What is a globalized economy? Its' a business world were people in one country depend on people in other countries. People in different countries supply materials, add creativity, do the labor, or simply buy the product. This makes a dependence among the people, companies, and countries to make business happen. The future economy will be even more globalized than it is today.
How will people and companies communicate with each other as a team?
A virtual team — also known as a geographically dispersed team (GDT) — is a group of individuals who work across time, space, and organizational boundaries with links strengthened by webs of communication technology. They have complementary skills and are committed to a common purpose, have interdependent performance goals, and share an approach to work for which they hold themselves mutually accountable. Geographically dispersed teams allow organizations to hire and retain the best people regardless of location. Members of virtual teams communicate electronically, so they may never meet face to face. However, most teams will meet at some point in time.
Why virtual teams?
Benefits of virtual teams
- Best employees may be located anywhere in the world..
- Workers tend to be more productive; i.e., they spend less time on commuting and travel
- The increasing globalization of trade and corporate activity.
- The global workday is 24 vs. 8 hours.
- Proliferation of fiber optic technology has significantly increased the scope of off-site communication.
- Some members of virtual teams do not need to come in to the workplace, therefore the company will not need to offer those workers office or parking space.
- Reduces traveling expenses for employees.
- It allows more people to be included in the labor pool.
- It decreases both air pollution and congestion because there is less commuting.
- It allows workers in organizations to be more flexible.
- By working in virtual teams, physical handicaps are not a concern.
- Allows companies to procure the best talent without geographical restrictions.