5 Reasons Why You Should Invest in Virtual Teams

A virtual team is defined as a group of people within an organization who use technology to communicate and collaborate, working independently with a common goal across time, space, and organizational boundaries. It is increasingly becoming a trend for many small businesses and startups to set up virtual teams because of its perceived benefits and advantages.

Virtual teams have a lot of advantages, but it is also challenging to successfully manage one. Aside from the usual challenges that come with managing teams and people who have different personalities, characters, and work habits, virtual teams also have the additional burden of having to deal with managing people from long distances, lack of personal social interactions, not having the ease that comes with face-to-face interactions, and other challenges that come with the management of remote individuals, let alone teams. Add to these the fact that virtual team members come from different time zones.

Nevertheless, it is still worth investing in virtual teams. It has proven to be one of the most resilient and responsive ways that businesses can deliver their products and services efficiently. Below are some of the best reasons for investing in a virtual team. Consider the advantages that such a team brings to your small business to see if a virtual team is right for you.

Lower costs

Having a virtual team can give your small business lower overhead costs because you are able to hire people from other countries who have a lower cost of living, and consequently, lower salary standards. This is especially beneficial for startup companies and small businesses who cannot afford to hire many employees. Such businesses can obtain quality work while not having to shell out a lot of capital.

The addition of a virtual team also means that there is no need to pay for costs such as office rental, office equipment, and other expenses that come with having a brick-and-mortar office. You can focus your capital on the things that really matter, and slash your overhead budget significantly.

Garnering a lot of savings in working remotely is not solely an advantage for the employer. For virtual employees, it is also a big advantage because they do not need to leave the house, get dressed, endure traffic, or otherwise get stressed going to and from the office. All these activities do mean considerable expenses for employees; working virtually eliminates all these costs and stresses and can mean a significant improvement in the employees’ output and quality of work.

Unlimited pool of talent from all over the globe

This is among the biggest benefit of having a virtual team in your organization. Thanks to today’s technology, you can obtain the best and the brightest into your organization without having to consider their location. You do not have to be limited from the local workforce pool, nor do you have to import the talent you want, with all its attendant complexities, requirements, and obstacles. As long as the individuals you want have access to the internet and have the capabilities and qualifications you need and want, they can join you as you attain your small business growth.

This is a real plus when you are considering building a virtual team, an advantage that weighs heavily in its favor despite the many challenges that come with managing it. Being able to collaborate and work with amazing people regardless of where they live can go a long way in making your small business a success.

Flexibility

Running a business can get really dynamic, especially in a small business aiming for growth where types of work may differ from time to time. A virtual team brings flexibility that other types of teams may not have. This means that a virtual team lets you focus on what you really need to accomplish most at a given time.

The capability of current technology makes it possible to manage and organize a dispersed group of people, and flexibility has also become possible not only on the employers’ side but also on the employees’ end. It has become increasingly common even for real-office personnel to work remotely, even if only partially, at least a day per week.

For employees, working virtually brings a lot of advantages. Aside from saving on expenses, they can also save a lot of time because they can avoid rush-hour traffic jams. This time savings translates into better productivity, less stress, and more quality time with their family.

Ease of hiring

Hiring members of a virtual team is much simpler and less complicated. You do not need to spend more time doing physical or in-person interviews, nor do you need to show your new employees around the office and let them settle in. In addition, you do not need to deal with such time-consuming trivialities such as taxes and other governmental requirements just to be able to hire an employee.

Easier government compliance

Having a virtual team also means that you do not need to stress yourself out or take too much time handling the government processes and requirements entailed in having employees on a payroll. You can do away with the loss and waste of time and money in handling the various aspects such as salary and tax computations and employee benefits and requirements.

In addition, errors in computing the payroll mean more time and money wasted.  The use of technology further simplifies the process, unlike in the old days when all of these has to be computed manually and takes a long time to do. Doing things manually also entails a higher chance of human error.

With a good virtual team handling these obligations, you can take your hands off the processes of required government deductions, which include HDMF, BIR, SSS, and PHIC. This in turn lets you focus more on growing your small business.

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