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Maven Recruiting Group
2024 Administrative Compensation Guide
Executive Assistants Supporting CEOs
See Salaries Increase in 2023
In 2023, we saw more consolidation in hiring for Executive Assistants insofar as demand for support was mostly for C-Level executives, and there was no real demand at the VP & Director levels across both the Tech and Finance sectors. As a result, we saw an increase in EA to CEO salaries across the board in 2023. In addition, we saw fewer temp-to-hire conversions in 2023 (7%) vs 2022 (22%). However, staff augmentation remains high.
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Time to Fill Stats
*in an employer-focused market, companies take longer to hire because they can.
Related to the consolidation we observed in the demand for EAs, 2023 saw a 300% rise in Executive Assistants placed who have over 15 years of experience versus 2022. We might attribute this to several potential factors: In a market where there is an influx of candidates due to recent layoffs, employers are taking their time to pick the most qualified candidate, as opposed to candidate-driven markets where an employer might be tempted to fill a role with a more junior candidate. Another possible explanation is that, given the demand for C-Level vs mid-level EAs, it stands to reason that the skillset those employers are seeking (for example board meeting planning, fundraising, managing executive communications, enabling executive teams and efficiency, M&A and pre-IPO prep) are more likely to be found in a candidate with more experience. A final thought on the reason for the increase in placed candidates with more experience could be that, with most companies adopting a hybrid work model, employers are favoring candidates with more seniority because they may require less professional development, instruction and oversight to be effective in their roles.
Inversely, we saw a 50% decrease in hiring Executive Assistants with 5 years of experience or under, and none of those candidates were hired for under a $100,000/year salary. In our findings, we saw that employers were less likely to hire a less experienced candidate and train them up in this market. It isn’t all bad news for new Executive Assistants, if you can command a sizable salary. Executive Assistant candidates with under 5 years of experience who garnered a salary of $100,000/year and above fared better, with a 50% increase in placements versus 2022.
We saw the greatest salary diversification in 2023 with Executive Assistants who have 10 years of experience, with salaries ranging from $80,000/year to $250,000/year. Most candidates with over 11 or more years of experience saw their salary minimum rise to at least $110,000/year, with a maximum of $270,000/year.
Many of our clients are asking the question, “Why are administrative salaries so high with all of the layoffs?” As stated above, we saw C-Level assistant salaries climb in 2023 relative to 2022 and further dispersion of EA salaries, with the highest salaries we’ve ever seen on record for 2023. It seems that the market forces of supply and demand have not achieved a new equilibrium. What’s the story?
We believe this is an example of employer expectations being high in a client-driven market, so while there are plenty of available candidates, they don’t necessarily meet the expected criteria, and employers are less likely to settle when the market isn’t as competitive. Therefore, there is less downward pressure on salaries because the majority of available candidates aren’t necessarily being considered. Those who meet or exceed the expectations of employers who are continuing to hire are still difficult to find, are most likely still employed and they demand a higher salary because they have more options available to them.
Demand by Industry in 2023
Tech, Finance and Private Family Offices remain the top industries hiring administrative support. However, we did see a significant increase in demand for temp-to-hire administrative roles within the non-profit sector in 2023.
We interviewed AI experts and Executive Assistants on our podcast, REACH, to get additional perspectives on how Executive Assistants are leveraging AI to 10x their work and as a strategic advantage in the role, as well as understanding the legal and security landscape of AI.
Executive Assistants Are Hopping on the AI Train
to 10X Their Work
AI Experts Share More on REACH Podcast
The integration of Artificial Intelligence has impacted the executive assistant career, particularly within the past year – revolutionizing traditional workflows and enhancing overall efficiency so that EAs can allocate time and energy on more strategic tasks. More and more EAs are leveraging AI to streamline basic tasks, manage schedules, and prioritize responsibilities. As a result, AI is enhancing their productivity and enabling them to take on more strategic responsibilities within the organization.
The adoption of AI in the executive assistant role represents a transformative shift, empowering professionals to navigate the demands of their positions with greater agility and effectiveness. As AI technologies continue to evolve, executive assistants will likely find new and innovative ways to integrate these tools into their daily workflows, further maximizing efficiencies.
While AI is undeniably transforming various aspects of the workplace as we know it, the idea that it will replace executive assistants is highly unlikely. The role of an executive assistant involves a unique blend of interpersonal skills, emotional intelligence, and nuanced decision-making that is currently beyond the capabilities of AI.
EAs are the gatekeepers and facilitators for their executives, requiring a deep understanding of organizational dynamics, strategic thinking, and the ability to navigate complex relationships. AI excels in automating repetitive and routine tasks, but the human touch remains irreplaceable in certain facets of the executive assistant role. As recent REACH guest Anita Gaeta shared, some of the hallmark moments in her career supporting Meg Whitman at eBay included staging a makeshift sleeping quarters as the team triaged a critical outage and being in lockstep with Meg as they traveled the world together, often times using their time together on the private jet to prep for meetings or discuss strategy. These examples illustrate just a small subset of things that CEO assistants do that will never be replaced by AI. Tasks that involve empathy, nuanced communication, and understanding subtle contextual cues are areas where AI falls short. While AI can enhance efficiency in certain tasks, it is not equipped to handle the breadth of responsibilities that executive assistants manage, ranging from complex decision support to crisis management.
It is estimated that companies in the United States lose a trillion dollars a year to employee turnover.
Hybrid Work Still Appears to Be the
Happy Medium for Most Organizations
It’s been almost 4 years since the pandemic that shifted work as we once knew it. What are companies doing now?
The majority of our tech and finance clients are sticking to a hybrid model. Of course, there are variations of what hybrid means and looks like across industries and organizations. Our placements made in 2023 prove that three days per week in-office is the current trend for the administrative and executive support functions. We’ve also seen some creative hybrid models such as two days/week onsite with an additional day every other week, so that employees’ onsite presence alternates between 2-3 days weekly. We are seeing far fewer fully remote opportunities within this career.
Of Maven's permanent placements in 2023, 49% were in office, 41% were hybrid and 15% were remote. Of all the temp searches we ran last year, 74% were in office, 15% were remote and 11% were hybrid.
*Note, for the purposes of this analysis we defined hybrid roles as any roles requiring one to four days onsite weekly.
Case Studies Increase in Popularity within the
Administrative Hiring Process
The use of case studies in the interview process has become an increasingly popular and effective method for assessing candidates' problem-solving skills, critical thinking, creativity and strategic approach and work product.
Within the past year, we’ve seen more employers within both tech and venture capital adopt case studies for executive assistant searches. This provides an opportunity to evaluate a candidate's understanding of business dynamics, executive priorities, and the broader organizational context and ensures that the selected candidate not only possesses the necessary administrative and organizational skills, but also aligns with the strategic goals and values of the executive.
We hosted a Lunch & Learn in Q2 of 2023 with select Finance and Venture Capital clients, and the vast majority of firms represented use a case study in their EA interview processes. We anticipate case studies are here to stay and will become a standard part of many interview processes.
Salary Data
Tech
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.
Please also note that the following dataset spans the major metropolitan marketplaces of the San Francisco Bay Area, Los Angeles, New York, Miami & Texas.
Finance
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.
Please also note that the following dataset spans the major metropolitan marketplaces of the San Francisco Bay Area, Los Angeles, New York, Miami & Texas.
Personal
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.
Please also note that the following dataset spans the major metropolitan marketplaces of the San Francisco Bay Area, Los Angeles, New York, Miami & Texas.
Tech
* 88% of placements in the Tech space offered stock options or RSU grants ranging from 1500 –23500 options and between $60k - $337k RSU grants (typically vesting over 4 years), while only 38% of placements in the Tech space offered annual bonuses.
* 19% of placements in the Tech space offered sign-on bonuses (including 67% of placements in public tech companies).
(1800-23500 options )
(1500-12500 options)
($60k-$337k in RSUs)
Finance
* 10% of placements in the Venture Capital/Private Equity space offer profit sharing or carried interest as part of their standard package.
* 74% of placements in the VC/PE space offer a bonus as part of their standard package.
Personal
- 41% of placements in the Personal space offer a bonus as part of their standard package.