Silicon Valley made the subscription economy the norm.
Instead of software we install and have to maintain on individual computers, we use Software as a Service (SaaS, or cloud computing). No more expensive updates for every computer; now nearly everything we do is in the cloud.
From there, the subscription model spread everywhere.
The subscription economy is responsible for getting your pet’s food and toys, your groceries, your prescriptions, and just about anything else you want delivered to you every month. Cut the cable and subscribe only to the kind of television shows you want. Use apps and the pay-as-you-need model to get a ride across town.
Everything is going subscription, and thanks to remote staffing, that includes how we hire and work. It shouldn’t surprise you that venture capital and investment companies are choosing remote staffing.
Not only are they investing in what they see as the new normal, but they’re one of the largest client groups taking advantage of the remote subscription staffing services themselves.
The investors are using what they’re investing in, and that’s a pretty good sign for the subscription staffing model.
Why Investment Firms Turn To People As A Service
If you want reasons why investment firms are putting their money where their mouth is, all you have to do is create a short list of their top concerns in today’s tight labor market.
1. Top locations mean top dollar.
Big cities often mean great talent. Location is everything.
But that can backfire when you’re located in areas like Manhattan or the Bay Area. Competition is fierce, so finding available top talent isn’t always easy. Salaries are also at a premium, which, when added to the costs of hiring and onboarding an employee, means you’ll pay top dollar in these locations.
Add in the associated costs of payroll, benefits, and everything that comes with having in-house employees, and it makes sense that investment firms are turning to remote staffing companies. They can provide staffing options not tied to their (expensive) locations.
2. Broader base of skill and location.
Investment firms invest in more than just what’s in their neighborhood.
They’re investing on a national and global level. It makes sense that they want to build a team that isn’t located in one brick-and-mortar location. Instead, they want to capitalize on having a team spread out as geographically and culturally as their investments. With a remote team, you get the strength that comes from having people from diverse cultures and locations working with you.
3. Short hiring windows due to quick growth.
Hiring is slow and expensive.
An average hiring process takes about three months and $4K from start to finish, with the problem of employee turnover meaning you’ll feel like you are always hiring. Labor shortages and the competitive labor market certainly exacerbate these problems.
If you’re on a growth track, you need to hire quickly or risk slowing that down. This is a key reason many investment firms turn to remote staffing services because they can get someone on their team almost immediately.
What Investment Firms Need From Remote Staffing Services
The question isn’t whether any remote staffing service could get you set up with someone. Instead, it’s about who you’ll get.
How do you know you’re getting the best possible team member who’s a good fit for you?
You need to know what to look for when choosing a remote staffing service.
Only accept the best talent available.
With a rush to remote, it’s tempting for some staffing agencies to hire anyone simply to fill customer demand. They might build a large pool of workers, but how deep is that pool?
Quantity over quality is not the way to find the best talent, because today’s virtual executive assistant should be:
- Ethical and honest
- Someone you could trust
- Reliable and responsible
They should have skills in several of these areas:
- Executive or C-Suite level experience
- Customer service
- Project management
- Social media management
- Event and travel planning
- Personal support
That is no small list.
Skimping on quality talent isn’t an option, no matter how quickly you need to hire. In the fast-moving and fluctuating business world we’re in today, these qualities in a new hire are non-negotiables.
Plus, quick onboarding is determined by skill and experience level. No matter how quickly a remote staffing service finds someone for you, the less skilled and experienced they are, the longer it will take to fully train them.
At Boldly, this is one of our top concerns, so we carefully sift through tens of thousands of applications when we hire new team members. We are looking for the talent, skills, and experience that you need. We interview, we consider, and we hire only the best because that’s all we’ll offer our clients.
Because of that, it’s not uncommon for clients to be up and fully running with their new remote team member within days instead of taking weeks of training.
Compliance with employment law is critical.
At your level of operation, complete compliance with employment laws, whether federal or state, isn’t optional. Some smaller businesses might skirt the gray areas, but investment firms absolutely cannot. Mess up on this, and you’re a target for public scrutiny and legal action.
Some remote staffing agencies provide independent contractors to their clients. If you are working with contractors, it’s up to you to make sure you’re in compliance with independent contractor laws (such as California’s AB5 law). You have to make sure you don’t treat your freelancers like employees.
If you hire your own remote team as your actual employees, you have to register and pay taxes in the locations where your employees live. In that sense, remote employees could be more of a headache than simply using people in your area.
It’s here where you’ll see how all remote staffing services aren’t created equally.
The compliance issue is a make-or-break deal for many of our clients, so what we’ve done is hire all of our team as our employees. We handle all of the costs of payroll and other legal concerns. You can get a new team member with zero headache and never have to worry about whether you’re in compliance.
It’s because of this approach that we’re able to offer the subscription service model. Where the Gig Economy of independent contractors left you burdened, the Subscription Economy leaves you agile.
Growth-friendly subscription staffing.
Here’s where we come full circle, applying the subscription model to remote staffing.
Subscriptions are all about paying only for what you want or need. There’s incredible flexibility, but also control. You’re not at the mercy of locked-in contracts. You can change your subscription each month if you need to.
Subscription staffing is similar.
You come to us with the staffing problem you need solved. We’ll match you up with an extremely talented team member who’s a great fit for your work style and requirements. You pay a subscription payment each month for the hours your staff work and forget about payroll or contracts. Depending on which direction you need to scale, you can adjust how much time you need your remote staff to work with you, sharing them with others on a fractional basis.
A remote team, using subscription staffing, makes excellent business sense.
It’s budget-friendly, you get staff onboarded almost immediately, and you strengthen your current team with some of the most brilliant staff around.
If you’re ready to get started, talk to us today. We’d love to work with you!