- State of the Job Market
- Salary Data
- Additional Financial Contributors
- VIEW 2022 GUIDEHIRE TALENTFIND A JOB
We are pleased to report that Executive Assistants remain in high demand and their compensation remains competitive and steady. Particularly for those who support at the highest levels within an organization, i.e., the C-Suite, Founding or Managing Partners, their roles tend to be more “recession/lay-off proof.” Also, there isn’t typically much redundancy within the EA role at the highest levels of support. For example, there is usually only one EA who supports the CEO, further adding to job stability.
Average C-Level Executive Assistant Salaries in 2022 by Month Across Tech & Finance
In a climate of economic uncertainty, it’s tempting to pull back on operational labor and expenses, but top-performing Executive Assistants are viewed as valued assets who enhance the effectiveness of a company’s most precious and constrained resource, its executive staff. If preserving an executive’s time and improving their wellbeing and effectiveness are top priorities, then an Executive Assistant is not to be overlooked or underestimated, no matter the economic climate.
In 2023, the most populous state in the union joined Colorado, Washington, Connecticut, Maryland, Nevada, Rhode Island and New York City in requiring salary ranges to be provided to job seekers, giving an unprecedented level of transparency to job seekers. With more states considering similar laws, it’s only a matter of time before these become the standard across the US, leaving some employers unequipped to handle the new normal of hiring where they no longer hold all the cards.
We’ve counseled our clients on thriving through these new obstacles:
If you’re facing similar challenges in 2023’s hiring market, we’re happy to help you navigate through those obstacles.
Placements by Industry in 2022 vs 2021
While the contraction within some tech sectors seems to be monopolizing many headlines as of the writing of this report in February 2023, other industries’ employee populations have been relatively unscathed. We’re delighted to share that our venture capital, private equity and finance clients paved the way for hiring in the latter half of 2022 and we continue to see strong demand from them in 2023.
Felipe Gomez-Kraus
Chief Revenue Officer & President at Raise Commercial Real Estate
Despite the buzz of companies adopting remote or hybrid workforces, many companies (within finance and venture capital especially) are actually expanding their office footprints by opening additional office locations. As a result, we’re seeing a significant uptick of in-person office roles hitting the market within these sectors.
Over a dozen of our Venture Capital clients have shared their intentions for expanding their office footprint over the past year. Companies such as Andreessen Horowitz, Accel-KKR and Sequoia Capital are just a few that have publicly announced their plans for expansion, whether it be a larger office or an additional office presence in a new area.
We asked commercial real estate expert Felipe Gomez-Kraus at Raise Commercial Real Estate for his perspective on the market:
“We are seeing a broad range of demand and across the board. Companies are moving to be thoughtful and intentional in how they use their space, what the workplace should provide as a complement to the business, and what the right mix of design elements will make for the right human experience. In San Francisco in particular, there has been a large flight to quality as excellent spaces have come to market and pricing has fluctuated from historic highs in 2019.
San Francisco became a predominantly tech-driven tenant base with large and growing footprints that drove vacancy rates to national lows, and rental rates to some of the highest in the country in the years preceding COVID.
Technology companies were some of the fastest to adapt to hybrid and remote work and the return to the office has been slower in San Francisco than other markets across the country that had more balanced tenant base.”
Not all executives have their own family office, but for those who do, that scaffolding is essential to the organization, structure and flow of their personal affairs as well as lifestyle. UHNW individuals have complex lifestyles that involve owning and maintaining multiple estates, employing numerous household/security/aviation/maritime staff, hosting and attending events, traveling for business and personal reasons, media appearances, and maintaining philanthropic interests.
Because family offices are designed to focus on an individual or a family, we continue to see strong demand for these roles, nor do they tend to be as affected by factors such as funding, market shifts, or layoffs.
Executive Assistants remain inundated with travel planning responsibilities. According to Forbes, “The U.S. Travel Foundation is forecasting an increase in travel spending in 2023 compared to 2022 (or 2019, for that matter).”
According to Navan (formerly TripActions), “data show a nearly 6x year-over-year increase in business travel bookings [from September-November 2021 and 2022].”
According to Morgan Stanley, “Nearly a quarter of both large and small companies say their firms are already back to pre-COVID travel levels, and 34% anticipate a full recovery by the end of 2023.”
According to Robb Report, “The pandemic push into private aviation was fast and dramatic, with some charter operators reporting growth upwards of 50 percent, almost entirely from new clients. Figures from Wing X, which measures private-flight activity, show that charter flights dropped 23 percent in a year-over-year comparison. Private charter activity is also down 5 percent compared to pre-pandemic levels.”
As an employer, have you noticed your time-to-fill stats lengthening? Or, as a candidate, are you feeling like the length of time it takes to move through a process has increased? What’s the cause of this shift? Maven Recruiting Group’s Founder and CEO, Jessica Vann, shares her theory here. There is a significant correlation between remote interview processes and a slower time-to-hire, which Vann refers to as the “virtual interview conundrum.”
In 2019, when candidates met in person, our average time to hire was 17 days. When we look at the same metric for interviews conducted entirely virtually, that same stat jumps to 55 days. Fascinatingly, when we measure time to fill where employers also include a live or in-person interview, that number significantly decreases to 31 days.
Not only that, but our hiring data shows that moving to live interviews in an average 1.52 rounds was more likely to result in a successful hire. Unsuccessful searches conducted up to an average of 3.11 interview rounds virtually before moving to live interviews, if at all.
This information would suggest that interview processes that rely entirely on virtual interaction are far less likely to conclude successfully, and those employers run the risk of wasting significantly more amounts of interviewer time, bandwidth and resources before reaching the conclusion that an individual isn’t the right fit for a role.
The following dataset spans early-stage tech companies (series A, B and C) to late-stage companies (series D, E, F and G) to publicly traded organizations. In addition to the presented base salaries, we’ve found that the total package for tech offers is substantially different depending on the stage of the company.
The following dataset spans venture capital, investment banking, private equity and investment management firms. In addition to the presented base salaries, the majority of finance companies include a 10-30% bonus structure, overtime, and may include carried interest in their total compensation package.
The following dataset spans personal support and estate management to individual principals and families. Personal support and estate management positions vary based on factors such as the magnitude of the estate, the number of residences, the size of household staff, etc.
On average, C-Level Executive Assistants receive an initial stock grant of $54,000 to $110,000 vesting over 4 years.
20% of placements in the Venture Capital/Private Equity space offer profit sharing or carried interest as part of their standard package.
Maven Recruiting Group is a recruiting firm that specializes in placing Executive Assistants, Administrative, Operations and Human Resources professionals to the most prominent executives and companies. A resource for both temporary and permanent hiring needs, we provide talent and staff augmentation services to Fortune 500 companies, Venture Capital firms and growing tech startups in San Francisco, Silicon Valley and Silicon Beach.
San Francisco:
548 Market St. PMB 93690
San Francisco, CA 94104
San Francisco: (415) 375-9953
Los Angeles: (424) 532-5792
Candidate Inquiries: jobs@mavenrec.com
Client Inquiries: findyourunicorn@mavenrec.com
Press & Partnerships: hgarrison@mavenrec.com
© 2020 Maven Recruiting Group.
