Companies Adopt Virtual Strategies to Foster Interaction
By Natalie Jones / 12.16.20 / 3 min read
The pandemic has redefined the work environment, and companies have responded with the development of virtual approaches to complete tasks and facilitate collaboration. Besides team meetings, video communications platforms such as Zoom have allowed businesses to interface with clients and creatively engage their team.
In capital markets, road shows serve as an example of business adjustments that allow for time with investors. Given that these are successful with personal interactions, moving to the virtual format has posed considerations. It’s harder to establish relationships and tell who’s interested in the presentation.
Mark M. Goldberg, CEO of Griffin Capital Securities LLC and a board member for the Institute for Portfolio Alternatives (IPA), recommends that professionals quickly get to the point in their virtual road shows and other presentations. “The length of time that someone is willing to spend with you virtually is literally a fraction of the time that they would spend focused on what you were presenting in an in-person format” said Goldberg.
Not to mention, it’s easier to leave a presentation virtually compared to a in-person one. If people have another virtual meeting that conflicts with the first, they can simply click a button to exit the meeting.
To continue raising capital, fund managers and sponsors have created brief videos about a case study, members of the team, or the investment strategy to present information in an easy-to-follow way. Investors and consultants have opted for virtual tour and one-on-one video calls, and extensive reference checking for assessing managers.
The new ways of connecting with one another have extended into the office sector as well, especially with law firms. Associates have worries about how mentoring from law firm leaders will go in a remote setting, meaning that they may lean toward an in-office firm. Meanwhile, the law firm leaders are also faced with the task of determining how to keep attorneys and staff together virtually. Some have used unique approaches such as drive-in movie nights, virtual cooking nights, and virtual painting.
Other leaders are less concerned with keeping a strong culture. Personal injury firm Morgan & Morgan considers the “what if” that employees are happy working from home. It also tracks employees’ actions during the workday and creates daily productivity reports with the belief that hard workers appreciate acknowledgment.
Many professionals look forward to the return of in-person meetings, property tours, and mentoring opportunities. In the meantime, they turn to the virtual setting to carry out their work and maintain communication to the best of their abilities.
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