Remote Work vs. Remote Team: What’s the Difference?
Breaking down the differences between these modern work models.
There have been many discussions lately about what the “return to work” will look like for workers across the U.S. As the workforce looks to “normalize” itself once again, employers and employees are wondering which work model makes the best sense for their businesses.
At ELEV^TE, we’ve been a remote team from the start. Many people are familiar with remote work, in which team members are generally located within the same zone and work virtually. For example, many people started working remotely when the pandemic began.
But a remote team operates in an entirely different way. We work and collaborate independently, with options to meet in-person when necessary, but without any established office space. A better term for our work style may be “adaptable.”
Our team members are remote-based but in-person when it’s most effective. For example, if multiple team members are local to the same area, there are opportunities to meet at co-working spaces to collaborate. Or if a group is working on one particular portfolio startup, they have the option to travel to work together in person for a period of time.
Our team members are remote-based but in-person when it’s most effective.
As a venture studio, we co-create startups all over the world in parallel. Our team lives across different time zones and has alternative sleeping habits, like those who co-found our portfolio companies. With our shared resources, we are more efficient in operating asynchronously for each of our startups.
For instance, a UX designer could simultaneously work on portfolio companies in Texas and South Carolina. Company-wide organizational tools (such as ClickUp and Slack) keep us on track with projects and progress, as well as team updates. So, a CTO who manages three startups can quickly oversee the operations of each of them through remote-based tools, as can our Fund Manager.
A drawback many see with a remote model is the potential detriment to company culture. This is why we make team cohesiveness a priority at ELEV^TE. For example, throughout the pandemic, we’ve established regular virtual meet-ups, coffees, “poolside” happy hours, group roundups, presentations, and even team yoga. We’ve fostered a cohesive company culture around a team of autonomous but connected workers. It’s an effective workflow that is highly conducive to our remote team model.
Furthermore, a remote structure offers an ideal opportunity to recruit top-tier talent. The best talent for the job may live outside your region. When it comes to hiring talented team members, the remote team model removes the limiting factor of location, while also offering teammates lots of control over their work-life balance.
The best talent for the job may live outside your region.
Several studies have indicated that work-life balance impacts mental health and performance at work and in daily life. We want to give our team members an optimal work-life balance and more time to spend with their families. We also think it’s a good idea for companies to provide a budget for each employee to improve their remote work environment, with purchases like a quality desk and other at-home work tools.
Additionally, because remote teams don’t have official office spaces, they benefit from low general overhead expenses and operational costs. This is a big win for our team members because it helps us reduce burn rate and prolong our runway by keeping in-house expenses lean. Plus, the more workplaces that go remote or adopt a similar adaptable work style, the fewer employees need to commute, and the less need to cool and heat big office spaces, among other sustainable benefits. We are excited to contribute to a more sustainable work ecosystem.
Ultimately, ELEV^TE is a big proponent of taking away limits to achieve better productivity. That includes limits on talent, capital, and work structure. An adaptable remote team model works well for us, because it enables our team, partners, and co-founders to be more flexible, access talent from anywhere, and support a functional team of autonomous workers who have an outstanding work-life balance. We are better for being more malleable and instilling an adaptable mindset at the core of our team culture.
Have a thought on the “adaptable” work model? Would it work for your company or are you dying to get back into the office? Let us know in the comments!
Written by Janet M Early
ELEV^TE is an early stage venture studio and fund that’s looking to disrupt the way the current venture model works and the way the founder selection process is handled. We believe there’s a whole vertical of overlooked founders that we can potentially unlock.
Connect with us on LinkedIn or check out our website.
