Top 8 Benefits of Virtual Teams

In this ever-changing world, both literally and technically, it is best to put aside the concept of “office” in the 21st century. Especially due to the COVID-19 pandemic, people increasingly need to work from home, and organizations around the world are forced to work remotely. A Gartner survey showed that during the COVID-19 pandemic, about 50% of companies currently have 81% or more of their employees working remotely. Another 15% of companies said that 6% of their employees are already virtual employees.

Therefore, it is no secret that the concept of having a virtual team is rapidly becoming the new norm.

What Is a Virtual Machine?

A virtual team is a group of employees working remotely for the company. These employees are distributed in multiple locations around the world, sometimes in different time zones, but the goals are the same. Virtual teams gather using technology running in the Cloud to help them collaborate while working remotely.

Whether you are running a small business or a long-term profitable company, having a virtual team is always an asset of the company and its employees. How? Well, in order to answer this question, we listed the 8 benefits of setting up a virtual team for your business.

Virtual Teams: Adapting to New Ways of Working

With the global pandemic and the slowdown of company business, many teams are forced to work remotely. These teams are transforming their work culture and adapting to virtual employees with different “remote” levels by introducing virtual team structures.

According to a Buffer survey, 31% of companies choose to fully virtualize their computers. These companies also enable the realization of sustainable phenomena using existing technologies, which not only improves their adaptability to the changing conditions of the 21st century, but also helps them maintain a leading position in the global market competition. However, there are many benefits to managing a global virtual team.

The Benefits of Virtual Teams

There are many benefits to creating a virtual team, which can help your company increase productivity in the world of remote work, thereby reaching new heights of success. Here are the 8 benefits of virtual teams that will motivate you to hire more virtual employees for your company:

Virtual teams are more loyal. Although employees work remotely from their homes or preferred locations, being part of a virtual team makes them feel that they matter and their opinions matter. Plus, as a manager, giving your team some flexibility is a great way to help them provide real feedback and increase retention. In fact, a survey showed that about 79% of employees said they would be more loyal to companies that provided flexibility. And 32% said they left their job due to a lack of flexibility.

Your business can operate 24 hours a day, 7 days a week. Imagine 24/7 business processing! Previously, people worked nights to complete office shifts, but today they can take advantage of the global nature of virtual collaboration, data sharing, and working in different time zones. This means that your virtual team’s collaborative work should never stop.

The existence of virtual teams creates happier employees. Employees who can work remotely are generally happier and healthier because they can better control their working conditions. Compared to traditional workplaces, virtual workplaces provide more flexibility to balance hobbies. That is why 83% of companies have implemented flexible work policies in their workplaces. Becoming a member of a virtual team is a powerful motivation, and a third of the employees will prefer to work remotely rather than increase their salary.

Employees in virtual teams take fewer days off. Telecommuting (that is, working from home or remotely) employees reduce their use of sick leave by 6% each year. Many virtual team employees find that they work longer hours and days. They are more likely to work more than 40 hours a week, and if they work from home, they will end up calling in fewer sick days. In return, they can work in a way that helps them balance their lives.

Significant increase in productivity. Some employees have increased their participation in virtual teams and their productivity has increased by more than 40%. An effective virtual team can see at least a 10% increase in productivity even in the worst case. In addition, by running the virtual team concept, the travel time of these employees has been reduced by approximately 3,040 minutes, giving them 1 hour of free time, which can be used to do additional work and improve work efficiency. Therefore, most employees do more work when they do not need to report in person to the office.

From a monetary point of view, virtual teams are beneficial. Did you know that Cisco saves more than $277 million a year by using virtual teams and remote work? Companies that do not need to pay for office space and supplies can save a lot of money within a year. Another study showed that if a company only allowed employees to work at home for half of the time, on average, each employee would save between $2,000 to $7,000.

Companies have access to a larger talent pool. When companies create virtual teams, they no longer rely on the internal workforce and the skills and talent available in the local community. Thanks to the Internet, you can find a group of talented people in just a few clicks. Stephane Kasriel, the CEO of Upwork, once said: “Companies that refuse to support remote labor risk losing their best employees and rejecting the best talent in the future.”

Virtual teams reduce your company’s environmental impact. When employees work virtually from home instead of commuting to the office every day, the amount of carbon gas released into the environment are reduced. This results in a reduction of 54 million tons of greenhouse gas emissions per year. In addition, working in a virtual team in turn reduced the resources needed in the office, which meant a reduction in the consumption of paper, heating, electricity and natural gas by more than $20 million.

Next Steps

Simply put, virtual team management pays off for your company because it enables you to reach more talent, control costs, increase productivity, and much more. In addition, there are some tools that can make these virtual workplaces more creative and change the way companies communicate in the form of documents. Be it TimeDoctor, Slack, ClickUp or anything else, it’s time for you to create your own highly motivated virtual team and make your business exceed expectations. Use the right tools in today’s business environment to manage your virtual team and success is not far off!