Many business owners and leaders turn to executive assistants to keep up with their daily to-do lists, from sifting through emails to liaising with people. In hiring the right one, executive assistant skills and responsibilities are crucial — and so is the executive assistant cost.
Executive assistant salary is not just an investment in productivity but also talent retention and overall success. Discover the cost of executive assistant services and the factors that affect it to help you decide your VA’s compensation.
- The salary of executive assistants is more than just a financial transaction; it’s an investment in productivity and talent retention.
- The hourly rate of US-based assistants is $25/hour, while those in countries with a lower cost of living average $4/hour. That said, executive assistant costs can also vary depending on their skill set and expertise.
- Make sure to research the average executive assistant salary to benchmark the cost and help you set the appropriate salary range for your EA.
What Is the Average Executive Assistant Salary?
In 2024, the average salary for executive assistants in the US is $63,110 per year. It can also depend on various factors like their years of related experience and where you’re hiring.
Hiring a part-timer is the way to go for those seeking flexibility in executive assistant cost. They are also much more cost-efficient if they’re based in a different country. You can choose from many payment models, like hourly, project, and subscription-based.
Moreover, part-time executive assistants are often freelancers who don’t require office equipment, benefits packages, and the like.
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3 Key Factors that Influence the Executive Assistant Salary
Of course, the average executive assistant salary is just the tip of the iceberg. To further understand the cost of executive assistants, let’s dive into the factors that significantly impact how much you’ll pay to hire one.
Experience and Skill Level
There’s no denying that seasoned professionals with a lot of know-how usually come with higher pay. According to Indeed, those with six to nine years under their belt can get up to $69,449, while EAs with more than ten years earn $71,521.
An executive assistant with specialized skills like accounting, sales, and marketing can also cost more. With this said, consider the unique strengths each candidate brings to the role and match the executive assistant salary with the value they bring to the team.
Location and Cost of Living
Virtual executive assistants in non-Western countries have cheaper rates than those in the US. To illustrate, a US-based EA makes about $25/hour, while a virtual EA from the Philippines averages $4/hour. Their cost of living is lower, so their salary ranges are still reasonable.
Industry and Company Size
The industry type and the size of an organization also affect executive assistant salaries. Industries with more specialized knowledge needs or those operating in fast-paced environments might offer higher wages.
According to Payscale, Facebook offers the highest pay for EAs, with an average of $95,622. Philips Research and Amazon also come in with $81,890 and $77,346, respectively.
Moreover, recruitment agencies for executive assistants offer competitive pricing plans that ensure smooth onboarding, minimal turnover, and overall long-term success. This way, you can get the most out of your virtual EA.
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How to Determine the Right Salary for Executive Assistants
Before you hire an executive assistant, setting a budget is just as important as identifying the EA skills you need. Let’s say you aim to cut costs on human resources without compromising productivity.
While EAs are cheaper to hire than full-time employees, you still have to allocate a reasonable amount for executive assistant costs. Here are some essential steps to take in determining the salary for executive assistants you want to hire:
Benchmark the Cost of Executive Assistants
Start by researching salary benchmarks for executive assistants in your industry and location. Use average executive assistant salary surveys, online resources, and industry reports to understand the prevailing pay scales.
You can also compare the pricing plans and features of reputable virtual assistant companies that offer specialized services like executive assistance.
Identify the Tasks You Want to Offload
Consider the specific skills and responsibilities required for your executive assistant role. More demanding roles with specialized skills may warrant a higher salary. Evaluate your company’s unique needs to allot the appropriate budget for executive assistant salary.
Consider Where You Will Hire
Do you want to hire a US-based assistant or a virtual executive assistant? Will you be getting referrals and hiring on your own? Or are you seeking help from recruitment agencies or VA companies that will handle the hiring process for you?
These aspects not only ensure your offer aligns with the cost of living in the area where your EA will be working but also take into account your hiring expenses.
Negotiate and Set a Competitive Salary
After your deliberation, engage in open and transparent negotiations with potential candidates. Understand their expectations and be prepared to negotiate within a competitive salary range.
Setting a clear salary range allows flexibility while ensuring you stay within budgetary constraints. On the other hand, VA recruitment companies can offer flexible packages according to your needs and budget.
Hire the Top Executive Assistant with Magic
In hiring an executive assistant, strategic decision-making can impact how you find the right candidate for the job. This includes the executive assistant cost, from the hiring process to the salary you’ll provide and alternative payment models.
Get the assistance you need in hiring a virtual executive assistant. Magic can help you handpick the perfect hire according to your needs and preferences. We take the top 1% of outsourced talent and provide extensive training in various VA-related skills and digital tools.
Schedule a call with us today to get started!
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