No Friday meetings! A better approach to better work
WINSTON-SALEM, NC (February 25, 2022) — Allegacy Federal Credit Union recently announced the elimination of Friday meetings. The new “No Friday Meetings” rule is designed to give all employees a chance to take the time they need to live the motto of the credit union, “Be Your Best You.”
In a recent email to all staff, Allegacy President and CEO Cathy Pace explained the reasoning behind the decision to eliminate Friday meetings: “I am especially sensitive to the many tasks and responsibilities each of you carry, and I know that this leaves you with little ‘think time’ and general production. Each of you need this time, and I believe it will prove to be extremely beneficial.”
The “No Friday Meetings” applies to internal meetings. However, it does not apply to meetings with Allegacy credit union members or community and business partners. Pace says that for Allegacy staff members to be their most effective at “helping members pursue wellness of mind, body and wallet,” they need to focus on being their best, too.
“Our Allegacy team has demonstrated incredible resilience during the last two years, as the pandemic forced many changes in the way we serve our members,” added Pace. “Whether in-person, remote, or in a hybrid workplace, our 400-plus Allegacy team members continued to adapt to meet the needs of more than 166,000 Allegacy credit union members worldwide.”
There’s evidence that when too much time is spent in meetings, there’s too little time for individuals to focus on a cognitively demanding task or to be creative and efficient. Well before the pandemic, the Harvard Business Review published the results of a nationwide survey of senior managers in a range of industries; 65 percent stated meetings keep them from completing their own work and 64 percent indicated meetings come at the expense of deep thinking. Similarly, the global organizational consulting firm of Korn Ferry published a 2019 survey of professionals, 67 percent of whom said that spending too much time in meetings and on calls distracts them from making an impact at work.
The pandemic has, in some cases, highlighted the negative impact of meetings, even though they are taking place remotely. One study by Harvard Business School found that work-from-home employees were attending shorter meetings, but more of them resulting in zoom fatigue and longer days doing work.
“At Allegacy, our promise to our members is to ‘do the right thing for your wellbeing.’ So it is critical that we put our team’s wellbeing at the forefront of our business practices and No Friday Meetings is just one way we do that,” noted Pace.
About Allegacy Federal Credit Union
For 55 years, Allegacy has helped its members, employees and the communities it serves be their best by helping people make smart financial choices. By doing right, Allegacy has become one of the largest credit unions in North Carolina serving over 166,000 members worldwide with $2 billion in assets and over $1.6 billion in assets under management in its financial planning group. With roots in Winston-Salem, Allegacy has 16 locations and nine high school student-run credit unions. Allegacy offers personal and business financial services to help a broad membership base including the employees, retirees and families of over 1,800 companies throughout the country. To learn more, visit Allegacy.org.