Making an effort to boost team morale is a key element of positive leadership, according to Joanne Ferguson, founder of Advisor Pathways Inc. in Toronto.
Whether you use elaborate, planned activities or impromptu gestures, these efforts help team members feel that they are a part of your practice’s success.
“That’s powerful because then it’s not a job,” Ferguson says. “They’re not an employee; they’re a team member and it’s an actual career.”
Improved team morale can lead to better productivity, better client service, improved employee loyalty and less absenteeism.
Here are five ways to lift the spirit of your team:
1. Show appreciation throughout the year
Many financial advisors limit team-building activities to the less hectic summer season, or as a way to show appreciation at the end of the year. However, it’s important to show thanks in all seasons. Try to incorporate an activity specifically for this purpose at least four times a year.
Your deeds don’t have to be fancy. Simple ways to help team members through a stressful period at work can be effective.
When a staff member says he or she doesn’t have time to take a break, that is exactly when they need it most, Ferguson says. Have an impromptu pizza lunch or show your thanks by providing gift cards from coffee shops or restaurants.
2. Get out of the office
Find an activity that takes team members away from their computers. Suggestions include a little friendly competition, such as engaging in a sport or an adventure such as rock climbing.
These pursuits emphasize teamwork but are not work-related. Your team can relax while learning new ways to function as a cohesive unit.
Make sure your activity of choice can include all staff members. If one employee has a physical disability, look for an activity that can accommodate them, such as karaoke or a café that features board games.
3. Get involved in the community
Helping out with a local event or charitable cause that team members believe in also helps build morale.
“It gives them something to connect with together,” Ferguson says, “rather than just feel like they’re coming in and leaving every day.”
This type of activity has an added benefit of showing your practice in a good light. But marketing should not be your main purpose in getting involved, Ferguson says. People outside of your business will be able to sense if the effort is insincere.
4. Provide bonuses
It is unlikely that any team member would object to additional financial compensation for their hard work. In fact, they may wonder why you are not more generous, considering their contribution to your success.
Some team members will see the advisor’s commission statements or bonuses earned from the firm, Ferguson says. If you had a particularly successful quarter, consider providing team members with their own bonus.
5. Say “thank you”
Merely showing thanks by using the words can effectively boost team morale.
Ferguson recalls working for an advisor who ended every day by telling his team: “Thanks for a great day.”
Says Ferguson: “You just want to work hard for the person because you feel that he appreciated what you did.”