Staying competitive is paramount to succeeding in the evolving modern business climate. The labor market in the United States is facing historic lows and increasing labor costs. In such a challenging environment, businesses must seek creative solutions to thrive. As an early adopter of virtual employment, the visionary and business leader Anthony Geraci offers an innovative approach to maintaining productivity while controlling costs in his new book “Virtual Employee Mastery: Hiring Global Talent to Beat the Competition”.
In this blog, let’s dig into the insights and takeaways that Geraci delves into in his latest publication:
Who is Anthony Geraci?
Anthony Geraci, Esq. is a multi-faceted entrepreneur who founded Geraci LLP 16 years ago, transforming it into the largest law firm in the private lending industry. During the pandemic, Anthony founded and continues to lead Stratus Financial, becoming a trailblazer in providing vocational student loans for aspiring student pilots.
Stratus Financial has since been at the forefront of providing private student loans to pilots. It was in this business venture that Anthony discovered how to leverage virtual employees, hiring and overseeing the professional development of over 100 virtual employees. He saved $1.2 million in labor costs alone with this practice.
In 2022, Anthony launched Move Your Business LLC, which not only aims to connect business owners with virtual employees but also manages and trains your virtual teams. With all of these experiences, Anthony has shared his comprehensive guide in virtual employment through his recent book.
The Rise of Virtual Employees
Two phenomena during the pandemic have led to the rise of virtual employees in the United States: mass resignations and the popularization of the gig economy. From April 2021 to April 2022, 71.6 million people left their jobs. Meanwhile, the economy rose; projections see the numbers increase to over 50% of the US workforce in 2027.
Entrepreneurs thus turned to the global community for modern business operations. Hiring virtual employees has gained traction with skilled professionals transcending geographical boundaries to provide services in various niches.
Expert Insights: Tips to Start You Off
Today hiring virtual employees is not just a last resort— now it is a must for business owners to master virtual employment. With that, here are a few insights from “Virtual Employee Mastery: Hiring Global Talent to Beat the Competition” so you can start your virtual employment journey:
1. Embrace Remote Work Culture
Promote a culture that encourages and supports remote work. You can save over $11,000 for each employee you move to the remote workspace. Empower your virtual staff to communicate openly and collaborate. Regardless of their physical location, treat them as valuable members of your team.
2. Leverage Technology
Make an effort to find and use the appropriate tools and technology for smooth communication and collaboration. Virtual teams require platforms like as Zoom, Slack, and project management tools to stay connected and productive.
3. Set Clear Expectations
Defining your virtual employees’ roles, responsibilities, and expectations are make or break in the remote environment. However, in the US, only 60% of employers provide clear expectations for their employees. You need to establish metrics for performance and effectively communicate them to ensure your virtual employees have ownership over their actions and results.
4. Provide Training and Development
Provide training and development opportunities to aid virtual employees in improving their skill sets and keeping them engaged. Investing in their development benefits both your company and their career advancement.
5. Measure Performance
Build up performance evaluation systems to evaluate the efficiency of your virtual employees. Review important performance indicators on a regular basis and provide constructive feedback to drive progress.
The Bottom Line
By embracing virtual employment, you can access a plethora of virtual talent, cut costs, and position your company for long-term success. If you want the a more in-depth look into virtual employment for a systematic and effective approach to the topic, check out Anthony Geraci’s new book “Virtual Employee Mastery: Hiring Global Talent to Beat the Competition”.