Companies Utilizing Virtual Teams to Reduce Costs, Manage Productivity in Economic Downturn

(From PRNewswire) -- A research survey conducted by consulting firm Chronos Consulting has found that more companies in the U.S. and worldwide are utilizing virtual teams to reduce costs, enhance productivity and attract wider talent pools in today's volatile economic and political environment.

Companies headquartered in the United States and Canada, and from industries such as financial services, oil & gas, telecom, cable, call center operations, consulting and transportation, responded to the survey. This cross-industry research survey identifies the top 8 benefits to organizations by using virtual teams as well as the challenges in utilizing them and provides compelling insight and practical recommendations to senior managers tasked with managing human resources and organizational change. It focused primarily on the HR function, but also included the operations and information technology functions at their points of intersection with HR, particularly when utilizing virtual teams.

"Our survey was designed to identify the challenges, trends and opportunities provided by virtual teams for cross-industry organizations in North America, especially when dealing with organizational and human resource restructuring," said Imaad Mahfooz, Managing Principal of Chronos Consulting. "Our goal is to use these results to answer questions like how the virtual team model should be applied to business and what are the top benefits of deploying these teams."