Critical Success Factors for Virtual Teams
February 12, 2025
A strong association between individuals sharing similar interest and goal is called as interpersonal relationship. It is important to have trustworthy colleagues around at the workplace. One needs to know how to interact with fellow workers. Let us go through some interpersonal skills an individual needs to inculcate for a healthy relationship with coworkers. Stay […]
Loss of Trust and Faith and the Rise of Populists Public trust and faith in institutions is at an all time low. Starting with the Global Financial Crisis of 2008 in the United States and then the Sovereign Debt Crisis in Europe in 2009, including the Brexit vote in the United Kingdom, and the election […]
An association between individuals working together in the same organization is called interpersonal relationship. An individual spends around seven to eight hours at his workplace and it is practically not possible for him to work all alone. One needs people to talk to and discuss various issues at the workplace. Research says productivity increases manifold […]
What is Crisis ? A sudden and unexpected event leading to major unrest amongst the individuals at the workplace is called as organization crisis. In other words, crisis is defined as any emergency situation which disturbs the employees as well as leads to instability in the organization. Crisis affects an individual, group, organization or society […]
Global Businesses operate in an international environment that is volatile, unpredictable, uncertain, and accelerated. The term VUCA or Volatility, Uncertainty, Complexity, and Ambiguity is used to describe to the global environment in which multinational firms operate. In addition, a PESTLE or Political, Economic, Social, Technological, Legal, and Environment framework can also be applied to understand […]
Return on Investment is a popular analytical tool which is used to measure the benefits relative to the cost. There is an ongoing debate in the business world on which is better – co-located or virtual teams. Though there is no black and white answer to this question. But the key lies in carefully assessing the business situation and matching the right type of team. Applying ROI to the virtual team context is a challenge because it is not possible to assign monetary values to each of the benefit and cost factors. For the purpose of this discussion we have identified certain relevant costs and benefits factors of virtual teams as well as we have considered backward-looking or retrospective ROI which measures the value of the impact of team’s activities once completed.
Keeping in mind the current hyper-competitive market, it is impractical to solely rely on either co-located or virtual teams for doing the work entirely. On the actual grounds, organizations divide the work wherein some part is done by co-located members and some of it by virtual team members. This helps them to enjoy the easy & faster coordination of co-located teams as well as innovation & best practices learning from virtual members. ROI measurement comes as a handy tool for leaders and managers to take decisions related to alignment of team outputs with strategic intent as well as allocate resources accordingly to reap maximum benefits.
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