Critical Success Factors for Virtual Teams
February 12, 2025
In the previous articles, we have studied how the value at risk (VaR) models should be used to calculate risks. However, the calculation of risks is not the ultimate end goal. Instead, it is efficient management of this risk that makes the value at risk (VaR) model valuable. Let’s assume that in a particular instance, […]
People in the developed world have an affinity for pets. This is the reason why two-thirds of American households, i.e. around 80 million households have pets. All of us are aware that the costs of healthcare are rising exponentially in America and in other developed countries such as the UK. Similarly, the cost of veterinary […]
Interpersonal relationship refers to a strong association among individuals working together in the same organization. Employees working together ought to share a special bond for them to deliver their level best. It is essential for individuals to be honest with each other for a healthy interpersonal relationship and eventually positive ambience at the workplace. Why […]
The value at risk (VaR) model has several advantages, which is why it is used widely in different parts of the world. However, the model also has some very distinct disadvantages. The existence of these disadvantages does not mean that the model should not be used. It is still one of the best tools at […]
In the previous article, we have understood why data quality is important in the field of risk management. We also had a closer look at the various characteristics which constitute data quality as well as the processes that need to be put in place in order to manage data quality. In this article, we will […]
Last year Bob Stuart was given the ‘Best Team Leader’ award because his team had delivered all the milestones accurately and on-time. Along with the award, he was also a given a greater responsibility of leading a bigger and more diverse team whose members were located in 3 different countries. But this year not only that Bob’s name was nowhere found on the nomination list of best team leader award but his team could not even meet the project milestones. Do you also find yourself in a similar situation? If yes then this article has just the information you were waiting all along to pull you out of this not so desired situation.
With the growing need for shorter cycle time, enhanced innovation, lower operating costs and leveraging global talent, virtual teams comes as a solution. Virtual teams give the much desired competitive edge to the organizations in this fierce business scenario. Though many organizations adopt virtual teams but only few are able to squeeze its juice while the remaining only witness worse results. This article attempts to summarize the six underlying reasons for the failure of virtual teams.
There are specific behaviors which demonstrate disengagement of the virtual team members such as frequent absence from team calls, lesser participation in team meetings and no interest in sharing information with the other team members or in overall project progress. If you witness any of these, know for sure that it is time you need to overhaul the virtual team management approach so as to emerge successful. The disengaged or dysfunctional team could be due to any of the pitfalls discussed above. Rather than rectifying when the problems crystallize, you need to take pre-emptive measures right from the formative stage of virtual teams. Don’t be another Bob Stuart!
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