It would be wrong to assume that executive assistants are high earners from the get-go. Like any job, executive assistant salaries start at entry level and increase the more experience and skills they acquire.
Many contributing factors are brought together to gauge how much you have to pay an executive assistant.For example, how much an executive assistant is paid depends on whether they are full-time or part-time, their skill level and location.
This post aims to provide you with a better understanding of all the elements that determine how much money executive assistants earn.
How To Work Out An Executive Assistant Salary
Let’s examine the four main influences determining an executive assistant’s salary.
Skills
Executive assistant salaries vary depending on the abilities and expertise they bring to the table. Those with limited experience or training can expect lower wages than their more experienced colleagues.
However, no one likes to stay stuck at the same pay rate, so those in the role are often motivated to gain new skills to increase their earning potential.
Doing so can help them command salaries higher than the national average for general office workers in Australia.
Working as an executive assistant can be rewarding, particularly when continually striving to develop your skills to boost your value. With the right qualifications and experience, it is possible to earn significantly more than the average worker.
As an executive assistant, your salary will depend on experience, but your experience will only matter a little without the necessary skills.
Years Of Experience
Executive assistants typically start with an average salary that increases each year they stay with the company.
Hiring entry-level workers means you pay less but can train them to your specific requirements. However, hiring an executive assistant with prior experience may be necessary.
The more experienced person will be more skilled and knowledgeable, and you can expect to pay a higher rate than a starter. As a business owner, you have to decide if hiring an entry-level executive assistant is cost-effective or if you can afford to pay an average executive assistant salary.
Location
Location plays a big part in how much an executive assistant will earn.
Salary rates can vary a lot when you look at hiring someone from India, The Philippines, Indonesia, or China. And in many cases a significant influence on those rates will be the overall level of English fluency.
Task Requirements
Executive assistants should possess the necessary skills to fulfil the duties associated with their job title. However, when they are responsible for an entire department, they may be expected to do more than what is stated in their job description.
The job title may involve calendar management, email management, travel planning, project management, and expense management, but other duties may also be required.
Invisible’ tasks often necessitate the highest levels of expertise, understanding, and proficiency.
These tasks involve overseeing staffing levels when personnel are absent due to illness or vacation, resolving interpersonal conflicts among team members, and fostering a positive atmosphere to ensure a productive work environment.
How To Keep Your Costs Down
Here are three top tips to keep costs down.
Start With A Part-Time Assistant
The salaries of executive assistants can represent a significant portion of an organisation’s annual wage budget.
Therefore, hiring an executive assistant part-time is an excellent option.
By hiring a part-time executive assistant, you can benefit from having a more experienced and skilled individual at a lower cost than the average salary of an entry-level executive assistant.
Furthermore, you will have the flexibility to adjust the number of hours worked according to your company’s needs. This is an ideal solution for short-term projects or contracts requiring general management oversight.
Provide Training
Hiring an executive assistant can be an effective way to save money.
Consider recruiting an administrative assistant with less experience, which will help to reduce the initial wage costs. Providing on-the-job training can also be beneficial in helping to develop the employee’s skill set.
Offering on-the-job training enables you to tailor the training to your organisation’s requirements.
Hire A VA From The Philippines
It is well known that the salary of executive assistants in Australia can significantly impact an organisation’s annual wage budget.
Therefore, it will prove cost-effective to hire a virtual assistant who is based in The Philippines.
Many entrepreneurs, especially those with startup businesses, work with Filipino virtual assistants because labour costs are significantly lower.
The hourly rate you pay someone from The Philippines will be far lower than someone based in Australia due to the lower cost of living in The Philippines.
Don’t worry about the skill level a remote Filipino worker can provide. If you hire a worker with excellent English, they can quickly upskill to the high-level demands of your company.
Let Us Help You Find The Ideal Virtual Executive Assistant
Determining the salary of executive assistants requires careful consideration of various factors, such as skill level, experience, and available wage budget.
Hiring a virtual executive assistant can be a cost-effective way to reduce salary expenses. However, the process of procuring a virtual assistant is different from that of hiring an in-house employee and may require more time.
If you are new to this field, we can offer a quick and reliable solution; contact us today to learn more about our services for sourcing, hiring, training and managing an executive assistant for you.