Summary
Highlights
Justin Nelson introduces the topic of determining an ethical wage for a virtual assistant, based on over 12,000 VA placements. He emphasizes using facts over emotions to guide the discussion.
The speaker explains that ethical wages are first determined by government minimums. He illustrates this with US federal and state minimum wages, then extends the principle to other countries like the Philippines. He notes that minimum wages can vary by region (e.g., Metro Manila vs. provinces) and industry.
The second method for determining an ethical wage involves researching the local job market for a specific position in the target country. He suggests using job platforms like Indeed in the Philippines to see what major companies (e.g., Chase Bank, Apple, Amazon) are paying for similar roles, providing a competitive baseline.
He discusses how competitive salaries influence hiring. While paying slightly below the top may be acceptable if benefits like remote work are offered, paying too low (e.g., $2 an hour, even if above minimum wage) is not competitive and leads to low retention. He advocates exceeding government standards and paying people extremely well for long-term success.
To assist business owners, Justin Nelson introduces a 'US Wage Comparison Chart' available on their website. This chart compares typical wages for roles like executive assistants across the US, Philippines, and Latin America, including country-specific standards. It also offers services from Sphere Rocket Virtual Assistants to help find and compensate talent ethically.