In the modern world of small to medium businesses, wage inflation is becoming an ever-increasing concern. Inflation, the consistent rise in prices, is causing a problem for businesses of all sizes - wages must keep pace with the rising costs of goods and services.
Cause of inflation
Inflation is caused by the continuous rise in prices of goods and services because the value of money reduces over time. This means that the overall cost of living increases, and eventually, businesses will need to pay higher wages to compensate for this. This means that businesses must find a way to ensure that their wages keep pace with the cost of living.
In response to this, many businesses have started exploring the option of hiring virtual assistants (VAs). According to the statistics made by Outsource Access, VAs are an excellent way for businesses to save money and can save a company as much as 78%, as they can
be hired on a contract basis or for a specific job, meaning that businesses can adjust their wages according to the amount of work being done. This is advantageous for companies that need to hire extra help but cannot afford to pay a full-time wage.
Why Hire a VA? Is it expensive?
Hiring a VA is one way to address the problem of wage inflation. VAs are generally less expensive than full-time employees and can be flexible regarding the amount of work they do and the rate of pay they receive. It turns out that 59% of virtual assistants are fully committed to their job compared to those who only do it part-time, and according to the same study, remote workers take fewer sick days and fewer breaks as they sometimes don't feel the need to take a break, resulting in a 13% increase in productivity. This allows businesses to adjust their wages and still remain competitive in the market.
By hiring a VA, businesses can get the help they need without worrying about the cost of living increasing faster than their wages. This benefits small to medium companies that don't have the resources to hire a full-time employee yet still need extra help.
In conclusion, wage inflation is a growing problem for businesses of all sizes, and they must find ways to remain competitive in the market.
Hiring a VA is one way to address this problem, as it allows businesses to keep their wages in line with the overall cost of living without sacrificing quality. Keep your business competitive and find the best-dedicated talents to hire.