Have reports set the agenda for our one-on-ones
Ask the report to set the agenda for the meeting. It is their meeting, to talk about what they want to. This helps the other person accomplish their agenda and frees up my time. (If I have 7 direct reports, that is 7 hours of time freed up.)
I still need to spend time preparing, but they drive the agenda. On my side it will be around top-down communication, KPIs, and personal concerns. It is especially my job to show empathy, ask questions, connect, and make sure everything has been discussed.