Transforming executive support: How private equity firms can enhance assistant roles for the digital age

The rapidly advancing pace of technology and artificial intelligence (AI) is creating a seismic shift in the world of administrative support. A recent report on the future of jobs from the World Economic Forum reveals that clerical and secretarial roles, including administrative and executive assistants (EAs), are expected to see the largest decline in absolute numbers by 2030. This trend is driven by technological advancements and the increasing need for digital skills. For Private Equity (PE) firms, this means rethinking how they leverage their EA and other administrative support models to stay competitive and efficient.    

Increased training is required to maximize human and AI collaboration 

The Future of Jobs Report highlights that 39% of workers’ core skills will change by 2030. Analytical thinking, resilience, and AI and big data skills will be the most sought-after traits in future workers. 86% of employers also expect AI and information processing technologies to transform their business by 2030. Although the report suggests that generative AI (GenAI) will not necessarily replace human roles, it has the potential to augment human work by effectively performing tasks that leverage theoretical knowledge and digital manipulation, such as data mining, machine learning, and language-related tasks. Human oversight is still required for complex problem-solving and sensory processing skills. 

This means that the need for reskilling and upskilling, which has already jumped by 11% between 2023 and 2025 for financial services and capital markets, according to the report, will increase rapidly in the next five years. These changes underscore the necessity for PE firms to adapt their operational strategies, particularly in how they structure and utilize their administrative support. 

The changing role of executive assistants in PE firms 

EAs have long been invaluable in the PE industry, providing essential support to executives and ensuring seamless operations and compliance. However, the traditional one-to-one EA model is becoming increasingly unsustainable, with many firms struggling to rationalize its costs and inefficiencies. Traditionally, EAs in PE firms have operated on a one-to-one model, providing dedicated support to a single executive. However, this model is increasingly being questioned with many EAs not possessing the necessary technological proficiency to meet today’s demands. This skills gap is prompting PE firms to reconsider how they structure their administrative support. 

Time is running out for the traditional EA model 

A 2024 study by Boldly found that the average age of an EA is 49 years old. This demographic trend suggests a potential wave of retirements in the coming years, which could lead to a loss of valuable institutional knowledge. Furthermore, replacing an EA is a costly and time-consuming process. Research from SHRM indicates that it takes an average of 42 days to fill a position, which can disrupt workflow and productivity. These issues underscore the need for PE firms to adopt more flexible and scalable support models that can adapt to changing business needs. 

Impact of technology and hybrid/remote work 

AI, technology and the rise of hybrid and remote work are significantly impacting the role of EAs. Digital tools and platforms are reshaping administrative tasks, making it essential for EAs to be proficient in using these technologies. Hybrid and remote work models also require EAs to manage virtual communication and collaboration tools effectively. PE firms must ensure that their EAs are equipped with the necessary skills and resources to thrive in this new environment. 

The need for alternative delivery models 

To address these challenges, PE firms are exploring alternative delivery models for administrative support. One approach is to outsource EA functions to specialized service providers. Outsourcing can offer access to a broader pool of skilled professionals who are adept at using the latest technologies, thereby improving productivity and efficiency. Outsourcing can also be a catalyst for centralizing support services in order to streamline processes, improve training, reduce redundancy, and ensure that administrative tasks are handled by experts. 

Understanding current staffing ratios and goals 

A critical aspect of optimizing administrative support in PE firms is understanding current staffing ratios and setting clear goals for the future. For operational leaders at PE firms, there is a significant benefit to analyzing how their firms are currently structured and identifying target models that align with their strategic objectives. By partnering with expert providers to assess the effectiveness of existing support structures, identify any pain points, and implement effective solutions, PE firms can make informed decisions about whether to maintain, modify, or overhaul their EA models. 

Solutions for enhancing and future-proofing EA support 

The role of executive assistants in private equity firms is evolving rapidly, driven by technological advancements and changing business needs. PE firms must adapt their administrative support models to remain competitive and efficient. By understanding current staffing ratios, exploring alternative delivery models, and leveraging the expertise of service providers, PE firms can optimize their EA support and navigate the challenges of the modern business environment. 

To address these challenges, PE firms can consider the following solutions: 

• Optimizing EA/admin support with a centralized service: Partnering with a specialist provider to establish a centralized EA hub that delivers comprehensive administrative support, including scheduling, travel arrangements, data management, and virtual communication. This approach streamlines processes, enhances training and consistency, and may even reduce overhead by leveraging support teams located outside of prime city locations. 

• Training and development programs: Upskilling existing EAs through training programs, ensuring they are proficient in using digital tools and platforms essential for hybrid and remote work. 

• Technology integration: Integrating the latest technologies into administrative processes, enhancing efficiency and productivity. 

By embracing these solutions, PE firms can ensure that their administrative support functions remain agile, efficient, and aligned with the demands of the digital age. 

Watch this video and discover how Williams Lea’s administrative support can help transform private equity operations and drive efficiency at every level.