There are few discussions that generate as many jokes, groans, snide remarks and outright frustration from bankers as the topic of meetings. I often find myself shaking my head at survey findings that reveal the astonishing amount of time so many businesspeople spend in them.
When asking bank managers for their thoughts on the matter, the responses are consistently similar, regardless of the size of the organization. Common complaints include: an excessive number of meetings, lack of organization and lasting longer than necessary. Many also state that there are often unnecessary attendees present.
The funny thing is that (off the record) many of the folks in charge of meetings feel the same way about them. Now, to be clear, consistent communication is absolutely imperative to well-run businesses. And the same people who grumble and groan about meetings would likely complain just as passionately about being "out of the loop."
However, few would disagree with the suggestion that the way most banks manage — or, more precisely, fail to manage — meetings is problematic. I've often sat in meetings, calculating in my head the sheer salary expense per hour for the people in the room. It's usually alarming.
I've sometimes compared meetings to time-outs or huddles in athletic competitions. They serve an important purpose, but they aren't the actual game. You don't win a game in the huddle. You win when you take the field and compete.
Now, most of the best practices for making meetings more productive and less angst-filled are not exactly closely held secrets. But as with anything requiring change, the biggest challenge is not in knowing what should be done.
It's in making a cultural shift in how meetings are perceived, utilized and executed within organizations. While no two organizations are exactly alike, there are a few universal best practices that have been found to consistently improve meeting productivity and engagement.
One of the most impactful practices is to have clearly set objectives for a meeting beforehand. Sure, sure, we've all heard that, right? And yet, it's too seldom done. Just saying, "It's our regular such-and-such meeting" doesn't set clear objectives. What is the purpose and what do we want to accomplish?
That basic practice alone aids in everything from who gets invited (or "voluntold") to attend to whether or not an actual meeting is necessary. "This meeting could have been an email," is a popular complaint for a valid reason.
In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.
Beyond that, simply paying closer attention to who the necessary attendees are alleviates many of the common problems of meetings. Too many are asked to meetings that do not require their presence.
Then, they either zone out and stay on their phones, or steer conversations and topics to things more in line with their interests and lines of influence.
When that happens rather consistently, meeting attendees tend to arrive with no sense of urgency or responsibility to accomplish much.
That said, there is a tendency to believe that if you aren't in the room, you aren't in the "the loop." Therefore, people who could be more productive for the good of the company elsewhere end up in many meetings unnecessarily so as to not feel left out.
From a leadership perspective, it's crucial to emphasize to key team members that their value to the company is not determined by the number of meetings they attend. Their most significant contributions are likely found outside the context of attending numerous meetings each week.
Time limits, not just for an entire meeting but for individual agenda items, can keep meetings on task. Encouraging (strongly encouraging) succinctness promotes cleaner communications.
Along with that, distributing an agenda beforehand assists participants in preparing to intelligently discuss subjects. Besides keeping folks on track, it allows participants to be prepared to contribute more effectively.
While folks who call or are tasked with running meetings others have called may think that a set agenda is just extra work, it can often be the difference between a useful gathering and the time and energy suck of otherwise productive people.
Distributing post-meeting notes that summarize key points, decisions made and action items assigned is essential for any meeting involving more than a handful of people. This helps keep everyone on the same page.
It's also amazing how many people only learn what was accomplished in a meeting they attended when they read the minutes later. (That's not as much of a joke as it should be.)
Over the years, I've noted a correlation between a bank's focus and execution in meetings and its organization and performance in the field. Regularly assess and manage where, when and why your teams are in meetings.
The impact and benefits of that discipline are felt far beyond the meeting room.
