Self-managed teams are small groups of employees who determine their own work processes with little or no supervision. They have become popular as they can increase productivity and reduce costs when implemented effectively. A self-managed team is responsible for technical and management tasks, with responsibilities rotated among members. Benefits include greater ownership over work and flexibility to cover absences, while drawbacks can include risks of groupthink and difficulty transitioning to less supervision. Leaders must provide guidance to self-managed teams without interfering in their autonomy.