Spurred by the pandemic, the recent remote work trend has culminated into an abrupt replacement of a traditional office in favor of a virtual one. Although 2020 is behind us, last year was a turning point for many companies out there, forever changing them into "remote first" companies. For others, the question still remains, are remote teams here to stay? In this post, we discuss the many reasons why companies across various fields are making long term commitments to remote-based models.
First off, what is a remote team? Basically, a remote team is your typical team that works on a project but may operate in a different time zone or location, using the power of technology to communicate and collaborate.
Access to top talent
Talent over location is the motto behind an entire remote work trend. For example, there're nearly 200K software engineers in Ukraine, making the country a true powerhouse for tech talent. Not only can you find specialists with more general technological backgrounds (frontend, mobile, etc), you can also hire for more sought-after tech skills, from AI and IoT engineers to DevOps and Blockchain specialists. With over 190k developers, and 32K tech graduates joining the workforce annually, in our experience, with the right approach, it's possible to set up a full-fledged team in as fast as one month.
Scalability | Faster recruitment
Besides being known as high-maintenance, it can also be time-consuming to assemble an in-house team. You can spend months looking for strong candidates in your location. In the fast-paced nature of our world, making the right decision quickly, is key to beating the competition. Hiring outside your geographic location allows you to tap into an ocean of talent and staff your team quickly, given the variety of talent up for work.
You can focus on hiring the best person for the job, rather than looking for someone willing to relocate. Besides, when your search is limited to one city, finding the right candidates, especially on short notice, can be problematic. On the other hand, when you can choose from various locations around the globe, you have the opportunity to staff your team with the brightest minds, and do it faster than with traditional recruitment.
Increased profitability | Cost-cutting
If you're operating on a shoe-string budget and looking for ways to save, building a remote team can be the best financial decision you'll ever make. That's because one of the significant advantages of this model is cost-efficiency. Hiring developers in a location where salaries are much lower doesn't strain your budget as much as a home-based team does.
Another reason for going remote is that an in-house team typically comes with additional expenses you can trim, including overhead costs, employee benefits, and more. At nCube, our model is based on a fixed rate, meaning the client only pays for a full-time employee, while we take care of an employee's insurance, taxes, motivation program, and HR support.
It may be counterintuitive, but many businesses actually hope to grow their profits in 2021 thanks to remote work transition. In fact, a study shows that going remote saves around $11K for every employee that works outside the office, making it an excellent reason to consider having a remote team as an option.
Finally, building a remote team is a lucrative solution for many because it's a good way to save money for marketing and business analysis, which are vital for increasing your profits. Thus, it's reasonable to state that companies expect their remote teams to impact their bottom lines in a positive way.
A source of fresh ideas
The downside of a co-located team is that when people work in a shared space for a long time, their creativity can abate. Team members tend to get used to each other (and their surroundings as well) and begin to think alike, and thus may struggle to produce original ideas. This is especially true for close-knit teams that have been working together for years.
Adding remote team members can bring a wealth of fresh ideas to the table. More often than not, remote teams include people from many walks of life and of various backgrounds. Thus, they can come up with solutions to otherwise unraveling tasks. We can say that a remote team presents diverse thinking patterns, leading to the benefit of diverse viewpoints.
To sum up
In the light of the pandemic, it seems that co-located teams will soon become a thing of the past. When the first wave of lockdown hit, remote teams were commonly perceived as a necessary evil. A year later, many companies see the remote workforce as an infinite source of profit, innovation, and talent. While we don't expect Silicon Valley to become a ghost town any time soon, we can be sure that remote teams are the new norm.