The way we communicate is increasingly led by digital platforms: from social media, to chatrooms like Reddit to emails and beyond. As Millennials become the largest demographic in the active workforce, we can only expect a higher adoption of, and reliance on digital methods.
Digitization is significant, and impacts on how membership organizations and companies communicate with their member base or shareholders.
Hybrid AGMs have become more and more popular over the last decade, amongst smaller tech firms all the way up to FTSE 100 companies, as well as charities are getting involved. But how do you know if your company is ready for a hybrid AGM?
Factors to consider when thinking about a hybrid AGM
As mentioned above, hybrid AGMs are now commonplace amongst companies and membership organizations of all sizes, and the importance of staying with this development should not be overlooked. Hosting outdated AGMs that do not allow for engagement and Q&A could cause upset amongst your attendees and disappointment from those unable to participate remotely.
Inclusivity & alienation
Hosting a hybrid AGM allows for everyone to get involved in your meeting, removing the barriers of travel and cost to the individual, allowing for shareholders and members from all demographics to have their say. By offering a physical meeting space alongside a digital portal, those stakeholders who are not digitally literate can still be involved in your meeting.
Hosting a hybrid AGM creates a much more transparent AGM. Shareholders or members can see voting outcomes in real-time and have access to live reporting. This also means that your chair has a good idea of the results as they come in, allowing them to prepare their comments.
On a similar note, questions can be addressed and anyone may participate, either anonymously or by name. Creating this transparency can be both an advantage and a risk, but handled correctly it makes your audience much more trusting and engaged.
Engage a Wider Audience
A hybrid AGM opens up new channels of engagement, not everyone in your audience will be passionate enough to attend an AGM if it’s not convenient for them; removing barriers can increase your engagement and can improve your attendance.