What are the advantages of Virtual Team?

Having a Virtual Team onboard has always been a plus point. Especially in pandemic situations like the one we are currently witnessing, the essence of having a Virtual Team onboard has been significantly realized. There are many advantages of Virtual Team as they contribute to the overall productivity of the company. Keep reading to find out the significance of having your own Virtual Team.

1. Virtual Teams - Are they really the best fit for your company? 

The advancements in the digital platform today is very much mind-boggling. It is almost impossible to run a successful business/company without stepping into the digital world. Gone are those days when the only mode of work used to be to come to the office and work a 9-5 and get things done. With developments in all walks of life, mode of work has witnessed so much transformation, thanks to digital transformation. 

Among the various reasons to think upon having a virtual team onboard, the following reasons top the list.

1.1. Affordability

When compared with setting up a team in a physical office, the cost of setting up a team in the virtual platform is lower. That is how having a virtual team becomes affordable. Since you don’t need to set up a laptop/desktop for each member of the team individually, the overall infrastructure cost comes down. Various maintenance costs don’t even come into the picture when it comes to a Virtual Team. So, overall, the affordability rate of a Virtual Team is pretty high.

1.2. Diverse Skill Sets

When you set up a Virtual Team, especially with diverse skill sets, the team members can bring a variety of flavors to the project. This will enable you to apply each of their skill sets accordingly for each task of the project. The end result will surprise you since there will be a good quality output as a result of your virtual teams’ diverse skill sets.

1.3. International Team

When you say, ‘Virtual Team’, it means the team members can be from any part of the world. This brings a perfect international blend onboard. Having an international team on board means that you get to access the highest caliber of the employees worldwide. You can learn different things from each other and thereby increase the overall productivity.

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1.4. Increased Productivity

Having a Virtual Team onboard definitely contributes to an increased productive curve on the productivity graph. There are many reasons for this increase in productivity among the few listed below:

• Flexible work time
• Remote working culture
• Effective Time Management to complete tasks
• Commuting time to a physical office doesn’t come into the picture at all.
• Personal and Professional work-life balance

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1.5. Higher Retention Rates

The retention rates of the employees of the virtual team are higher. This is due to the fact that they are working remotely and can adapt to relocations due to their personal reasons without resigning from their virtual jobs. Also, once your virtual team is all set and each of you gets to know one another as a team, a good bond and mutual understanding will be built. This will enable the team to work together for a relatively long time increasing the retention rates in return. 

Now with the above reasons discussed, you can fathom the advantages of Virtual Team for your company. In the end, it is up to you to conclude if a Virtual Team is really a good fit for your company.

2. Virtual Team’s contribution to the company’s growth

More than ever, now, the whole world is appreciating their Virtual Teams. When certain unavoidable factors inhibit the work from being completed, then the whole project stands still without a virtual team onboard. But, on the other hand, when you have a virtual team in place, work can be completed even if employees don’t log in to the office. On the whole, a Virtual Team will enable the functioning of the work process which in turn increases the productivity of the company.

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3. Key Benefits of having a Virtual Team onboard

Running a business completely online has now become possible due to the remote working options. With that stated, does it mean that offices are no longer needed? Not really. But, it is a proven fact that companies can function remotely. So, when you do have a physical office, then how does having a Virtual Team onboard really benefit you? The following points will serve as an answer to the question posed.

3.1. Lower Office Costs

When you work with a Virtual Team, you don’t necessarily need a big office space in the first place. You can hire people who are essentially required in the office to carry out work there, but you can pull it off in a small office setup since you work with a Virtual Team as well. This in return helps you to cut down the office maintenance costs.  

3.2. Greater Availability of Talents

As Virtual Team members can work remotely, the members can be from pan globe. This means that the availability of talents is diverse and large. The pool of pan globe members can contribute to a large extent and the working style will be enhanced. Mutual learning and growth will become part and parcel of the remote work culture.  You can expect a quality result at the end of the day owing to the greater availability of talents. 

3.3. Fewer Meetings

Since the whole work nature is virtual, it is best to conduct fewer meetings. This is due to the fact that when working with an international team, you need to take into consideration the time zones before setting up a common slot to conduct meetings. The more the meetings, the more energy spent on the time zone adjustments. Therefore, in order to increase productivity, it is essential to organize lesser meetings which reduce your potential time and energy of preparing for the meetings often. This will help you to organize only very important meetings.

3.4. Reduced Time Travel

Since the whole work nature is virtual, the traveling time is completely cut down which means saving a lot of commuting energy. This is a huge benefit because more professional and personal work at home can be accomplished which is directly proportional to the overall work productivity. You don’t need to travel to the office in person to overlook the work or conduct meetings or to assign tasks. You can sit at home and do all the work. Of the many benefits, reduced time travel is pretty effective.

3.5. Greater Workforce Flexibility

Work nature with a Virtual Team is highly flexible. Your Virtual Team Members get to work remotely at their convenience. Though there may arise hiccups here and there, it is solvable. At the end of the working with a Virtual Team means greater workforce flexibility. This is beneficial as it increases overall productivity and since you get more time to focus on other essentials, you can focus on other business development strategies and tasks. 

The above-discussed benefits are the key advantages of virtual team. Therefore, when you have a debate with yourself or your core team to go for a Virtual Team, you need to evaluate your odds against the benefits first. Then confidently add a Virtual Team and start working with them. In the end, you will be seeing the increased productivity for yourself. 

4. Strategies to overcome the challenges of having a virtual team

Though having a Virtual Team is highly beneficial, it comes with challenges. But, take heart, it is not impossible to tackle them. The following table depicts the strategic solutions to overcome the listed challenges effectively.

Finally…

Having a successful virtual team has its own pros and cons but the advantages of virtual team is pretty high. You need to learn to amplify the pros and get the work done. Hire employees for your Virtual Team who are suited to work virtually. Focus on cultural and core values for the best. Set standard communication norms and be result-driven. Invest time on your virtual team and encourage them to deliver their best. Prioritize professional development despite the distractions, you won’t be disappointed for sure.

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