The Trend of Virtual Companies
If you follow our blog, you can see that we like talking about virtual companies. Having gained years of working in a complete virtual environment, we are a strong believer in the opportunities of running a truly global startup. Thus, today we want to share some more information about the trend of virtual companies.
The trend of virtual companies started in 2014
Since 2014, the discussion about virtual teams has become more prominent. It all started around the drive of finding ways to increase employee’s happiness in order to lower staff turnover. For every company, high staff turnover comes at a high cost. And very often, staff satisfaction is changing along the lifetime of the employee while companies struggle to adapt quickly to staff needs. People have different priorities in their 20s then in their 30s or 40s. Being able to work (part time) from home is something where employees would even accept a lower salary.
Not time is a measurement for success but output
Technology allowed us to start working with virtual teams. Today even companies, just like TroopTravel, are founded completely virtual. Changing from a time-management to output-oriented focus. The trend of virtual companies requires as well a new way of managing your teams and your company as a whole.
While time spent has always been used a key performance indicator, in virtual companies it is output. What does it mean that you work 12 hours a day? It means that either you have too much to do or you are completely inefficient. It does not help your company in the long run to keep you working at this intensiveness.
Tap into the global talent pool
We cannot mention it often enough but the growing trend of virtual companies allows people today to work for companies based anywhere in the world. E.g. you can work for a company registered in the US without the need of a green card. As a company, this global mindset allows you to find the best talent from anywhere in the world and it allows you as well to pick your suppliers from anywhere. You need a new logo? Why not getting proposals from graphic designers all around the world?
We are just at the beginning
There is no doubt that the trend of virtual companies is becoming bigger and bigger. Our biggest concern currently is the lack of experience in how to manage truly global and virtual teams. It requires a lot of trust between employee and company to work together despite a geographical distance of thousands of kilometers. But those challenges are small in comparison to the benefits from companies as well as employees the virtual setup can bring. Today, we are just at the beginning of this trend.