Cost savings - The biggest advantage of virtual team enjoyed by an organization is the associated cost savings. The organization can do away with huge expenses on real estate, office spaces, utilities bills such as gas, electricity, water etc. and executives’ travel. Many organizations outsource their operations to the low-cost regions. Thus production cost also decreases with the reduced raw material cost, operational costs and lower wages of the employees in these geographic locations.
Security is often overlooked when a business decides to allow employees to work remotely, leaving companies vulnerable to cybercriminals. Although there are cloud options to make remote work easier, with today’s internet of threats, companies cannot afford to overlook protecting their confidential and proprietary information. - Tammy Cohen, InfoMart
A robust 68% of job seekers who are millennials said an option to work remotely would greatly increase their interest in specific employers, according to a survey by AfterCollege, a career network for college students and recent grads. “Policies that cultivate a flexible, fun, and casual work environment have a positive impact” on young people’s interest in specific employers, the survey found.
I doubt many companies like or prefer that employees work from home. We allow the policy in order to be able to attract employees who would otherwise go elsewhere. We are heavy users of Slack, Confluence and other collaboration tools that make working at home more productive, but they cannot replace the serendipitous interactions that occur while hanging out by the nitro-coffee keg. - Manuel Vellon, Level 11
Virtual team is an emerging new-age trend with followers across business sectors. Just like any other new trend, virtual team also has to undergo strict scrutiny of researchers to weigh its advantages and disadvantages before being accepted by the professionals. The advantages and disadvantages of virtual teams can be looked upon from three levels - individual, organizational and societal as a whole. This article summarizes different perspectives on the advantages and disadvantages of the virtual team and serves as ready reference guide to our readers.
Remote workers often mean more cash flow and greater productivity, increasing a company's bottom line. Allowing people to work remotely often cuts overhead by reducing expenses, such as a larger office space. Greater productivity, which again increases the bottom line, is typically achieved because employees have the freedom to work at their own pace, knowing they have a job to complete. - Justin Goodbread, Heritage Investors
The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url.
Equip your team with knowledge of the basic aims and foundations of your company. Make sure everyone is familiar with the company values enough so that if they need to make an urgent, educated guess, they’re likely to make the right one for the business. For example, do you lean toward transparency or discretion? Do you prioritize action or caution?
Movies and TV shows from the likes of Devil Wears Prada to Rules of Engagement make us laugh and feel sorry for the personal assistants. Their lives are consumed by ego-maniacal tyrants paying them no more than a couple of funny pennies per hour. Luckily, apart from the odd unfortunate exception, the reality is much different. Yes, sometimes personal assistants are asked to do menial tasks ranging from the humiliating to the humdrum, and they are often asked to be on duty round the clock, but it usually pays off in more ways than one.
Have a culture of transparency. This allows everyone to get a good grasp of each other’s tasks and responsibilities, which encourages good expectations accountability. It could be as simple as sending a weekly report to a shared channel, or keeping all of the projects in your PM tool viewable for all employees, so they can see what’s going on within the company. If you want to take it a step further, consider revenue transparency or public salaries.
Typically there are no overhead costs like computers, office and parking spaces, benefits, utilities etc. According to a study from Sanford University, a company can save about $2,000 per year, per employee who works from home. Even if you provide funds for the employee to set up a home office, costs remain significantly lower than renting an office space.
And besides, you’re going to get quite a few of the perks of being rich without being rich anyway, provided you know how to name drop. Want to have dinner in a Michele star restaurant but don’t have reservations? Come right this way, sir. Want to buy that new Chanel bag? I just happen to have one behind the counter. The benefits can be truly tremendous.
They’re more work to manage and have a time overhead compared to someone at the office is a big part. It’s also easy to forget and ignore remote workers and it can be harder to evaluate their productivity. A culture that has a mix of remote and non-remote has the remotes pretty isolated as the normal way of communicating things has them left out. (source)
Over the past decade, a rising number of young professionals, primarily from the United States and Europe, have leveraged the use of technology to work remotely and live a nomadic lifestyle. A forecast of employment trends by the World Economic Forum called flexible work, including virtual teams, “one of the biggest drivers of transformation” in the workplace, while a Gallup poll found that 37% of respondents have already worked virtually.
Employers can also realize saving by allowing virtual workplaces. Among these are real estate or office costs. By allowing more workers to telecommute, companies can reduce the amount of works space they need and it also reduces the resources needed to support these employees in the office (such as office supplies and electricity). According to the Telework Research network, the average real estate savings realized from a full-time teleworker is $10,000 a year. Companies that have implemented several virtual workplaces have seen large cost savings in real-estate cost. For example, IBM has reduced its real estate costs by $50 million and Sun Microsystems saves $68 million per year. 2
According to a Gallup poll in 2007, the average commute time is 48.1 minutes round trip. While the commute by itself may not sound like a long time, there are other factors that can increase this. For example, the time to do things to get ready for work (such as taking a shower, getting dressed and having breakfast) can take another 30 minutes to an hour so adding these activities to the commute time can bring up the "non-work time" to 90 to 120 minutes. An employee can get so much more work done in that time if they did not have to travel into an office. According to the Telework Research Network, companies such as JD Edwards, AT&T and Compaq reported that their telecommuting employees are more productive than their office counterparts.2
Keep in mind that if you pay someone more than $600 per calendar year, the IRS has pretty strict guidelines about making sure you issue a 1099. Of course, that means the assistant has to pay taxes on the earned income, which dents his bottom line. So you can always make the choice to pay an assistant under the table. What you do is up to you, but let me repeat: Always keep in mind what tax laws dictate, and make smart choices based on that.
Establish an onboarding process. Be sure that every employee who collaborates virtually has the same onboarding experience. They should be given access to the same communication systems and handbooks that explain the company processes. Everyone should be given the same advice and tools for success as they’re brought on board. If possible, it can even be very valuable to have an initial onboarding done face-to-face in an office location.
Provide a time tracking tool for remote workers to monitor their billable hours. This is also good to make sure your remote team members don’t get burnt out working overtime. Managers should be able to view this time data and see which projects their team members are working on in real time. At Hubstaff, we use our own software, which supports randomized screenshots, app tracking, URL monitoring, productivity gauges, and detailed time reports. It also provides a breakdown of where someone has spent their time on an organization, project, and task level.
A file-sharing service. Virtual teams need a place to share files. A file-sharing service will allow employees to store, access and share files in a secure location. Dropbox is one major platform for file sharing, but there are plenty of other popular services available, such as Google Drive and OneDrive. If you have highly regulated IT guidelines, it may be worthwhile to invest in your own IT-approved system.
It might seem counterintuitive, but remote workers are often more engaged with colleagues and supervisors than in-office workers, Harvard Business Review concluded. The plethora of technological tools to help workers stay connected makes the difference—in fact, a separate study found that 87% of remote workers feel more connected through the use of video conferencing.
Many strategies that worked for managers in the past will be impossible with a remote team. No more getting the team together after lunch for a project post-mortem, no more doing walkarounds to make sure everyone is working, and no more being able to visit someone’s desk and demand their attention. Remote work could make much of traditional management practices useless.
Even if you can do all the administrative work yourself, why should you? The one hour a day you spend running to the post office, balancing the checkbook, or booking airline tickets would be better spent calling prospects, learning, or thinking strategically. Always try to spend as much time as possible using your unique strengths on your highest leverage activities. Running out to Staples to buy printer paper probably doesn’t fall into that category.
Estimates claim that about 2.8% of the global workforce works from home at least half of the time. Although this number seems low at first glance, consider the fact that the number of people who work from home has increased 103% since 2005. There’s no denying that there is an upward trend of work-from-home flexibility in society today — and this trend does indeed come with many benefits, such as the following:
About the author: Jennifer comes from corporate America… and a four-hour daily commute! Now, as a Career Writer for FlexJobs , she commutes to the corner office (in her house, that is) in under 60 seconds! Says Jennifer: “I’ve always been a writer, and love offering readers great service stories and ideas to improve their lives. Writing for FlexJobs allows me to be an example and show people that you can indeed have a healthy work life balance.
Glassdoor is your resource for information about Personal Assistant Plus benefits and perks. Learn about Personal Assistant Plus, including insurance benefits, retirement benefits, and vacation policy. Benefits information above is provided anonymously by current and former Personal Assistant Plus employees, and may include a summary provided by the employer.
Newer Opportunities - If we see at larger societal level, virtual teams have created newer opportunities for people who are less mobile and hesitant to relocate due to either family requirement or physical challenge. Now any task that does not require the physical presence of a person and which can be supported by communication technology throws an opportunity for many deserving candidates.
A Virtual PA can be a clever alternative to employing staff. In fact for many who have taken the steps already it's the smarter way to do business. Technology now means that the traditional additions to a business can be outsourced with ease such as software and now staffing. More importantly it allows businesses to be totally adaptable and constantly flexible to industry changes ensuring that quick adjustments or more in depth changes can happen with the minimum of fuss or drain on your time. Imagine having to downsize or re-focus your business with an office full of staff. No matter how equipped you are its going to take time to make changes to the business. Alternatively expansions can be equally difficult to manage, Virtual PA services offer a solution designed for the modern business.
Often, the challenge for startups and other small companies is having the resources to hire an employee with as much of this expertise as possible at the lowest possible investment. Finding all of this in one individual at the experience level required can be daunting. The virtual team can provide the answer in fields such as human resources, finance and marketing.
Having a flexible schedule increases the morale of employees and gives them a sense of freedom and agency in their lives that going into a physical office often does not permit. The sense of boosted morale also increases productivity in virtual employees. Responsibility for the work that must be accomplished changes hands from the supervisors who watch over the office to make sure employees are doing their job and arriving on time to the employees, who must meet goals and expectations on their own.
With the dynamic environment in the UAE and busy routine lifestyles, it is difficult to have a work-life balance. Our lifestyle, personal demands and work pressures can have a huge impact on the way we approach our work and our lives. Irrespective of the level of seniority, delegating some of your daily tasks to a personal assistant can be life changing. Whether you are a business owner or a manager, having a personal assistant by your side can have great benefits in maximising productivity in the business.
The conversation is twofold: Employees who work from home help companies reduce overhead costs, experience greater satisfaction in their jobs, and they’re more productive, but companies ultimately have the discretion to not offer work from home policies — or revoke them — if company leaders believe that managing a virtual workplace decreases speed or hinders collaboration.