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6 Must-Follow Tips When Managing Virtual Teams

Virtual and remote teams are becoming much more likely as we near 2020. Working remotely is also gaining popularity among people who just want to work from home.

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Tips When Managing Virtual Teams

Virtual and remote teams are becoming much more likely as we near 2020. With all of the communication tools available today, many industries don’t even require brick-and-mortar locations. Plus, you can get employees for big-city companies at small-town salaries. Not to mention the fact that so many organizations have employees in several different countries. In fact, according to Remote.co, remote work has grown by 91% in the last 10 years.

Working remotely is also gaining popularity among people who just want to work from home whenever they have availability throughout the day, such as young parents or caregivers.

According to the Project Management Institute (PMI), there are specific challenges to coordinating people working on multiple projects across time zones, distances, languages,s and cultures. Challenges include:

  • Ensuring common understanding despite language and cultural differences, without the benefit of body language and cues from tone of voice.
  • Coordinating all team members so everyone is where they need to be when they need to be there and with everything they need to succeed.
  • Honoring individual cultures, while creating a common team culture.

So, with all of these employees in all these different locations, across time zones and cultures, it can be easy to lose track of how best to manage them. Here are some tips to help you when managing your virtual teams:

1. Communication – Transparency

When managing virtual teams, there’s no such thing as too much communication. Over-communicate. Since the virtual, or remote, team is scattered, possibly around the globe, make sure that all the gates of communication are open and available. With the communication and team collaboration tools available today, it shouldn’t be difficult to keep those lines open with phone, email, text, chat, video, etc.

There is also no need to beat around the bush. Be clear about the goals and expectations of the team. Don’t let any miscommunication or errors creep into the performance of the team. Keeping the lines of communication open and your expectations transparent will be a great start to bringing your virtual team together.

Managing Virtual Teams

2. Socialization – Get to know the session

Break the ice and get to know each other by socializing. Encourage a “Get to know your teammates” session. Make it a practice to follow this every time a new individual joins the team, or at specific times during the year, during the holidays, for instance, or just every once in a while.

Include team-building activities among the teammates. A healthy and professional relationship between the team members as well as the manager will always boost the team’s performance rates.

3. Establishment of limits and boundaries

As important as it is to make sure every team member feels like family, it is just as important to set boundaries. There is a science to maintaining interpersonal skills and managing conflicts.

It’ll be up to you to make sure no one gets overridden unnecessarily or offended by any comments from teammates.

4. Schedule shifts – Manage across time zones

Having remote teams across many different time zones may be a huge advantage, especially if your organization has customer service aspects. However, you’ll need to take into consideration the varied time zones of your virtual or remote team and set shifts accordingly. If you can, schedule shifts so there is some overlap of time every day that everyone is working at the same time. That may mean early morning for some and late at night for others.

Don’t let the time difference between New Delhi and New York City come between your goals and the team’s performance. Coordinating and communicating with the team before scheduling shifts is always a good practice!

5. Acknowledging and respecting the cultural differences

Virtual teams are unique in their way. One of the primary reasons is the higher chance of having a vast diversity in the culture. Treat this as a positive aspect of the team in welcoming new ideas, respecting each other, and acknowledging each others’ cultural differences.

Hosting a virtual meet-up and Managing Virtual Teams

Hosting a virtual meet-up or a party in real life once in a while to celebrate Christmas and Chanukah and Gion Matsuri or any others will bond the team and give everyone a little break from the stressful atmosphere, which will result in higher morale and better performance by your team.

6. Cheer on all Team Members

Trust your team members and their capabilities. Guide them during their failures and motivate them towards reaching goals. At the same time, never fail to congratulate and cheer on the team or members of the team when they go the extra mile for the organization.

Sending handwritten thank you cards to members of your virtual team to thank them for their contribution or excellence in performance can never hurt either!

There are numerous benefits to having a remote workforce, including benefits to employees’ mental health due to a healthy work/life balance, greatly increased productivity, and benefits to the environment with fewer cars on the road. Studies also suggest that older workers prefer working remotely because they can keep their skills current with evolving technologies and it is preferred by younger workers because they desire more flexibility.

So, now that you’ve decided that a remote workforce isn’t such a bad idea, you should probably look at ways to manage the administrative part of your virtual team. By implementing a time tracking system like Track.ly by 500 apps, you will be able to ensure your team is hard at work and they will be able to track their hours automatically, alleviating the need to document each time they start and stop working throughout the day. Benefits of using time tracking software such as Track.ly include:

  • The ability to track activity and gain insights into your team’s activity levels and engagement with frequent screenshots and tracking mouse movements and keystrokes.
  • The ability to boost productivity by being able to see where workers are most effective and where they can use some assistance.
  • The ability to integrate payroll to improve billing accuracy and reduce manual administrative work. There are several payroll software integration options.

Managing a virtual team from anywhere is possible. Following the tips above and implementing efficient time-tracking software will give you a good start on ensuring you have the right teams, in the right places with the right tools.

Helpful Resources:

1. Peel Remote App: An Easy Solution For Home Digitization

2. Do Human Translators Have a Reason to Be Afraid of Advancing Technologies

3. Artificial Intelligence And Its Demands To The Programmers

4. 7 Latest Tech Automobile Advancements

5. E-commerce Chatbots: 13 Ways to Increase Sales, Conversions & Retention

6. Top 10 Artificial Intelligence (AI) App Development Trends

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Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

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Navigating the Process of Selling Deceased Estate Shares

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

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7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.

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