The article discusses the new phenomenon of team building - Team-Based Working (TBW), which is fast becoming a popular method to build effective and successful organizations based on teams. TBW implementation is not easy as one has to look into a lot of modalities throughout the organization. But it pays off as it helps in maintaining sustainable success. In fact, it is moving very fast towards becoming a widely accepted corporate strategy.

"A team is a small number of people with complementary skills who are committed to a common purpose, set of performance goals, and approach for which they hold themselves mutually accountable."

The modern business scenario has been impacted by the phenomenon of joint ventures, mergers, acquisitions etc., in a significant manner and at a higher speed than ever before. Also, the industry of today is extremely rich with information due to the proliferation of the Internet. World Wide Web has made almost any information under the earth available to anybody. Organizations are not any more enclosed within fixed boundaries, they are evolving continuously and are interacting with the external world more intensely than hitherto. All these incidents offer new challenges to the management running a business. To be relevant in today's business environment, one has to continuously learn and improve (this is important for an employee as well as for an organization). `Learning Organization' concept popularized by Peter Senge strengthens this theory—it emphasizes the fact that organization learning is not about individual learning; it is a joint learning by the teams of the organization leading towards collaborative learning of organization as a whole. Also, it is continuous learning for continuous success and improvement. Similarly, the concept of Team-Based Working (TBW) functions, as it is about continuous effective working of teams in which continuous learning through innovation occurs.

Global CEO Magazine, Team-based Working, Corporate Strategy, Mergers and Acquisitions, Business Environment, Learning Organization, Organization Development, Social Organizations, Organization Goals, Team-based Organizations, Organizational Culture, Human Resource Department, Decision-making Process, Balanced Scorecard Approach, Collaborative Organization.