Sometimes, one of the best ways to scale your homeowners association is by looking outside of it. Though it makes sense to build your in-house team, deciding to outsource—e.g. hiring an administrative assistant—is a smart choice. This is especially true given the rise in operation costs and the shortage of workers.

Admin assistant hiring and other forms of outsourcing is a worthwhile decision when your aim is to grow your HOA in terms of staffing. There are plenty of benefits to business process outsourcing or BPO, including improving the performance of your employees while allowing them to concentrate on their core tasks.

What do the numbers say?

Before we look at why outsourcing will boom in the following year, let’s look at some eye-opening data on which these reasons are based on:

• Deloitte reports in their industry outlook whitepaper that spending on outsourcing may reach 731 billion USD by 2023.
• The same Deloitte report says that allowing companies to focus on core functions is one of the main reasons organisations outsource.
• Grandview Research believes that the global market for business process outsourcing will be worth 525 billion USD in 2030.
• The ISG Index states that the global market for outsourcing is worth over 92 billion USD in terms of contract value.
• The National Association of Professional Employer Organizations or NAPEO found that businesses outsourcing their HR save around 27%.
• Clutch reports that 37% of small to medium enterprises are outsourcing at least one of their business processes.
• Upwork says in their Freelance Forward Economist Report that more than half of freelancers are providing skilled or specialist services.

Which events push for an outsourcing surge?

With borders opening and travelling made accessible again, the world is slowly reemerging from the pandemic. This doesn’t stop outsourcing from making tidal waves across varying industries because the following events are still happening:

Shortage of workers in North America

For the longest time, the working population was comprised mostly of baby-boomers who were born between 1946 to 1964. Over 30 million in total from that generation retired in 2019 and 2020. Meanwhile, the birth rate continues to decline for the sixth consecutive year.

Record number of resignations

Spurred by the coronavirus pandemic, a huge number of people chose to quit their jobs in pursuit of better work-life balance. The US saw an average of almost 4 million individuals leave their positions each month throughout 2021.

Proposal of the 32-hour workweek

With workers clamouring for a more balanced lifestyle, industry leaders are considering reducing the standard 40-hour week to 32, with excess hours paid as overtime. To address its impact on 24-hour customer service, companies may turn more to virtual administrative assistant hiring.

Challenges of small business funding

During the peak of the pandemic, many organisations saw how cost-effective and flexible offshore outsourcing was. The loosening of lock-down restrictions means companies continue to face changes in their work arrangements. Building a fully virtual team means less things to worry about in the transition.

Hike in wages in the West

With inflation increasing the prices of consumer goods and services, workers are demanding for an increase in their pay as well. The exchange rate means that, even with wage hikes, hiring a property management company in another country is more pocket-friendly than hiring a full-time employee in your area.

Why should your HOA outsource ASAP?

If you take too long to hire a property manager or HOA manager who’s based online, you end up missing out on so many things, like:

Help with core business tasks

Outsourcing has shifted from non-core tasks to core business functions, such as generating and nurturing leads. Many associations are outsourcing their marketing department; not only to save money but also to access skilled professionals for higher quality results.

Help with smaller projects

Some associations want to hire a property manager for Airbnb units or some other small project. The good news is that it’s possible for organisations of any size to try outsourcing as many specialists accept short-term arrangements paid by the hour or by output.

Help with reducing expenses

Every HOA is able to lessen their overall costs by hiring a rental property manager or virtual assistant. While people were worried that VA fees would increase considerably along with inflation and technological innovations, outsourcing remains a more cost-effective solution over in-house hiring.

Help with standardised solutions

Custom-made solutions tend to be more expensive, which means that, if you hire a property manager for rental units for instance, you may expect to pay more. The future of outsourcing sees a move towards the standardisation of outsourcing, meaning it’s cheaper to hire a virtual executive assistant.

Help with cloud sourcing transition

Experts are saying that cloud sourcing is going to merge with outsourcing sometime in the future, allowing for better opportunities for the industry. This is when the IT requirements of your association is sourced on a utility computing billing model for networking, storage, and so on.

Where to get virtual HOA assistance

Outsourcing is expected to surge in 2023 and you don’t want your homeowners association to miss out on the benefits. When you dally to hire a property manager or HOA manager, you may be forced to pay higher rates or offer additional perks next year.

Don’t wait for the new year and make sure you’re now hiring an administrative assistant for your HOA board and community. We at Remote Workmate will connect you with the right virtual assistant for your specific requirements. Hiring an administrative assistant for your HOA is made easier with our help!