Emerging Trends in Virtual Markets & Workforce Management - Utilizing Virtual Assistants to Fill Talent Gaps
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This presentation shows how developments in communication, project management, and other online collaboration tools have made utilizing and managing a virtual workforce/virtual assistants as an increasingly feasible and cost effective solution to addressing workforce talent gaps and hiring needs, from small businesses owners to large organizations. It does not matter if you are working with a team of outsourced individuals working in another country or local employees working from the comforts of their own home. The key to becoming a globally effective leader is how to bring your virtual team together and knowing how to utilize the virtual resources that are available.
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Emerging Trends in Virtual Markets & Workforce Management - Utilizing Virtual Assistants to Fill Talent Gaps
- 1. Emerging Trends in Virtual Markets & Workforce Management John Davern, Jr., MBA
- 2. The Evolution of Outsourcing Industrial Revolution 1776 1760 1840 In his book “the Wealth of Nations”, Adam Smith laid out the theory of competitive advantage 1830 A lot of work was outsourced to England. 1970 1960 Computer companies began outsourcing their business offshore for processing. Many other types of factory work also began to shift overseas. 1963 Electronic Data Systems (EDS) in Texas turned over its entire data-processing department to Blue Cross of Pennsylvania 1980 Widespread development of workstations, PCs and LANs occurred. Word processing, accounting services, payroll and billing started being outsourced all over the world. 1985 The Internet was formed to support a wide community of researchers and developers. 1989 Outsourcing was formally identified as a business strategy. Eastman Kodak outsourced their IT system. 1990 BPO boom in countries like India and the Philippines. 2000 1991 The World Wide Web accelerated outsourcing. Companies began handling core business matters while outsourcing all other operations mainly through the internet 1999 1998 1994 The US negotiated free-trade agreements like NAFTA. As a result, the prices of imported goods became more competitive. Outsourcing became a $1 billion per year industry. $298.5 billion in global revenues. 2014 2003 2006 2007 2009 Crowdsourcing was formed. 2013 Virtual Assistants gained popularity because of Tim Ferris’ book: “the 4 hour work week” Virtual Assistant Talent was founded 2,637,239 US jobs were outsourced offshore
- 3. Outsourcing: Facts & Figures 40-50% of the top 500 companies in the world outsource Reasons why companies outsource Reduce or control costs 44% Gain access to resources unavailable internally (or locally) 34% Free up internal resources 31% Improve business or customer focus 28% Accelerate company reorganization/transformation 22% Accelerate project 15% Gain access to management expertise unavailable internally 15% Reduce time to market 9% Offshore Outsourcing by Sector IT Services, 28% Finance, 11% Back Office & Customer Service, 15% Admin, 9%
- 4. Advancements in Workforce Management Communication In the 2014 Global Digital Statistics, Stats & Facts presentation from We Are Social, they revealed the following numbers: 2,484,915,152 # of internet users in the world 33.6M of 95M Internet Penetration (# of Internet users / Philippines Population) Connectivity of Online Staff 35% of the Philippines population have access to the internet. 80% of all internet connections are broadband-based services. In the Philippines, broadband internet is now accessible through Cable, DSL, and Fiber. Wireless internet service is also available via 3g, 4g and LTE. More Filipinos now have access to the latest models of computers as prices of electronics are now more affordable. The development of web and mobile applications have allowed easier collaboration globally. Below are some of the latest top-rated tools: Google Drive Essentially Microsoft Office in the cloud. Used to share and collaborate on worksheets, presentations and projects in real time. Also allows you to sync files with your computer for back-up. Dropbox The quickest and easiest way to share and sync files on the cloud with specific groups and teams. Asana Free task manager. Easy to see and update tasks in order of priority and see who’s working on what, keep people updated and generally collaborate in an organized way. ActiveCollab Web-based project management utility that also manages time-tracking and billing. Skype Free to use for chatting & Skype-to-Skype calls. Cost-effective calling plans are available with great features Google Voice Free. Features: Call Forwarding, Conference Calling, Unlimited calls to any US number and more. Google HangOut Free. Chat, Video & Voice Calls (upto 10 participants). Unlimited calls to US and Canada with low rates for calls to other countries. MagicJack Free calls on mobile app to the US and Canada. MagicJack Plus offers 6 months free for the MagicJack phone service. Cost-effective calling plans. GoToMeeting Allows conference calls to users using a computer, VOIP or phone. Screensharing and video conferencing is also available. Connectivity Collaboration
- 5. Outsourcing: 2014 and Beyond The Global Outsourcing Market is predicted to make an estimated $163 billion this 2014 This 2014, oDesk forecasts that Online Work Industry Size will grow to $1,716,100,00 as Populations with Access increase to 3,329,667,675 eLance observed a rise in the demand for specialized, particularly in the Creative and Science Technology Engineering and Math (STEM) skills, which grew by 10% in 2013. The top freelance marketplace predicts that we can expect similar increases in 2014.
- 6. Where does Online Work go from here? Futurists describe the evolution of work “It will be difficult to distinguish online workers from traditional employees.” - Jeremiah Owyangv, Chief Catalyst/Founder of Crowd Companies (Silicon Valley) “Work is no longer a place. Future teams will be flexible and results-focused. This creates more economic opportunity for both businesses that need to get more done, and professionals who want to be untethered from a desk.” - Gary Swart, CEO of oDesk “Millenials will be 75% of the workforce by 2025. They see no need to be confined to a corporate office, view the future of work as virtual, and want freedom and flexibility to work anywhere and anytime they please.” - Dan Schawbel, Managing Partner of Millennial Branding LLC
- 7. VAT – Connecting the Virtual Workforce and Businesses The advancements in technology has paved the way to building better connections everywhere. And at VAT, we believe that the relationships that we form through these connections is the most important component of our business. VirtualAssistantTalent.com
- 8. For Questions and Additional Information: John Davern, President & CEO Virtual Assistant Talent, LLC 3984 Washington Blvd, Ste. 110 Fremont, CA 94538 Office: 510-400-8006 Toll-Free: 1-866-596-9041 Email: john@virtualassistanttalent.com LinkedIn.com/in/johnpdavern Facebook.com/hirevirtualassistant Twitter.com/hire_a_virtual VirtualAssistantTalent.com
Notes de l'éditeur
- Industrial Revolution - Outsourcing can be traced back as early as the Industrial Revolution (1760-1840). 1776 – In his “the Wealth of Nations’, Adam Smith formulated the theory of competitive advantage, which laid out the idea that companies could cut costs by utilizing cheaper labor in less developed countries. 1830 – A lot of work was outsourced to England and because of England’s efficient textile industry, Indian manufacturers could not compete. 1963 – Actual outsourcing took its first steps when Electronic Data Systems (EDS, located in Texas) turned over its entire data-processing department to Blue Cross of Pennsylvania. 1970s – The US began to take advantage of outsourcing with computer companies outsourcing their business offshore for processing. Many other types of factory work also began to shift overseas, such as the manufacturing of clothing and television sets. 1980 – Widespread development of workstations, PCs and LANs occurred. At the same time, outsourcing entered the business lexicon. Word processing, accounting services, payroll and billing started being outsourced all over the world. 1985 – the Internet was started in order to support a wide community of researchers and developers 1989 – Outsourcing was formally identified as a business strategy. That same year, Eastman Kodak decided to outsource the IT system of the company. This revolutionary attitude has become a landmark in the business world. 1990s - Outsourcing first came into prominence in the early 1990s when the US economy faced a severe recession. During this time, companies began to outsource to streamline their operations in order to regain their competitive strength. The result was an unprecedented period of economic growth during the latter half of the 1990s 1991 – The World Wide Web accelerated outsourcing. Companies began handling core business matters while outsourcing all other operations mainly through use of the internet. 1994 – the US negotiated the free-trade agreements like NAFTA. This reduced or eliminated taxes on imported goods. As a result, the prices of imported goods became more competitive. 1998 – Outsourcing became a $100 billion per year industry. 1999 – This was the time of the Business Process Outsourcing (BPO) boom in countries like India and the Philippines 2000 - Although Online Outsourcing and Offshoring has been available since the 1990s, it gained popularity in the early 2000s largely because of the advances in internet technology. The early 2000s saw the rise of Freelance Marketplaces or Outsourcing Marketplaces such as oDesk and eLance 2003 – Outsourcing accumulated $298.5 billion in global revenues 2006 – Crowdsourcing was formed. Crowdsourcing is the practice of obtaining needed services, ideas or content by soliciting contributions from a large group of people – or online community – rather than from traditional employees, suppliers or contractors. This is often used to subdivide tedious work or to fund-raise startup companies and charities (Crowdfunding). Crowdsourcing is different from outsourcing because work comes from an undefined public rather than being commissioned from a specific, named group. 2007 – Virtual Assistants gained popularity because of the 2007 bestselling book The 4 Hour Workweek by Timothy Ferris Virtual Assistants are independent entrepreneurs with unique skillsets who work remotely and use technology (such as the internet) to deliver services to clients globally. 2009 – Virtual Assistant Talent was founded 2013 – A study by StatisticBrain.com revealed that a total of 2,637,239 US jobs were outsourced offshore Resources: http://www.thecollaredsheep.com/infographic-straight-talk-on-outsourcing/ http://www.statisticbrain.com/outsourcing-statistics-by-country/
- Top 8 reasons why companies outsource: 1 - reduce or control costs 44% Outsourcing significantly lowers operational and labour costs leading to higher revenues and profits 2 - Gain access to resources unavailable internally (or locally) - 34% 3 - Free up internal resources - 31% 4 - Improve business or customer focus - 28% Realizing the business mantra "Do what you can do and outsource the rest." 5 - Accelerate company reorganization and transformation - 31% 6 - 15% Accelerate project lower time by delegating mundane, time consuming processes 7 - Gain access to management expertise unavailable internally - enable companies to tap into and leverage a global knowledge base, Having access to world class capabilities 8 - Reduce time to market - 9% Taking the point of production or service delivery closer to their end users allows companies to reduce marketing time
- The major problems in online/offshore outsourcing can be narrowed down to these 3 Cs: Communication, Connectivity and Collaboration. Communication Communication is important in any type of team or work structure – particularly when it comes to online outsourcing. The following tools are effective in communicating with your outsourced team. They are available on computers and mobile devices to allow better connectivity. Skype Free to use for Chat and Skype-Skype Calls Features: Chat, Voice/Video Call, Group Call, Screen-share, File Transfer, Caller ID, Call Forwarding & more Unlimited calling plans and virtual numbers allow your outsourced team to easily make calls to you and your customers. Google Voice Google Voice allows you to create a single phone number that rings up to six phones simultaneously when called. These could include your office phone, mobile phone, home, etc. Your voicemail is consolidated into one place, and you receive alerts via email when new messages arrive. It offers message transcription, custom greetings, conference calling and more. All of these features, including outbound calling to any U.S. number, are free. Google Hangouts Free. Chat, Video & Voice Calls (upto 10 participants). Unlimited calls to US and Canada with low rates for calls to other countries. MagicJack Free calls on mobile app to the US and Canada. MagicJack Plus offers 6 months free for the MagicJack phone service. Cost-effective calling plans. GoToMeeting Connectivity: In the Philippines, as of 2013, there are 33.6 million active internet users. 35% internet penetration (33.6 million internet users/95 million population). The internet penetration rate was at 29% in 2011. The Philippine Department of Science and Technology (DOST) is planning to deploy a new wireless data communications standard called TV White Space (TVWS) technologies that ould help address the digital divide and provide internet access to more people. Communication Sources: http://www.google.com/+/learnmore/hangouts/ http://www.clientlook.com/google-voice-review http://www.magicjack.com/plans.html Connectivity Sources: http://digitalfilipinoclub.com/41m.htm http://www.digitalbuzzblog.com/slideshare-global-digital-statistics-2014-stats-facts-study-presentation/ http://www.philstar.com/business/2013/02/02/903770/internet-penetration-rises-35 http://en.wikipedia.org/wiki/Internet_in_the_Philippines http://www.budde.com.au/Research/Philippines-Broadband-Market-and-Forecasts.html Collaboration: http://www.business2community.com/tech-gadgets/10-online-tools-for-managing-outsourced-projects-0499125#!s9dj2 http://www.donanza.com/blog/2013/05/16/43-of-the-best-freelancer-tools-2013/#more-1323 Virtual Workforce Productivity/Monitoring: There are also now more and more tools available to monitor home-based worker productivity such as Timedoctor and Worksnaps, which take screenshots and log the number of hours worked while VA is working on their computer, and gives metrics on productivity based on mouse/browser activity. This addresses the issue of “How do I know my VA is working”. Companies such as Replicon in Silcon Valley also have a product called Cloudclock, which has a mobile app that workers can clock into work and it takes a picture of them when they log in to discourage having a “buddy” punch in for them.
- Sources: http://www.business2community.com/infographics/top-8-reasons-companies-outsource-infographic-0744290?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+B2C_Social+(B2C+Social+Feed)#!s1ARv http://www.inc.com/matt-cooper/internet-org-online-work-numbers.html
- Source: https://www.odesk.com/info/riseofonlinework/infographic/ Jeremiah Owvyang, Chief Catalyst/Founder of Crowd Companies (Silicon Valley), which helps companies connect with customers using web technologies. Gary Swart, CEO of oDesk, the world’s largest online workplace—which has more than 4 million freelancers, and on which more than $1 billion of work has been done. Dan Schawbel - Managing Partner of Millennial Branding LLC a Gen Y research and consulting firm, and New York Times & WSJ Bestselling Author of Promote Yourself, Forbes & Inc. 30 Under 30, Gen Y Career & Workplace Expert Baby Boomers – post WWII, 1946-1964 Gen X – born 1960s to 1980s Gen Y (aka Millenials) – born in the 1980s to 2000s
- The advancements in technology has paved the way to building better connections everywhere. And at VAT, we believe that the relationships that we form through these connections is the most important component of our business. We don’t just provide online outsourcing services. We partner to progress. By working closely with our clients and aligning their goals with ours, we form a mutually beneficial relationship that can only foster further development and progress.
- The advancements in technology has paved the way to building better connections everywhere. And at VAT, we believe that the relationships that we form through these connections is the most important component of our business. We don’t just provide online outsourcing services. We partner to progress. By working closely with our clients and aligning their goals with ours, we form a mutually beneficial relationship that can only foster further development and progress.