executive Assistant typically ranges from £15,000 to £30,000 per year when outsourcing to offshore professionals.
- Fixed Monthly Fee:Many remote EA providers offer their services for a fixed monthly fee, typically ranging from £530 to £2,000 per month, depending on your needs. This predictable cost structure makes budgeting easier and helps you avoid unexpected expenses.
- Flexibility and Scalability:Remote EAs offer incredible flexibility. They can work from anywhere with an internet connection, providing support across different time zones. This is especially helpful for businesses that operate globally or need assistance outside of normal business hours. You can also easily scale their services up or down as needed, allowing you to adapt to changing workloads without the hassle of hiring and firing employees.
- Increased Productivity:Remote EAs are often highly productive individuals who are used to working independently and managing their time effectively. They can streamline your workflow, handle administrative tasks efficiently, and free up your time to focus on more important things. Studies show that executives spend an average of 23 hours a week in meetings alone . By delegating tasks to a remote EA, you can get that time back and focus on strategic initiatives that drive business growth.
- Access to a Wider Talent Pool:Hiring a remote EA gives you access to a larger pool of talent, beyond your local area. This means you can find highly skilled and experienced professionals from anywhere in the world.
Making the Right Choice
The decision to hire an in-house or remote EA depends on your budget, business needs, and company culture. While in-house EAs offer the benefits of direct interaction and immediate availability, they come with significant costs.
Remote EAs, on the other hand, provide cost savings, flexibility, and access to a wider talent pool. They can be a great option for businesses with global operations, changing workloads, or those looking to minimise overhead expenses.
Ultimately, the best choice depends on your specific needs and priorities. If cost-effectiveness, flexibility, and access to a global talent pool are important to you, a remote EA may be the ideal solution.
Ready to save time and cut costs without compromising quality? Hire a dedicated, highly skilled remote Executive Assistant from Umbra and streamline your business operations today!
Book a Free Consultation Now to discover how our EAs can support your growth.