What is a virtual team?
A virtual team is a group of individuals who work together and interact primarily by means of electronic communication technology. Members of a team may come from within the same building or from other global locations and may work remotely from offices or homes in different time zones. It may also be referred to as a geographically dispersed team as members could come from other cities or countries beyond national borders.
Members of a team typically have skills that complement each other to achieve a specific goal. Roles and responsibilities are assigned to each member and are interdependent as each role has significance to the completion of a specific project.
Why companies hire a virtual team
Most businesses and organizations hire a virtual team as a response to current technology, business, and financial trends. As opposed to restricting the search for employees locally, companies can take advantage of hiring the most qualified talents required for the accomplishment of their goals when they hire virtual teams. This concept also allows businesses to cut cost on office space rent, electricity and utility expenses including office equipment, among other related expenses.
While there are some disadvantages, there are also a number of advantages that companies can enjoy with managing virtual teams. The rise of the information technology is in fact another reason. As information travels faster nowadays and availability of the internet, more and more companies prefer hiring virtual teams with access to the fastest communication technology to transfer data quickly and collaborate at faster speeds.
Another reason for the growing demand of virtual teams is the lower employee cost. Virtual team members in locations with lower cost of living charge minimal cost of services than those who live in global locations where the cost of living is higher.