4. Work team effectiveness Simply establishing a work team is not enough to guarantee its success. There are a number of steps an organization should take to enhance the effectiveness of teams. Read the following scenario and then answer the questions that follow Management at Work iStockphoto Imagine that you are an executive at a large bank. You have been tasked with overseeing your company's implementation of an entirely new mortgage review and approval process that must comply with complex, new federal laws. Creating and implementing this new process will require intimate knowledge of the entire mortgage application and approval process, technology, the new legislation, bank operations, and more. To work on this task, you are asked to assemble a self-managing team with the stretch goal to complete the process overhaul within six months. The team will be given nearly unlimited control over the budget and resources it needs to do the job, but it must still go through the normal approval process from management to make changes. In addition, the team will not be able to make changes to the bank's structures, policies, or practices without management approval Your team's task is vital to your bank's compliance with federal law and survival. Given its importance, you will want to make sure you have only the most talented people available on the team. In other words, you will want: O A diverse team O A high team level O An individualistic team O A low team level As a team with a stretch goal, it is great that your new team will be given , as these are important for the team to be able to achieve its goal. and Given the autonomy of your team and the nature of its task, which team compensation model would probably work best for its members? O Nonfinancial rewards Team member of the month program Gainsharing Skill-based pay