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<ul><li>Market regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> has recently suggested making TER (<keyword id="1479961" type="General" weightage="20" keywordseo="total-expense-ratio" source="Orion">total expense ratio</keyword>) all inclusive with taxes, transaction and brokerage costs, etc. </li><li>This proposal has sparked concerns about the potential impact on the profitability of asset management companies (AMC)s. </li><li>The ability of a fund to generate positive alpha is a significant factor in influencing both direct, and intermediated flows. </li></ul>Investors are concerned that a high pass-through of TER (total expense ratio) cut with distributors can majorly affect AUM (asset under management) growth of AMCs. However, according to a report released by Kotak Institutional Equities, the AUM is expected to be safeguarded against induced churn, as the frenzy seen during new fund offers (NFO) is unlikely to be repeated. TER is a measure used in the investment industry to calculate the total cost incurred by a mutual fund in managing, and operating the fund. TER includes various expenses such as management fees, administrative costs, distribution charges, and other operating expenses associated with running the fund. The market regulator has recently suggested a proposal to include taxes, transaction costs, brokerage fees, and other related expenses in the TER. However, this proposal has sparked concerns about the potential impact on the profitability of AMCs. Including these additional costs in the TER calculation could potentially reduce the net returns generated by the funds, making it challenging for AMCs to maintain their profitability levels. <cmsannotation type="cmsannotation" annotationid="subhead" text="The impact of reduced commissions">The impact of reduced commissions</cmsannotation> According to the report, the implications of TER regulations should be analysed in relation to two key factors, the current level of AUM which are relatively more resilient to variations in commission rates, and the incremental flows, which are influenced by both performance, and distribution payout, with performance potentially exerting a greater influence. With respect to HDFC AMC and, to a lesser degree, Nippon Life AMC, there is a concern of apparent trade-off between maintaining profitability, and being competitive in terms of the ability to pay distribution commissions. In this context it should be noted that HDFC AMC has experienced a significant revival in flows over the past 6-12 months compared to the industry as a whole. This revival has occurred even though HDFC AMC pays lower commissions than many other large competitors in the same category. Any potential impact on growth resulting from lower commissions could be offset by a potentially stronger alignment of interests with HDFC Bank, the new parent company, the report says. <cmsannotation type="cmsannotation" annotationid="subhead" text="Fund performance drives net flows">Fund performance drives net flows</cmsannotation> The report observes that there exists a notable correlation between alpha (excess return) and the net flows of funds. Funds that consistently deliver strong alpha tend to attract attention, and experience increased inflows, while those with weaker alpha may see outflows. This correlation indicates that performance plays a crucial role in investors' decision-making process. Not only do direct channels show a high sensitivity to fund performance, but intermediated channels such as banks, independent financial advisors (IFA), and national distributors also heavily rely on performance when recommending funds to their clients. Therefore, the ability of a fund to generate positive alpha is a significant factor in influencing both direct and intermediated flows into a fund.

Analysing SEBI’s TER proposal: AUM growth vs profitability, a misplaced concern, says report

<ul class="summary-list"><li>It's "clear" <keyword id="1841448" type="ORGANIZATION" weightage="60" keywordseo="Fed-chair">Fed Chair</keyword> Powell supports large-scale fiscal stimulus, Sen. <keyword id="174956" type="PERSON" weightage="60" keywordseo="Sherrod-Brown">Sherrod Brown</keyword> said Tuesday.</li><li>Passing too-little a plan risks "long-ter, generational scarring" in the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, the senator added.</li><li>Wealthy Americans have recovered but new stimulus is needed to lift lower-income groups, Brown said.</li></ul><keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> Chair <keyword id="1727754" type="PERSON" weightage="60" keywordseo="Jerome-Powell">Jerome Powell</keyword>'s testimony to the <keyword id="123320" type="ORGANIZATION" weightage="60" keywordseo="Senate-Banking-Committee">Senate Banking Committee</keyword> further supported President Joe Biden's call for massive fiscal support, Sen. Sherrod Brown said Tuesday.The central bank chief completed the first of his two regular hearings on the state of the economy on Tuesday, emphasizing to senators that, though his outlook has improved, the economy remains far from a full rebound. Powell, in typical Fed-chair behavior, avoided directly addressing fiscal policy and Democrats' $1.9 trillion proposal, and instead eased <a href="https://www.businessinsider.com/inflation-economic-outlook-jerome-powell-federal-reserve-stimulus-recovery-2021-2">inflation concerns</a> and highlighted the importance of economic equality.The omission of explicit support for new stimulus shouldn't worry Democrats, Brown said in a <a href="https://www.bloomberg.com/news/videos/2021-02-23/it-s-clear-that-powell-thinks-we-need-to-go-big-on-stimulus-says-sen-brown-video">Bloomberg TV</a> interview."It's clear though that [Powell] thinks we need to go big, as President Biden does," the Senate Banking Committee Chairman said, adding an inadequate response to the pandemic risks "long-term, generational scarring" in the economy.Powell began testifying to the House Financial Services Committee at 10 a.m. ET on Wednesday.The <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> chair displayed <a href="https://www.businessinsider.com/economic-outlook-jerome-powell-recovery-coronavirus-stimulus-inflation-yields-senate-2021-2">a markedly more optimistic view</a> of the recovery on Tuesday. Falling daily COVID-19 case counts and vaccine rollouts "offer hope for a return to more normal conditions later this year," Powell said in his opening remarks. Still, the path to pre-pandemic levels of activity remains "highly uncertain" and hinges on the spread of the virus, the central bank chief said. Brown reiterated the cautious outlook. Wealthy Americans have largely bounced back, but minorities and lower-income communities are still stuck in a harsh downturn, the senator said."We're not at the place yet where this economy is going to take off," he said. "Most people in this country still need help and we need to move to do that."The committee chair also urged the importance of learning from the last recession recovery. The government's fiscal-stimulus response to the financial crisis garnered criticism over the past decade for doing too little to fuel growth. The lack of adequate state and local government aid, in particular, <a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">dragged on the pace of recovery</a>.Making the same mistake today could leave Americans hit hardest by the pandemic at an economic disadvantage for years to come, Brown said."Many people still haven't really recovered from [the financial crisis]," he added. "We've got to make sure that doesn't happen here."

Fed's Powell clearly backs Democrats' large-scale stimulus proposal, Sen. Sherrod Brown says

<ul><li>The pain in the mutual fund companies’ finances is reflected in the latest corporate earnings of some mutual fund companies.</li><li>Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on- year decline in net profit to ₹136 crore from ₹156 crore last year.</li><li>For <keyword id="174045" type="General" weightage="20" keywordseo="HDFC-AMC" source="Orion">HDFC AMC</keyword>, on a sequential basis, its profit rose by a marginal 2% to ₹376 crore in March quarter from ₹369 crore in the previous quarter.</li><li>Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies.</li><li>As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the broader market.</li></ul>The year 2023 has not been kind to asset management companies listed on Indian stock exchanges. They have been battered 20-32% so far this year as several stricter regulatory norms hit their profit avenues. Government’s changes in <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">debt funds tax structure</a>, rising competition and stricter norms on tax expense ratios (TER) are some triggers that have impacted the mutual fund companies. The pain is visible in the latest corporate earnings of some mutual fund companies. Among the top mutual fund companies Aditya Birla Sun Life AMC reported a 13% on-year decline in net profit to ₹136 crore from ₹156 crore last year. “While we are constructive on Aditya Birla Sun Life AMC’s strong and diversified distribution network, given rising competitive intensity, we believe yields will plummet faster than assets under management (AUM) growth, posing a high risk to earnings from negative operating leverage,” said analysts at HDFC Securities. The brokerage house downgraded the rating on the company’s stock to ‘Add’ from ‘Buy’. As a result, shares of Aditya Birla Sun Life AMC have been the top loser among its peers, slipping 21% in 2023 so far. Rival HDFC Asset Management Company posted a sequential 2% rise in profit to ₹376 crore in the March quarter while its revenue fell 3% to ₹541 crore. However, in the case of HDFC AMC, analysts feel that the impact of the total expense ratio (TER) changes on the company’s stock may be limited due to strong AUM growth and potential benefits from its HDFC Bank parentage. Housing Development Finance Corporation (HDFC) is the parent company of HDFC AMC that is expected to complete its merger with HDFC Bank by <a href="https://economictimes.indiatimes.com/wealth/borrow/hdfc-hdfc-bank-merger-how-will-it-impact-hdfc-home-loan-borrowers-will-home-loan-interest-rates-go-down/articleshow/99978517.cms">July this year as per reports. </a> “While we remain watchful of the proposed changes in the TER structure and HDFC AMC’s stock has corrected by c.9% over the last 3 months on fears regarding the changes, we expect the impact to be limited and current valuations (20x FY25 EPS) adequately factor in the expected cut in earnings. HDFC AMC is our top pick in the space and the stock can see a meaningful rerating in the near to medium term driven by robust AUM growth and potential benefits from HDFC Bank parentage,” said analysts at JM Financial. On the other hand, <keyword id="193636" type="General" weightage="20" keywordseo="uti-amc" source="Orion">UTI AMC</keyword>’s profit grew strongly to ₹86 crore in March quarter from ₹60 crore in the previous quarter and ₹54 crore during the same period last year. However, Nippon Life Asset Management’s profits were flat sequentially at ₹198.96 crore while revenue from operations fell nearly 2% at ₹325 crore. As a result, shares of all the listed asset management companies have been in the red so far in 2023 underperforming the market. The benchmark Sensex is up almost 1% so far this year. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset management companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price gains/losses in last 5 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price gains/losses YTD </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UTI AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.34% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Life India AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.02% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.50% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17% </td></tr></tbody><tbody></tbody></table>Source: NSE Fall in average ticket size of retail investors show signs of weakness While mutual funds are popular among investors, the average ticket size of retail investors has dropped nearly 3% to ₹68,321 in March 2023 from ₹70,199 last year, according to data from the Association of Mutual Funds in India (AMFI). The amendment in the Finance Bill that proposed to do away with <a href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">long-term capital gains tax benefits on debt investments</a> was the latest trigger that impacted the mutual fund companies. As per the proposed changes in the Finance Bill, investors in debt funds will have to pay tax according to their income slabs. Investors had so far benefited from indexation while calculating long-term capital gains from debt funds but this will now longer be available effective 1 April. Adding to it, as per reports, the Securities and Exchange Board of India (SEBI) is considering taking action against big fund houses that charge very high expense ratios from their customers. Currently as per SEBI’s rules, mutual funds can charge a total expense ratio (TER) of up to 2.25%, if the AUM reaches ₹500 crore. However, the regulator might now reduce this expense amount to benefit investors. Also, since distributors earn more commission by selling new funds, there are cases of mis-selling. Hence to protect investor interest, the regulator is looking to <a href="https://economictimes.indiatimes.com/opinion/et-editorial/make-mf-schemes-more-affordable/articleshow/98485116.cms?from=mdr">bring a uniform expense ratio </a>for mutual fund schemes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pump-9677-crore-into-financial-services-and-auto-stocks-in-april/articleshow/100100496.cms">FPIs pump ₹9,677 crore into financial services and auto stocks in April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a>

Mutual fund company stocks bleed this year, thanks to tax hit on debt funds and strict expense ratio norms

<ul class="summary-list"><li>Next season, for the first time since 2004, <keyword id="6039" type="ORGANIZATION" weightage="60" keywordseo="FC-Barcelona">FC Barcelona</keyword> looks like it will have to line up without <keyword id="704" type="PERSON" weightage="60" keywordseo="Lionel-Messi">Lionel Messi</keyword>.</li><li><a href="https://www.insider.com/lionel-messi-leaving-barcelona-shocking-move-after-years-with-club-2020-8">The 33-year-old told Barcelona on Tuesday that he intends to leave the club with immediate effect.</a></li><li>Barcelona president Josep Bartomeu has also said he intends to let go club greats Luis Suarez, Gerard Pique, and Jordi Alba, as well as a number of other players.</li><li>Here is how Barcelona could line up without Messi and co. next season. </li></ul>It's really happening.Next season, for the first time since 2004, FC Barcelona looks like it will have to line up without Lionel Messi.<a href="https://www.insider.com/lionel-messi-leaving-barcelona-shocking-move-after-years-with-club-2020-8">The 33-year-old told Barcelona on Tuesday that he intends to leave the club with immediate effect.</a>Since breaking into the side in 2004, the Argentine has been the focal point of the Catalan's team, scoring 634 goals and producing 285 assists to guide the club to 10 La Liga titles, four Champions Leagues, and six Spanish Cups. He has also won the Ballon d'Or a record six times. While no move away from Barcelona is confirmed, the world's biggest football clubs are circling, and it seems like Messi will actually leave.On top of Messi's proposed departure, Barcelona is also set to wave goodbye to a number of other club greats, with president Josep Maria Bartomeu looking to rebuild following a forgettable and trophyless season that was capped off with an 8-2 defeat to Bayern Munich in the Champions League quarterfinal.After the loss to Bayern, and prior to news of Messi's intention to leave breaking, Bartomeu named only eight players in the Barcelona dressing room he intended to keep. "Messi is untouchable &amp; non-transferable," he said in a press conference last week. "He knows it, we all know it."But there are various non-transferable players like [Marc Andre] ter Stegen, [Clement] Lenglet, [Nelson] Semedo, [Frenkie] De Jong, [Antoine] Griezmann, [Ousmane] Dembele." He also said youngster Ansu Fati was not for sale.Bartomeu's comments suggest Luis Suarez, Gerard Pique, Sergio Busquets, Sergi Roberto, Jordi Alba, and Ivan Rakitic are all free to leave, while Samuel Umtiti, Arturo Vidal, Junior Firpo, and Jean-Clair Todibo also appear to have no future in Catalonia.The exodus, including the loss of the irreplaceable Messi, means Barcelona will have a very different looking team under new manager Ronald Koeman next term.Insider decided to take a look at what Barcelona could look like in the coming season. Check out our possible team below:<div type="image" title="Barcelona" height="1500" width="2000" msid="77767706" hostid="261"></div>Bartomeu's untouchables — Ter Stegen, Lenglet, Semedo, De Jong, Griezmann, and Dembele — are likely to make up the spine of the team, but around them, there are holes to fill.The club has already completed the signing of Miralem Pjanic, 30, from Juventus, with Brazilian Arthur Melo, 23, going the other way. Pjanic is a technically astute midfielder, capable of moving the ball between the lines, and is a set piece specialist. However he is sometimes labored in his movement and easily dispossessed. His age also means he is likely to only have one or two good years left in his tank.Alongside Pjanic in midfield, Liverpool's Georginio Wijnaldum has been heavily linked with a move to the Camp Nou, <a href="https://www.theguardian.com/football/2020/aug/21/football-transfer-rumours-barcelona-wijnaldum-depay-tottenham-bale-brewster-arsenal-aouar">according to The Guardian.</a> Wijnaldum is familiar with Koeman's style of play having been a key part in the Dutch national team, managed by Koeman, over the past two years, and will likely play in a more advanced role like he has done for his country should he leave England for Spain.Dembele and Griezmann will form two thirds of Barcelona's expensive, but underwhelming attacking lineup.Dembele has suffered with countless injury problems since his $164 million move from Borussia Dortmund in 2017, limiting him to just 35 La Liga starts, while Griezmann failed to impress in his debut season following a $142 million switch from Atletico Madrid last summer. Between them up-top, Barcelona has been linked with a move for Inter Milan striker Lautauro Martinez, <a href="https://www.fourfourtwo.com/news/barcelona-transfer-targets-lautaro-martinez-eric-garcia-ronald-koeman-signings-move">according to FourFourTwo.</a> However, given the turmoil at the club and the departure of Messi, who is Martinez's teammate for the Argentina national team, the highly rated 23-year-old could instead choose Manchester City, with coach Pep Guardiola eyeing him as a replacement for the aging Sergio Aguero.20-year-old Francisco Trincao, who signed for Barcelona from SC Braga in January, but only joined up with the club this week, could be thrust into the spotlight should Barcelona fail to sign another forward.At the back, Manchester City youngster Eric Garcia and Valencia's Jose Gaya have been touted as replacements for Alba and Pique, <a href="https://www.sport.es/en/news/barca-want-to-sign-three-players-this-summer-lautaro-garcia-and-gaya-8084715">reports Diario Sport.</a>Read more:<a href="https://www.insider.com/lionel-messi-transfer-barcelona-star-faces-legal-battle-over-contract-2020-8">Lionel Messi and Barcelona are heading for a huge legal battle over a clause in his contract that the Argentine says allows him to leave for free</a><a href="https://www.insider.com/lionel-messi-transfer-barcelona-fans-demand-bartomeu-resign-2020-8">Barcelona fans took to the streets to demand club president Josep Bartomeu resign after superstar Lionel Messi told the team he was ready to leave</a><a href="https://www.insider.com/lionel-messi-chose-to-leave-barcelona-after-told-privileges-over-2020-8">Lionel Messi finally decided to leave Barcelona when he was told he'll no longer get the 'privileges' he's used to from the club</a><a href="https://www.insider.com/lionel-messi-transfer-only-manchester-city-psg-could-afford-star-2020-8">$800 million Lionel Messi wants out of FC Barcelona, but only 2 teams on the planet can actually afford to buy him</a>

Lionel Messi seems to be on his way out of Barcelona. Here's how the Spanish giant might look playing without him for the first time in 16 years.

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/ter-burg/32407155783/in/album-72157678683616542/">Sebastian ter Burg</a>Don't waste time.</div></div></div><ul class="summary-list"><li>To come up with a more creative <a href="https://www.businessinsider.com/category/ideas">idea</a>, minimize talking in meetings at work.</li><li>Instead, have participants write down their suggestions anonymously and share them. </li><li>This way, everyone can share their thoughts without fear of looking silly.</li><li>That's according to Steven G. Rogelberg, author of "The Surprising Science of Meetings."</li></ul>Meetings get a bad rap. At best, they're pointless; at worst, they're soul-sucking.A new book, "<a href="https://www.amazon.com/Surprising-Science-Meetings-Lead-Performance-ebook/dp/B07KKM9CXY">The Surprising Science of Meetings,</a>" aims to revamp meetings' reputation, with strategies for maximizing their efficiency and eliminating the pain that comes with them. The author is Steven G. Rogelberg, a professor of management at the University of North Carolina, Charlotte, and a consultant to companies like IBM and Procter &amp; Gamble.One of Rogelberg's most compelling ideas is no-talking meetings (or, at least, no-talking portions of meetings). Apparently, talking, and specifically group brainstorming out loud, is where things go awry. Some people are too embarrassed to share their ideas; some people babble for so long that everyone else forgets their ideas.Read more: <a href="https://www.businessinsider.com/best-tips-efficient-meeting-office-2017-6">9 expert tips to hold meetings that don't waste people's time</a>To that end, Rogelberg proposes "brainwriting." Instead of people talking through ideas together, each meeting participant writes down their ideas on paper - without their name. The group leader has the option to pass around the papers (or place them throughout the room) so everyone can read them and add their thoughts.<a href="https://hbr.org/2015/04/why-brainstorming-works-better-online">Research suggests</a> that silent brainstorming yields better and higher-quality ideas than talking out loud.Another option is to open every meeting with a period of silent reading, a strategy that makes sure everyone does the assigned reading instead of just pretending. Only then does a verbal discussion take place.Amazon has been known to hold meetings this way. <a href="https://www.bushcenter.org/takeover/sessions/forum-leadership/bezos-closing-conversation.html">In an interview</a> at the George Bush Presidential Center in April 2018, Amazon CEO <a href="https://www.businessinsider.com/bezos-admits-amazon-has-the-weirdest-meeting-culture-2018-4">Jeff Bezos said</a>: "For every meeting, someone from the meeting has prepared a six-page, narratively structured memo that has real sentences and topic sentences and verbs. It's not just bullet points. It's supposed to create the context for the discussion we're about to have."Rogelberg sums it up: "If attendees don't share key information and insights relevant to the meetings goals, especially information they hold uniquely, the meeting is destined for mediocrity, at best." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/exercise-workout-shape-routine-2016-12">An exercise scientist reveals exactly how long you need to work out to get in great shape</a></h3> <div> </div> </div>

A professor who's spent years studying effective management says some of the best meetings involve almost no talking

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/ter-burg/19305693181/in/photostream/">Flickr/Sebastiaan ter Burg</a>We all want to feel heard, especially at work.</div></div></div><ul class="summary-list"><li>Steve Cooper is the co-founder of Excella, an information technology firm in Arlington, Virginia.</li><li>He says that the need to feel heard - truly heard - is universal, and yet most of the world still fails at it.</li><li>Managers should say something like, "Here's what I think you want me to know about this…" to show they're actively listening to an employee during a conversation.</li></ul>Wars have been started over it. Jobs are quit every day. Marriages dissolved, revolutions sparked. What is the need that, when unsatisfied, ignites fierce passion since humans began to write on cave walls? The need to feel heard, truly heard. Much ink has been used to write literature about communication: theory, behavior and habits. People read books on active listening and emotional intelligence. But even with all the great research and writing, why do most of the professional world - and the world in general - still fail to truly listen to one another?I've conducted thousands of interviews throughout my 30 years of hiring consulting professionals, and much of my knowledge and perspectives have come from this practice. From my experience, one of the top three reasons people quit their jobs is because they don't feel heard - not by their colleagues, and especially not by their boss. What does this knowledge base have to say about the importance of listening? It feels great to be heard - so much so that our craving to see proof of being heard forms the entire business basis of billion-dollar companies with household names. Facebook's first president, Sean Parker, referenced the link between Facebook likes and the brain's pleasure chemical, dopamine, in this <a href="https://www.washingtonpost.com/news/the-switch/wp/2017/11/09/facebooks-first-president-on-facebook-god-only-knows-what-its-doing-to-our-childrens-brains">Washington Post article</a>. In it, Parker says, "We need to sort of give you a little dopamine hit every once in a while, because someone liked or commented on a photo or a post or whatever."In every business meeting, someone - usually everyone - has something they want (or need) to express. And they've mentally rehearsed the ideal version of how their messages will be sent and received. But how often does that ideal, rehearsed version become a reality?<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Courtesy of Steve CooperSteve Cooper, partner and co-founder at Excella Co.</div></div></div><h2>The gift of truly listening</h2>Yesterday, one of my direct reports came to me with an idea - a small, no-cost policy change - that would probably drive more revenue and accelerate our entry into new markets. Would the conversation with me, regardless of my approval of the idea itself, give him the professional version of that "feel-good boost" you get when someone likes a social media post? Would he feel like he was heard, and that I understood what he was eager to convey? It seems insignificant, but opportunities to be heard pile up by the hundreds every week and accumulate. They either amass to a powerful asset of positive feelings about the workplace, or they slowly demoralize someone into feeling disenfranchised, interrupted, ignored or nitpicked.I've recently renewed my efforts to hone my listening skills, so this was a great chance for me to do so. As he was proposing his idea, I imagined myself in his shoes and considered what he might be looking for, aside from the obvious "yes." He wanted to be heard and understood. He wanted consideration and undivided attention. But here's the interesting part: providing those things is even more important than agreeing with the idea, because the gift of being truly heard makes people more engaged and committed to your team, and you as a leader or colleague.More and more, I've been striving to give every colleague this gift. Even if we disagree, even if they don't work for or with me, and even regardless of their performance, I still believe that people deserve the gift to be truly heard in every interchange. Back to the employee proposal. What I did was to make sure I was keenly focused on the conversation, waited until everything had been expressed fully, and asked questions to fully understand the proposal. After considering all the implications of it, I said: "Fabulous idea. I have no questions. Now let's plan how we can make this happen." Of course, it could have been tweaked, or more analysis could have been provided. But there will be time for all of those. And doing any of those would have detracted from the huge motivational boost he received by seeing that he had come with a fully analyzed idea, his manager had listened and given an unqualified, simple yes. This was the rehearsed outcome he had likely hoped for - and to give him that took only about five minutes of truly listening.It is not uncommon to see others check their phones, glance at the floor or show similar signs of hearing loss when someone is speaking. Sometimes it's patently obvious they're preparing what they're going to say next, since the need to be heard often exceeds the ability to hear. We have all seen two people debating a point without actually validating the true meaning of what the other is saying. This can go on for hours, weeks or even months. <h2>11 words that can help</h2>Think of the awesome power of letting someone express herself to completion, then validating by saying something like, "Here's what I think you want me to know about this…" These 11 words can bring about a cathartic change in someone's entire professional life, especially if used over and over. Demonstrate that you understand what is being conveyed, as well as read between the lines to embrace the passion and sense of ownership that the other person has for their idea. This simple act elicits such reliable joy, and shows how rarely people feel heard - and what a valuable gift it is.Looking back on my own career, I can rarely remember moments when I've felt truly heard. I often spent multiple attempts to convey something or had to invent a creative way for my bosses to find their own ways to it or endure numerous tweaks, suggestions and criticisms, many based on a flawed understanding of what was being proposed. I've made a request or expressed a viewpoint multiple times in multiple settings, and it's clear that the audience has still never heard it accurately (or at all). Being disagreed with is one thing; being unheard is a more damaging form of frustration.How often do you truly hear someone, to the point of being able to get them to confirm that you've fully grasped what they came to express? Let's give each other the gift of undivided attention we are all craving, even just for a few moments.Steve Cooper co-founded Excella in 2002 and has been a partner since inception. Cooper has over 30 years of experience in technology consulting, specializing in application development and database technology. His technical expertise spans technologies from the mainframe to client/server to the Internet. He possesses industry expertise in telecommunications, hospitality, federal government, law enforcement and manufacturing. His corporate role within Excella is focused on human resources and personnel development. He has developed much of Excella's cultural and professional development materials, including Excella University and the Excella Extension Center at Virginia Tech. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">12 everyday phrases that you're probably saying incorrectly</a></h3> <div> </div> </div>

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