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How GTM influence cost and business process?

virtual team

Every company wants to grow even in such a hostile situation when a pandemic looms large. But without a solid strategy to overcome the hardship of the situation growth is never possible. When resources become limited, competition is harder, the movement gets restricted, you need something new to break the boundaries. From the very beginning of its journey, GTM has been working tirelessly in making new strategies and solutions for the companies to cope with every situation the world offers.

Yes, the solution is none other than a virtual team. Virtual teams have become an unavoidable affair in today’s business world. The current situation demands a virtual and contactless office endeavor to survive in the competition.

What is a virtual team?

A virtual team is a group of individuals who work jointly from various geographic locations completely depending on communication technology like email, messaging, voice chat, video conference, and online meet app services. In simple words, a virtual team works as a group consisting of some core members who can interact with each other mainly using electronic devices and employ themselves in interdependent assignments.

In a virtual team

  • The leaders focus from the local to the global and encourage the team members, who work from the different work zones, to work towards a common goal.
  • Team members tend to develop mutual interdependence to achieve the goal. 
  • A culture of honesty encourages trust and authenticity among the team members.
  • They have access to appropriate technology for gathering valid and current informal goals.

Benefits of virtual team in terms of statistical analysis 

Benefits for the company because of virtual staffing

  • Many companies get several benefits by constructing adaptable and remote staffing policies that make virtual teamwork a cost-effective affair. The benefits not only boost up productivity, increase market presence but also surely reduce cost and enhance overall functional achievement.
  • According to a research paper published in the year 2018, employers agreed that virtual working increased their morale (57%), lessened labor cost (52%), decreased absenteeism (50%), reduced operational cost (50%), and health insurance costs (31%).
  • In 2019 the society for human resource management confirmed, with their statistics, that the greatest benefits of virtual staffing comprise global perspectives (81%), creativeness (54%), cost-effectiveness (32%), and productivity (31%). 
  • The same study ensures that virtual crews are highly collaborative. 48% of them expressed their fondness to work collaboratively daily. 86% approved to work together and meet virtually once a week.
  • The report demonstrates that 82% of companies, who hired virtual teams, experienced growth.
  • Another 2019 study states that 85% of enterprises believe they have become more efficient due to flexible working policies. 
  • IWG study confirms that 79 percent think that the flexible working policy is the main reason for overall success, 89 percent believe it increased their productivity and 64 percent feel that virtual team strategies speed up the market.
  • In 2020, an American study ensured that 53% of laborers are happy due to the flexible work schedule structure amidst covid situations and 36% of the workforce expressed their gratitude to remote work as it allowed them to take care of the family. (GitLab, 2020)
  • Moreover, the employers said that the considerable advantages of remote work are enhanced productivity (52%), elevated efficiency (48%), and enriched morale (44%). 
  • Both the companies and employees agreed that a virtual team offers numerous advantages in comparison to office-based working.
  • 90% of employees are contended due to the flexible work schedules that are responsible for increasing their morale. (Staples, 2019)
  • The highest advantage of remote working is undoubtedly better work-life balance (75%), decreased amount of stress (57%), lessened absences (56%).
  • Overall 73% of virtual team members acknowledge that the benefits surely surpass the downsides. (CultureWizard, 2016)

From the statistics above, we can speculate that a virtual team enhances a flexible workplace system that encourages the employees to enjoy the liberty to work with enjoyment, maintain a work-life balance, and a relatively stress-free life. As a result, some companies are thinking of going fully remote or adopting a hybrid virtual teamwork strategy. In every situation, both workers and company benefit from the quality -work comparatively reduced office expenses and least absences from the parts of employees.

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