Leaders have been able to continue essential talks while preserving social distance norms by switching to an online meeting style for board, committee, and executive meetings – or any other sensitive gathering. Remote employment isn’t a new concept. According to research from 2019, it was already on the rise, and the epidemic has increased public awareness of this job paradigm.
What is the difference between a virtual or remote board meeting and a traditional board meeting?
Remote board meetings allow you to summon your board without having to meet in person. Even if your board can’t gather around the same physical table, these virtual, digital meetings employ the internet and videoconferencing software to allow real-time conversation and build a sense of intimate face-to-face connection.
Why Go Remote in the First Place?
While one of the key reasons for hosting remote board meetings is to respond to the need to convene remotely during times of crisis, there are also tangible and verifiable advantages to going virtual.
Facebook and Google, for example, have extended their work-from-home policies until 2021. Others, such as Twitter and Microsoft, are adopting a work-from-home paradigm that will last indefinitely.
Spending Less
Hosting an in-person conference necessitates the purchase of real estate, which is costly. You may save money on meeting space, airfare and hotel rooms for out-of-town guests, and any other costs associated with conducting an in-person conference by holding remote meetings. Companies claim saving $30 billion every day on average by allowing their workers to work from home due to infrastructure, utilities, and other costs. By allowing 25% of workers to work from home, Dell saves $12 million each year. Because each remote employee saves a firm $11,000 a year, these figures add up. In terms of meetings, you may estimate how much money you’ll save by turning virtual by utilizing Harvard’s methodology.
Time is money
You’ll save a lot more than money. Members of the board are likely juggling other commitments that prohibit them from coming in person as frequently as they’d like. Because virtual board meetings save travel time and the total time commitment of a board meeting, they are easier to schedule. It also eliminates the need to sync calendars to ensure that the space is free. Videoconferencing, according to Harvard Business Review, may save half the time of in-person, phone, or email meetings and result in better levels of decision sharing. Reduced meeting times, as well as enhanced scheduling flexibility, will likely appeal to people contemplating joining the board, and your future board recruiting efforts may benefit as a result.
Enhance Attendance
Eliminating travel and the time commitment it entails removes one of the most significant barriers to attendance. Those who wish to come will have a better chance of doing so, resulting in a higher attendance. Members of the board who were unable to attend meetings owing to time restrictions may be permitted to do so again.
Diversify your workforce
In-person board meetings may have hampered your ability to have complete representation on your board, depending on your needs. Your board members can now be stationed anywhere, even across the globe, thanks to the removal of geographic constraints. You can also use assistive technology to better accommodate people who have trouble hearing.