Getting Virtual Collaboration Right


Getting Virtual Collaboration Right

The trend toward virtual teams is now having a profound impact on sustaining business success. There are a number of reasons spurring the rise of virtual teams, but it has primarily been advanced digital technology that has made this a reality. Getting collaboration right is a business imperative and that requires high trust and relationship capital.

Once companies launched virtual teams into their day-to-day operations, an unanticipated benefit was discovered: virtual teams were typically more productive. Chad Thompson, a senior consultant with Aon Hewitt, declares the productivity of effective virtual teams typically increases from 10 to 43 percent, contingent on the industry and the firm. Thompson’s study also indicates that in several occurrences, the net increase in efficiency was equal to or more than the company’ savings on real estate costs.

In addition to increasing output, research shows that virtual teams offer companies and workers:

  • Speed-to-market
  • Flexibility
  • Superior outcomes than traditional work teams
  • Attracts top-performing employees
  • Increased knowledge sharing

Global virtual teams allow companies to gather talent from across the world, save money on travel, and allow access to low-wage talent.

The Difficulties with Virtual Teams

There are difficulties rooted in the virtual team idea. Up to this point, it has been a challenge to build trust and to manage disputes when team members do not have the ability to interact face-to-face. Communication is usually more difficult, especially with global virtual teams, which can also aggravate the challenge in overcoming cultural barriers (Ebrahim et al, 2009).

A recent report by RW3, LLC, a cultural training service, found that 46 percent of employees who work on virtual teams said they had never met their virtual team cohorts and 30 percent said they only met them once a year. The report, The Challenges of Working in Virtual Teams, was based on a survey of nearly 30,000 employees from multinational companies. The research also found that:

  • The top challenge for virtual team members was the inability to read nonverbal cues (94%).
  • Most virtual team members (90%) said they don’t have enough time during virtual meetings to build relationships.
  • There is an absence of collegiality among virtual team members (85%).
  • It is difficult to establish rapport and trust in virtual teams (81%).
  • Managing conflict is more challenging on virtual teams than on conventional teams (73%).
  • Decision making is more difficult on virtual teams than on conventional teams (69%).
  • It is more challenging to express opinions on virtual teams than on conventional teams (64%) (Hastings, 2010).

Introducing Peer SaaS

Peer SaaS is a P2P Commitment Management and Recognition platform. It leverages gamification techniques to recognize, reward, and appreciate peers. Building trust and credibility by earning relationship capital is critical to achieving the benefits and reducing the difficulties with virtual teams. Whether you are a large enterprise, small business, or solopreneur, building a track-record of verifiable performance with your teammates, customers, and partners is the source of distinction and competitive advantage.

PE-ER — Performing Excellence-Engaging Recognition

Conclusion

How we connect, collaborate, engender trust, deepen loyalty, keep promises, and earn relationship capital have always been important to thriving in the business world. It is more significant than ever with the rise of the virtual team. Successful leaders, solopreneurs and professional today are much less about command and control and are much more about winning in the hyperconnected marketplace by getting their virtual collaboration right.

www.StandardofTrust.com

Sources

Source: Medium:Remote Working
Getting Virtual Collaboration Right

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