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Top Strategies for Successfully Managing a Virtual Team in the Financial Sector

Remote work is becoming increasingly popular in various industries, and as a result, the need for effective management and leadership of remote teams is growing. We had the opportunity to speak with four leading remote companies that prioritize their employees and have implemented successful strategies for managing virtual teams. These companies focus on key areas […]

Top Strategies for Successfully Managing a Virtual Team in the Financial Sector


Remote work is becoming increasingly popular in various industries, and as a result, the need for effective management and leadership of remote teams is growing. We had the opportunity to speak with four leading remote companies that prioritize their employees and have implemented successful strategies for managing virtual teams.

These companies focus on key areas such as culture, hiring, communication, supporting their teams, and creating connections. By prioritizing these aspects, they have been able to create thriving remote work environments.

One important factor that all these companies emphasize is the development of a strong mission and values. They believe in having articulated values that are not just aspirational, but truly reflect their company culture. By constantly reminding themselves of their mission and values, they are able to make decisions that align with their core beliefs.

Another crucial aspect of remote team management is defining and embodying company culture. Aha! stands out for their culture of gratitude, which they call “hatitude.” They prioritize saying thank you on a daily basis, even when team members are not physically present. This practice inspires commitment and care among team members.

It is essential for companies to align their intentions with the benefits and culture they offer. Authenticity and good intentions are key to making employees feel valued and cared for. It is important to deliver on promises and ensure that company values are put into practice.

Culture is not limited to a physical location. Aha! has successfully built a high-growth company with a fully remote team, debunking the myth that remote work hinders engagement and company culture. They have found that effort, achievement, and deep connections are not defined by a location, but by exceptional people working together towards common goals.

Remote work also offers financial benefits. Companies like Aha! estimate that they save over $1.2 million a year on office space and operational costs. These savings can be reinvested in the team, such as through profit sharing programs.

Expanding the reach of hiring is another advantage of remote work. Remote companies have access to a global talent pool, allowing them to attract highly qualified candidates who are passionate about remote work.

When hiring remote employees, it is important to consider the cultural context of applicants. Companies like Doist have learned that traditional hiring practices, such as requiring cover letters, may exclude candidates from cultures that do not have a tradition of writing cover letters. Adapting the hiring process to be more inclusive can lead to a more diverse and talented team.

To ensure the right fit, companies often include a test project or task in the interview process. This allows hiring managers to assess candidates’ abilities to work independently, their personal accountability, and their response to feedback. It is important to compensate candidates for their time spent on these projects.

Company benefits play a significant role in defining the hiring audience. The benefits offered reflect the company’s values and culture, and can attract specific demographics or promote diversity.

Effective communication is crucial for remote teams. Transparency is key to building trust and ensuring that decisions are made collectively. Companies like Doist have developed communication tools, such as Twist, to accommodate the needs of their growing remote team.

Empowering the team and prioritizing urgent interactions are fundamental to the success of remote companies. The Responsive Method (TRM) at Aha! focuses on increasing urgent interactions with customers and team members, which has been instrumental in their success.

Volunteer work is another way to foster connections among remote teams. Studies have shown that giving back leads to more engaged and satisfied teams. Companies like Aha! organize volunteer activities during their onsite meetings, supporting grassroots nonprofits in the communities where their team members live.

Investing in remote employees’ workspaces is crucial for their productivity and well-being. Companies like MetaLab provide fitness and equipment stipends, as well as bonuses to ensure that remote employees have the necessary resources to do their best work. They also offer access to coworking spaces for those who prefer not to work from home or coffee shops.

Benefits should reflect the company’s values and priorities. MetaLab, for example, offers unlimited vacation to prioritize work-life balance and prevent burnout. Prioritizing employees’ happiness can lead to increased productivity and goodwill.

Trust is a key element of remote team management. Remote companies trust their employees to manage their own time and deliver results. It is important to focus on outcomes rather than output, and to recognize that employees can be productive even if they have flexible schedules or work from unconventional locations.

Using apps and tools can facilitate team building and collaboration in remote teams. Companies like Skillcrush use platforms like Rabbit to host virtual movie nights and create opportunities for casual chats. These activities help team members build relationships and feel connected despite not being physically present.

Encouraging team members to take the lead in organizing activities and fostering casual conversations is another way to build a strong remote team culture. Skillcrush, for example, has a #food channel on Slack and encourages team members to pair up for informal chats. These initiatives contribute to a positive and supportive work environment.

Watercooler time is also important in remote teams. Taking a few minutes for small talk and casual exchanges can help team members connect and build relationships. Remote companies recognize the value of these interactions and create opportunities for them, such as at the beginning of meetings.

In conclusion, managing remote teams requires a focus on culture, effective communication, trust, and creating opportunities for team building. Remote companies that prioritize their employees and invest in their well-being and workspaces are able to create successful and engaged remote teams. By embracing the unique advantages of remote work, companies can attract top talent and foster a positive and productive work environment.

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