Remote Teams: Why Should You Build One in 2024?
What do Gitlab, BaseCamp, InVision, Zapier, Trello, American Express, and Hubstaff have in common? All of them are powered by remote teams.
Last year, Gartner found that 58% of companies have at least some tech talent working from another country. This is a twofold increase since 2019.
What is a remote development team? In the tech sector, remote development engagement means building a software development team abroad. This team typically operates in a different time zone, leveraging technology to synchronize and collaborate with your local staff.
It looks like remote teams are here to stay. In this post, we’ll share six key reasons why you may want to commit to a remote-based model in 2024.
You want to be more agile when staffing projects
Remote teams are often associated with as-needed hiring. For instance, if you need a Python developer and a Quality Assurance expert to add to your Data Science project, but aren’t sure if your team needs those roles in the long run. Hiring a full-time employee in such a scenario might be costly. That’s where a remote development team steps in. You can create one on-demand, without the burden of in-house staffing like overhead and employee retention services. After the project is done, you can enjoy the freedom to continue working with your remote team or disband it.
READ ALSO: Benefits of Agile Nearshore Development
You want to trim your software development budget
The grueling truth is that there’s been a 23% increase in hourly rates for software development in North America, according to Accelerance. So, if you’re 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 with a remote team 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.
Many businesses hope to grow their profits thanks to the transition to remote development in 2024. A recent study from Accelerance shows that partnering with a remote development firm can save a company from 40% to 70% of overall costs, making it an excellent reason to consider having a remote development team as an option. Here’s a look at software development rates by region:
Source: Accelerance 2023
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.
You want to reduce time-to-hire
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 without costly delays, given the variety of talent up for work.
By choosing a remote development team, 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 remote team with the brightest minds and do it faster than with traditional recruitment.
You want to excel at navigating uncertainty
Remote development teams can be the antidote to economic turbulence. They provide agility without locking you in long-term financial commitments of permanent staff. Thus, it’s a flexible solution for companies looking to build or augment their tech team. The possibility to scale up or down as needed lets companies respond to uncertainties that may lie ahead.
You want to access less competitive markets with better talent
Talent over location is the motto behind an entire remote team trend. For example, there are nearly 1.3 million software engineers in Eastern Europe, making the region a true powerhouse for tech talent. Not only can you find specialists with more general technological backgrounds, but you can also hire for more sought-after tech skills, from AI, Cloud, Data Science, and IoT engineers to DevOps and Blockchain specialists. With over thousands of graduates joining the workforce annually, in our experience, with the right approach, it’s possible to set up a full-fledged remote development team in Eastern Europe in as fast as 4-6 weeks.
You need 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. Thus, we can say that a remote team presents diverse thinking patterns, leading to the benefit of diverse viewpoints.
To sum up
When the first wave of lockdown hit, remote teams were commonly perceived as a necessary evil. A few years later, many companies see remote teams 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.
As a remote team provider, here’s what our approach includes:
- Direct access to your remote team
Our approach lets you communicate with each team member directly and manage the SDLC yourself. Your remote team members will work under your management, report to you directly, and become an indispensable cog in your operations.
- Focus on 100% dedication
Your remote team will be solely dedicated to your project. The team members we provide will work full-time as if they were your in-house employees.
- Only skilled software developers
We pull together remote teams of software developers that match your requirements in full. That includes tech skills, soft skills, culture fit, domain expertise, and English proficiency. No matter the competencies you’re looking for in a candidate, we’re always ready to go the extra mile.
- Access to vast pools of tech talent
Central & Eastern Europe and Latin America are the most skilled tech hubs in the world. We have a network of over 125,000 developers located across these regions. You can launch your team in the time zone of your choice.
Let’s connect to discuss the opportunities for remote development in 2024 for your organization and how nCube can help you augment your local team.