The goal of an effective 1:1 is not an update from your direct report or for you to lay down some instructions. It's a conversation. It's a chance to hear about your direct reports' ideas for your product, their career goals, and possibly their opinion of their performance.
Keep a list of three potential topics ready for discussion. When they say they have nothing to discuss, you can jumpstart the conversation with one of your items.
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Effective 1:1s - Tips for One-on-One Meetings with Your Team