In Person vs. Virtual Meetings

I our previous article on the potential effects of a recession in the US economy on the world of corporate travel, we suggested that companies may be forced to save money by only sending representatives on in-person trips when it was absolutely necessary, with other meetings being conducted through virtual means.

The COVID-19 crisis saw virtual conferencing platforms such as Zoom rapidly becoming household names – often more as a result of amusing and viral disruptions than on their actual utility – as lockdown restrictions forced business to be conducted at an internet connection’s length. However, since the worst days of the pandemic have passed, remote working, and therefore a reliance on these platforms has continued to grow in popularity.

With virtual conferencing tools threatening to usurp the need for much corporate travel, we thought it a prudent opportunity to take an objective look at some of the advantages and disadvantages of virtual and in-person meetings and see what we might be losing when we abandon one for the other.

Virtual Meetings

There are several incredible advantages when it comes to virtual meetings.

Firstly, there is the speed to consider. If an important business decision relies on the outcome of a meeting, then a virtual conference allows that decision to be made far more quickly than it would if you needed to dispatch a representative to a [possibly overseas] office to discuss it. With virtual meetings, decisions can be made quickly and applied to the organization with very little delay.

There is also evidence that virtual work empowers organizations to increase productivity, accelerate innovation, and enable projects such as digital transformation to develop at a far more rapid pace.

"Innovators have also recognized that virtual teams, especially when managed effectively, can avoid unnecessary distractions, experience more effective and uninterrupted workflow, and achieve productivity gains,” says McKinsey. "In a 2021 study, 83% of employees working remotely agreed that their homes enabled them to work productively—a higher proportion than the average office (64%) and even outstanding workplaces (78%). One innovative technology company recently started "time zone stacking,” the practice of strategically structuring virtual teams to positively leverage time differences and further accelerate innovation efforts.”

Cost is obviously another key consideration when it comes to virtual meetings. With rising prices and the potential for another recession looming, many organizations are looking for ways to do more with less and increasing the reliance on virtual meetings at the expense of in-person is an incredibly efficient method of cutting costs. Many conferencing platforms are incredibly affordable – or even packaged in with your current software packages such as with Microsoft Teams etc. – and compare very favorably with airline, train, or even bus travel.

In Person Meetings

While virtual meetings clearly offer many benefits to organizations, there are some factors which are impossible to replicate by virtual means.

Chief among these are the nuances and finer points of human relationship building which are only possible when we interact face-to-face. To get the most out of meetings, you need to ask yourself what the purpose of the meeting is and whether the topic is complex or difficult to understand – both logically and emotionally. You need to ask whether there are any considerations of diversity and inclusivity which may alienate some demographics or cultures if you solely rely on technology to facility.

We know from research into human resources that more diverse and inclusive teams result in more diverse ways of thinking and generally yields more productive results. You therefore need to make sure you are creating the most fertile ground for innovation with your choice of meeting format.

Also, in-person meetings add an element of scarcity to these interactions which means time is often spent more wisely than with a constant deluge of virtual alternatives.

"It’s no wonder a recent survey found 80% of executives were considering or already implementing changes in meeting structure and cadence in response to the evolution in how people work due to the COVID-19 pandemic,” adds McKinsey. "Indeed, most executives say they frequently find themselves spending way too much time on pointless interactions that drain their energy and produce information overload.”

Final Thoughts

Whilst it may be tempting to fully embrace the world of digital technology and virtual meetings, you need to consider what is being lost in the fiber optic cable. Ask questions about the meaning and purpose of each meeting and decide based on all the available variables which is the best option before opting for virtual or booking those plane tickets.

Virtual vs. in-person meetings is sure to be a hot topic at FIMA 2023, being held in April at the Westin Copley Place, Boston MA.

Download the agenda today for more information and insights.