Return on investment is the very close cousin of cost-benefit, but in this case, I will apply it in a strictly financial sense, and use my real-life work as an example. My personal assistant, whose name is Eric, does a lot of research, logistics, and planning for me as a journalist. Because he expands my efficiency, I’m free to take on more assignments and make more money. I would estimate that for the $50 investment I make for each week I hire him out, I make twice as much money minimum because of his help. So if I pocket $100 I wouldn’t otherwise make, and pay him $50, the return on investment is $50. Makes sense? (By the way, that’s during a slow week. Sometimes the return on investment is two or three times as much.)
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.
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.
Better recruitment opportunities. You can select from the top-qualified candidates around the globe for a position if you’re open to managing a remote workforce. Instead of limiting your recruiting opportunities to those who are willing to relocate and those able to make the daily commute, you can focus on hiring the best-qualified candidates without worrying about any geographic restrictions.
A time zone converter. Teams that include members from different time zones often struggle with finding the best times to collaborate. A time zone converter can assist virtual workers in planning the best times for meetings, and it can remind employees to remain conscientious of the time in their teammates’ zones. Every Time Zone is a web-based, aesthetically pleasing app that converts time zone differences in a simple, easy-to-comprehend format.
It’s estimated that the average virtual worker saves upwards of $7000 annually as opposed to those who work in an office. (Don’t believe it? Test out the Telework Calculator, which can add up how much your own savings could be!) Those savings come from a variety of sources, including commuting costs, which counts for a major bulk of the savings. But keep in mind all of the hidden expenses, too, such as lunch and snacks, your twice-daily caramel frappuccino addiction, and clothing costs. If you add all of those up, your decision to work virtually will make a whole lot of sense…in dollars and cents.
Working Effectively with Country X: This program is specifically designed for professionals of any level who want to learn to effectively and productively work with individuals in a specific country. Learning modules focus on building trusting relationships, creating strategies to bridge cultural gaps, effective communication across cultural boundaries, and successful collaboration.
The flexibility that comes with managing a virtual team is unparalleled, as it gives you the ability to alter the configuration according to the ever-evolving challenges. It's time for you to put together a highly motivated virtual team of your own that is ready to go above and beyond your expectations. With the right team available at your disposal at all times, success can't be very far away.
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Diverse multicultural teams: Virtual teams, more often than not, are made up of individual with different cultures, each of which has their own customs, values and work habits. This becomes a challenge as each person automatically follows their own way of working and interacting with others. Managers will need to learn to find common grounds between different team members.
Invest in communication structures. Despite added expenses of PM fees, software, virtual insurance, VPNs, etc., companies can stand to save a lot on the overhead costs of running an office. No rentals, no electricity bills, and no more perpetually purchasing office supplies. Use those savings to invest in online communication ecosystems. Teleport has a few great blog posts for communication in remote teams.
With all the allure of a couch, mid-day naps, Netflix, virtual reality games, drum lessons, airline flight sale alerts, and whatever small distractions there are in a day, it’s no surprise that managers worry about work productivity for their employees out of the office. They are at the mercy of beckoning chores. A full pantry of things to snack on. “Quick” walks to the park, and so much more that can distract them from work. I can see how easy it would be for tasks to take longer. For example, a task that would take one hour in an office could take five hours with distractions.
While there will always be the need for full-time, on-site staff, the popularity of remote work might allow you to also use part-timers and save thousands in the process. People are much more likely to consider part-time work if they don't have to come in and can have flexibility, and not every role or company need requires a full-time employee. You also won't limit your talent pool by geography. - Elle Kaplan, LexION Capital
Employer Trust - Another main factor that can negatively affect working remotely is the trust employers have in employees to get jobs done from home. For both parties to get the most benefit from a virtual work environment, there must be mutual trust between employer and employee. A worker must continue to complete assignments as required. You should be able to monitor this fairly easily based on the productivity of each employee working from home.
Personal assistant’s possess quite a bit of power over their employers’ lives knowing all about the people they meet, the deals they make and what they keep hidden inside that locked desk drawer (…creepy, perhaps?) . Assistants also get to meet some of the most successful and talented people of their respective fields. That’s an amazing opportunity to learn and establish important relations every single day. Having constant access to the latest news and having all the people involved just a phone call away is a great opportunity to make a real, positive difference in both your own and other people’s lives.
One is the jealousy aspect. I’ve been in semi-remote teams wherein only a few people (or even just me) were allowed to work from home. What has worked for me in the past is to clarify responsibilities between my manager and colleagues. Then deliver unfailingly. Once a team learns to appreciate your work, it shouldn’t matter whether you do it beside them or from somewhere else.