Critical competencies of virtual team members and its managers for business success

Virtual teams function in the conditions of great insecurities and specific demands of the virtual environment. Therefore, when forming a successful virtual team, special attention should be paid to choosing its members, on whom the efficiency of the project tasks depends to a great extent. The evaluation of competencies has an exceptional significance in assessing the capacities of the employees, their potentials and limitations in order to foresee their individual success or team success. However, the whole concept cannot be imagined without competent managers who manage and develop virtual teams. According to this, the main aim of this paper is to determine the key competencies of members of virtual teams, as well as of their managers which are characterised by success in business operations of virtual organizations. For establishing the key competencies of virtual teams on one hand and the competencies of their managers on the other, we used literature overview as well as the newest researches in this field. In practice we can conclude that competent managers should use a wide range of new, technologically supported options in forming their strategies with the goal of being able to meet and face the changes, instead of just react to them. Also the authors give numerous examples from Europe which show the comparative advantage in implementing the new technologies by the ones who possess IT education, because they accept them as new ideas faster than the others