Virtual assistants are continually proving that they are instrumental in the business world since they allow companies to focus on their growth and delegate back-office work and other myriad tasks to a remote workforce.
The fact that companies can get reliable virtual assistants to work remotely from countries that can offer cheap yet skilled labor like the Philippines makes it more enticing to hire more people who work from home. One can say that a virtual workforce and their remote work is the future, especially since more and more companies are looking for freelancers and the likes and because there’s also a growing number of homey cafes that freelancers frequent.
Current State of Freelancing and Virtual Workforces
The freelancing world in the US is now slated to see a significant increase by 2027, as the majority of the US workforce will start freelancing. The following are the current statistics on the United States:
- 36% or 57.3 million US workers are freelancers who work remotely from home. Collectively, they contribute around $1.4 trillion to the economy annually.
- Of all the freelancers in the US, 63% said that they decided to be freelancers by choice.
- 61% of freelancers specialize in around two to three talents.
- Even though 77% of freelancers said that their financial stability did not improve after ditching their day jobs to freelance, but 68% of them said that their lives improved and that they became happier after working remotely.
- 63% of freelancers agree that it’s more secure to have a diversified portfolio of clients than only one employer.
- Of the freelancers in the US, 41% plan on staying as freelancers, and 45% agree that they feel more secure with their independent employment.
- 63% of freelancers dip into savings once per month, while only 20% of full-time non-freelancers save money.
Many professional Filipinos have already decided to start freelancing to have additional income or have a change of pace in their daily routine. As such, the freelancing world is seeing a continuous rise not only in the US but also in other countries that will then give businesses significantly more options when hiring a virtual workforce.
Productivity Boosts
The nature of a virtual workforce differs from that of a standard office-based workforce, and their environments also vary naturally. The different nature and settings of the two workforces affect their respective productivity.
- A study stated that people who work from home see an improvement in their work performance by 13%, and the company the virtual assistants work for saw a $2,000 increase in their annual profit.
- Americans collectively spent 29.6 billion hours when commuting to work in 2014, but working from home cuts commuting times to zero.
- Around 43% of companies employing freelancers save up at least 20% in labor costs alone.
- 36% of businesses employ freelancers because of time saved on tasks like onboarding and recruiting.
- 42% of large and midsize enterprises hire remote workers to meet seasonal demands.
Due to the low-stress environment of a home, virtual assistants are reportedly much more productive than office-based workers, while being able to save on expenses. Companies can also reap the benefits of their productivity as remote workers handle the tedious work that businesses have.
Work-life balance
Virtual assistants are only productive because of their work environment that differs from a conventional one. The resulting low-stress work environment results in the workers having a healthier work-life balance.
- A PGI study stated that 82% of workers reported lower stress levels, while 80% reported that they had high morale.
- According to 70% of all full-time freelancers, freelance work is significantly less stressful than that of a regular job.
- Around 42% of freelancers state that their freelancing jobs allow them the flexibility necessary to be able to handle their circumstances without hampering their availability.
- Of all the freelancers, 72% agree that the nature of their work allows them to live the lifestyle that they want.
- 92% of millennials said that they want to work remotely.
- 87% of millennials said that they want to work according to their own schedule.
A virtual workforce does not need to report to the office to work, and they can better manage their time as a virtual assistant.
The Future of Freelancing and Virtual Assistants
Virtual workforces will only become more popular as time goes by, primarily because of both technology and the internet. More and more people will be able to work remotely, and many companies will resort to hiring people who work remotely to save up on company expenses.
- Around three in four freelancers said that technology made it easier to find freelance work.
- 64% of freelancers found work online in 2018.
- Around 67% of freelancers in 2018 saw an increase in work found online.
- About nine in ten freelancers believe the freelance industry’s best days are still ahead.
- 48% of all freelancers and 70% of all full-time freelancers view freelancing as long-term engagement.
Conclusion
Virtual assistants working remotely are the future for businesses as the younger generation of workers prefer to be able to manage their time and live the lives that they want, more than being able to earn big in a traditional job. Being able to manage time in the comforts of either a home or a café is tempting as it can eliminate stress and allow people to enjoy their lives.
Businesses will also be able to benefit as their expenditures will be reduced, especially when they hire from a country offering cheap labor. As both companies and younger people realize the benefits of freelancing and a virtual workforce, working remotely will only grow in popularity over the years.
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