Daniel J OToole 8 months, 3 weeks ago
i own a small financial services practice and have one part time (1,000 hours per year) admin assistant. And at this time i do not need her for anymore time than that. She does all of the duties you would think she would do.
Answer the phones, submit all papework, produce client reports, contact clients when requested by me, deal with me, etc. The papework is to set up and service investment and insurance accounts.
At this time, I offer no benefits except a 401k that i offer a match on. And she takes advantagae of this.
At this point, i pay $17/hr. She has maximum flexibility in that she can take any day off she needs just by letting me know and i handle the phone when she’s gone. I do not offer paid vacation. But she can take vacation anytime she wants just by letting me know. And she’s doing a good job.
My question is, Is the rate i’m paying competitive in the market place?
Dan O’Toole1 Reply
Dock David TreeceModerator8 months, 3 weeks ago
Hi, Dan, and thanks for the question. Typical salaries for administrative assistants understandably vary by market – the cost of living being far higher in some markets than others. Nationwide, median salaries for administrative assistants currently range between $30,000-$50,000 per year. If we assume there are 2,080 working hours in a year (40 hours/week * 52 weeks), that means the average annual hourly rate for administrative assistants would fall between $14.50-$24/hour. Depending on where your practice is located, this may be near the bottom end of the range for your local market. However, it’s also important to note the increased flexibility that you’re providing your assistant, as well as the 401(k) match.
All-in-all, it sounds like your current pay for your assistant is probably acceptable. However, you can always look for ways to provide additional training or provide other opportunities for advancement – which could always involve a pay increase as your assistant’s value to your practice increases.
I hope this helps. If you’d like to read more, we have a great article on Hiring an Administrative Assistant that includes a section on pay. You can check it out here: https://fitsmallbusiness.com/administrative-assistant-job-description/#Pay
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