The business world went virtual in a matter of a few short weeks. Zoom Video which had on average 10 million daily participants in December 2019 recorded an astounding 300 million users per day in April 2020. Zoom Technologies’(ZOOM) stock price soared 240% in late March – so much that the U.S Security and Exchange Commission had to suspend it –when investors mistakenly invested in it, rather than Zoom Video Communications (ZM). Ironically, it appears, we investors don’t frighten (or check things) so easily, compared with when it comes to running online meetings. I’ve been surprised at how many of us are terrified by new technology and how to use it.
So, you’re ready to do this, and it’s your responsibility to make sure things go right. Will you think of everything? What could go wrong? Here’s a handy checklist to go through.
The first thing to check is which video conferencing platform is the best match for you and your board. It seems Zoom doesn’t pass muster for all, safety and security issues being a primary concern. In early May 2020 Zoom included additional features in their attempt to address these concerns. Carefully consider your ability to control your privacy – services are often free for a reason and there might be some data given up. Next thing to check is that there is nothing in your governing documents which precludes the functions of a meeting being carried out virtually, including making decisions, obtaining round robin approval, and checking the quorum provisions for round robin decisions, signatories and signing off procedures. If rules, mandates or processes need to be changed, it’s a good idea to do this well in advance of the next meeting.
Plan, plan, plan – virtual meetings require more of this. There is far more that can go wrong, and most attendees will not be completely comfortable, whether from poor connectivity, or a fear of technology.
- Draft the agenda and get approval from key individuals. Include a note indicating whether outside presenters will attend the meeting, and per item if there is a presentation or report, who will present such information and a realistic estimate of the time requirement for each.
- Request all participants to perform a test via the virtual meeting software, well in advance of the meeting. Most platforms offer this functionality which will test the software and hardware (camera and microphone).
- Formulate and distribute a “Virtual Meeting Etiquette guide” that will provide guidance to participance on topics such as camera angles, speaking into the microphone and the tone of voice.
- Ensure the chairperson is appointed, mandated and approved, and appoint a technology driver and also an IT support person, who can help people with connectivity issues.
- Know who will do what, especially:
- Who is leading the discussion
- Who is checking on participants
- Who is communicating with the people who are trying to connect and what the protocol is for members seeking to contribute (the Chat function and “raising hand” function on Zoom can be handy in this regard)
- Who will summarize discussions for those joining late, or before a decision
- Who is sharing the presentations on the screen
- Who is the meeting host and the waiting room manager responsible for letting people join the meeting
- Who is taking the minutes – this person need not take notes during the meeting as there is a record function on most technology, provided this works (having a backup recording person isn’t a bad idea)
- Insist on apologies being given in a specified manner. Keeping time is important. Arrive early to test your tech.
- Plan to discuss fewer issues – participants have reported that more regular, shorter meetings with sub-committees that report into main meetings are more successful than long, full agendas, as people’s attention span is not great online. Greater delegation of decisions to sub-committees can also promote efficiency. Alternatively, if there are a lot of matters for the full Board, investigate the option of splitting the meeting over two sessions.
- Timing each agenda item accurately is crucial, especially when you have outside participants dialing in – you’ll need a timekeeper, and you may need to be ruthless in moving on and coming back to certain issues later.
- Allow time for explanation of and understanding the technology and for feedback from participants that they are able to hear and see clearly.
- Ensure that participants know how to get back into the meeting if they lose connectivity.
- Keep video on when greeting and welcoming but for people with low network connection speed, the video can be put off afterwards.
- Network connectivity speed is an important contributing factor of a successful virtual meeting. Participants who have a home network should be encouraged to connect directly to the router using a network cable. As this is not always possible it might be a good idea to perform a speed test (www.speedtest.net) to ensure your position in your home provides you with the best available speed.
- Mute the mic function when you are not talking in order not to pick up ambient noises e.g. dogs barking etc.
Communication before and during the meeting is now even more important and will help ensure the success of a virtual meeting.
- Send out the agenda together with all the presentations and reports in order they will be presented. Include information on how to download and use the technology you’re using.
- Have all the relevant contact details at hand, so that people can be reached if they don’t appear.
- Encourage patience – sometimes, even when a word or two is missed, the gist can be understood. However, no participant should feel comfortable approving or deciding if they do not have a full picture of what has been discussed.
The difference between being reactive and proactive is preparation and practice. The advantage of being prepared is your ability to manage challenges quicker and more efficiently in turn reducing pressure and stress.
- Have a practice meeting with the chairperson, one or two participants and the technology driver, to test that it is going to work as you think it will. Have a few presentations, and practice handing over the hosting function, sharing screens, talking and listening, checking the switching on and off of the audio and video functionality, and the effect it has on the quality of the call and the connection quality. Try out all the features that your technology offers, because some may be more useful than others.
- Some virtual platforms allow for designated online breakout rooms, which can be useful for specific committee breakout sessions or other side-bar discussions that may be required. If this might be the case, make sure you know how these functions work (and which participants may be involved).
- The same is true for functionality that allows for certain polling features etc. Should this be anticipated (and it may be useful if the board is quite large), do set these up in advance and know how to use these functions.
- Expect some hitches and have alternate plans – telephone participation, for sound with video feeds for visuals, audio only, or as a last resort – round robin decisions after the meeting.
A Chairperson helps the meeting to run smoothly and efficiently and forms a key part in successfully facilitating virtual meetings.
- Let the Chairperson open and welcome and hand over to the technology driver.
- The Chairperson should always notify the participants if the meeting will be recorded.
- The technology driver should explain all the features of the technology that will be used. There are many ways of feedback – chat (to single participants or to all), raise hand – to ask a question, show approval with a thumbs up, and of course the usual audiovisual cues – just unmuting oneself and speaking or waving frantically at the other participants (usually when you haven’t connected to audio and you need help in doing so).
- Allow short comfort breaks, if the meeting is long.
- Take note of those trying to communicate and ensure there is broad-ranging participation.
- The chat notes should be included as part of the minutes of the meeting to include all discussion items and questions posed.
- Research has revealed a phenomenon that psychologists have identified as “Zoom fatigue.” A significant part of communication is from non-verbal cues like facial expressions, gestures, and other forms of body language. On a video call, these cues are often distorted, hidden, or just less clear than they would be in person. Our brains have to work harder to decode them, requiring additional energy. Here are some tips to reduce “Zoom fatigue”:
- Ensure that your lighting is sufficient so that people can clearly see your facial features.
- Opt for a single person speaker view not gallery view; unless its critical to see other people’ nonverbal reactions to the speakers. Multi-person calls pose an additional challenge because our brains are forced to try to interpret these cues from more than one person at the same time.
- Schedule breaks and transition periods between meetings, where you can stretch, go outside, and get away from the screen to refresh yourself.
There is always room for improvement, and you may be surprised at the amount of innovation and creativity that people spending all day facing screens will proffer to make meetings run well.
ABOUT THE AUTHORS:
Muitheri Wahome has held several executive strategic and operationally focused roles in the financial services industry, including most recently as the Chief Client Officer at Alexander Forbes Investment, and now runs a consulting practice focused on providing strategic advice to senior management and boards in the sector. She has a deep, longstanding interest in financial inclusion and in the history of the institutional investment industry, and is working on a book on the history of the asset management industry in South Africa.
✉ muitheri@outlook.com
Bev Bouwer is a qualified actuary and CFA charterholder who has worked in the retirement fund industry for over 30 years, the majority of that time spent as a senior investment consultant to trustee boards of large funds. She is currently exploring opportunities to provide advice on the use of technology, better modelling techniques and big data to the asset management industry.
✉ Bevbouwer44@gmail.com
REFERENCES:
Chris Kresser – www.Chriskresser.com
WITH SPECIAL THANKS TO:
David Maetla – Mosaic Investment Consulting
Shailesh Diar – Willis Towers Watson (Pty) Limited
Jennifer Grefen – GoBenefits (Pty) Limited
DISCLAIMER:
This article is designed to provide accurate information with regard to the subject matter and for educational purposes only, with the understanding that the authors are not engaged in rendering legal, accounting or investment advice. The authors do not claim responsibility for the accuracy or reliability of data provided, but encourage readers to obtain professional advice as needed.