Introduction. In Recent Times With The Advent Of Globalization

1556 WordsMay 8, 20177 Pages
INTRODUCTION In recent times with the advent of globalization and open markets there has been a significant rise in the number of Multi-National Companies. The reasons why companies are going global are to access and expand their market, to access resources, to access new talent pool, et al. This enables to the companies to create greater value to their shareholders and compete effectively. As companies expand and build their workforce around the world, more often than not team members are in different geographies. This new reality has made it inevitable to have virtual teams in many organization. On the other end of the spectrum, with the rise is advanced internet enabled technologies many firms, especially is the Silicon Valley, are…show more content…
Similarly, some of the risks associated with having virtual teams are: • The cost involved with technology: Technology plays a key role in helping virtual teams interact and depending on the type of technology an organization chooses their cost vary. • Team collaboration issues: Working in a virtual team setup brings with it challenges such as trust issues, accountability issues, ownership issues, conflicts and lack of collaboration between team members. If managers and leadership do not manage such situations well, any benefit associated with virtual teams can quickly be diminished • Social isolation and low productivity: Since most of the interactions with virtual teams tend to be task oriented this can lead to social isolation within the teams. Lack of physical interaction with team members further degrades the productivity of the team. Managers can build effective strategies to mitigate the risks associated with virtual teams and build strong, well rounded productive teams. This paper outlines the strategies the manager can leverage to build strong virtual teams. The strategies mentioned in the paper are a summary of strategies mentioned in various HBR and other reputed publications (please refer the references section), further I have supplemented them with examples from my personal experience in working with virtual teams. STRATEGIES TO DEVELOP STRONG VIRTUAL TEAMS Prior to my MBA I worked with Intuit as a software engineer. The software
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