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Top 7 Tips to Effectively Manage Remote Teams – ReadWrite

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Top 7 Tips to Effectively Manage Remote Teams - ReadWrite


When it comes to managing remote teams, the steps are different for different companies. What works for one may not work for your company. It all depends on the culture followed and the approach of the remote team. A few managers trust their employees, whereas others use tracking software to track their employees.

Managing remote staff is one of the crucial management skills that every team leader should master. This is done to satisfy the teams who are working remotely. Though people are often trained to handle remote teams, at times efficiently, some rapidly changing situations may not work feasibly.

Thanks to some research-based tips with the help of which managers can hire dedicated developers to enhance the productivity of remote employees and, at the same time, manage them effectively.

  • Set Expectations And Adhere To Them

One should know what to expect from your remote teams and the objectives you want your entire team to achieve. Each team member should be on the same page as you and should know what your expectations are. Though the expectations are straightforward, they may have sudden changes. It is significant for you and your team members to adhere to the expectations and perform accordingly. It will also help them feel content after working for numerous hours in front of the computer screen.

  • Appropriate Education And Skill Level

Deloitte recently conducted a study that concluded that almost 29.4% of professionals need automation training of higher levels. Also, to meet the market’s ever-changing demands, they need to hire the best they can. To fulfill this gap, businesses are hiring from remote locations to ensure that the quality of developers stays paramount. A few things should be kept in mind while hiring people from remote locations, including:

i. Increase in the working capacity of the firm without any liability on the infrastructure.

ii. Prior working experience in relevant technical streams.

iii Education of the field and suitable expertise in a particular segment.

  • Good Communication Channels

Proper communication is essential between remote workers, or else it will become difficult for them to stay on the same page. To maximize the efficiency and efforts of remote teams, several communication tools are available in the market. For instance, the workplace of Facebook, Slack, and Yammer have seen a significant rise recently.

The tools have an intuitive user interface and are highly interactive for employees to communicate and connect. The life of managers becomes much easier by integrating such tools into their daily chores.

  • Inspire Your Members To Be Independent

When teams work from a remote location, they need to have a healthy work-life balance to take things easy as they come in their way. Hence, encourage your employees to practice their hobbies and do things they like outdoors during the non-working hours. It will enable them to develop a sense of independence, something which is critical for remote work.

Virtual employees should understand that they will decide the balance between their personal and professional life. By instilling a sense of independence in them, you give them a chance to develop, enrich and discover their work-life balance.

Even the best management systems can have human error. That said, during unprecedented times, teams may face struggles. Hence, the incorporation of KPIs (key performance indicators) is vital to track employees’ progress. For KPIs, you need to consider the organization’s goals that you want to attain, and then you need to align them with your team.

Make sure that the goals are all realistic that can be achieved and will ultimately lead to the success of your organization. You need to find the correct way of measuring the performance and track the progress of your remote teams.

This way, you will have a better understanding of areas where your organization lacks. You will have better opportunities to overcome all barriers and work on your weaknesses.

  • Cultural And Language Barriers

Besides the expertise of your team in technology, languages known serve as the trump card. When a firm is about to hire dedicated developers, they will also look for language fluency. When cost factors and language barriers are combined, a major factor is born: the decision-making factor. Effective communication skills with seamless interpretation help speed up the process flow for your organization.

This is why firms are always behind building a team that is culturally close and has effective communication. An internal network helps reduce communication downtime or lags hence enabling teams to communicate and align better.

Managers need to understand that their employees will have major distractions when they are working from home. Also, distractions are inevitable in a remote work setup. Hence, you should accept such distractions of your remote teams from time to time since it is critical to enhancing their productivity.

You should show your employees that it is okay if they are playing with their children or check their social media profiles once in a while. You should not ask them to remove these habits completely since a little distraction from working long hours will prevent them from getting burnt out.

Final Words

Employees will stay longer in your organization if they see balance in the workplace. They are always working in a company that can provide them with what they want, especially remote work options. If you are outsourcing software development, you will have to master the management of remote teams to obtain maximum benefits. The tips discussed above will not only enable everyone to perform better, but it will also help them enjoy the opportunity of working from home.

Vikrant Bhalodia

Head – Operations

Head of Operations with 12+ years of multi-functional expertise across Sales & Marketing, Consulting, Web Content Management, Operations and HRM at WeblineIndia. Having passion towards technology and with multi-functional expertise in a Software Development Company based in USA and India, Vikrant loves sharing insights on optimizing the success and internet visibility of the customers’ businesses.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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