During these tough economic times, staff morale may be sinking to all-time lows. Your team may be dealing with clients irate about mounting investment losses at the same time as they are worrying about losing their jobs.

Such a stressful climate is bad for business. Bad vibes from demoralized staff could send clients looking for an advisor with a more positive attitude.

So, how do you keep up morale when no one is making money?

Transparency is key, says Joshua Zuchter, a life and business coach based in Toronto. Keeping information from staff — even when it’s bad news — can contribute to low morale. Zuchter recommends holding regular meetings, either weekly or biweekly, to provide updates, share information and listen to staff members’ concerns.

“As human beings, we are very good at thinking the worst,” Zuchter says. “Staff might be worrying about being laid off, when, in fact, the company is not laying anyone off.”

Joanne Ferguson, president of Advisor Pathways Inc. in Toronto, agrees that weekly team meetings are especially crucial these days. Meetings not only help the team stay connected, focus on goals and strategies, and share information; they also give team members who are dealing with angry clients an opportunity to discuss their concerns with the advisor.

“It helps the team manage stress,” Ferguson says.

Regular communication with the team is everyday business for Rob Kelland, director of wealth management and portfolio manager with the Kelland Group, part of ScotiaMcLeod Inc. , in London, Ont. Kelland holds one-hour meetings every Monday morning, the objective of which, he says, is to review systems, boost morale and “discuss and talk about everything.”

In addition, Kelland has a closed-door meeting with each team member once a week, to see how that team member is doing personally, to listen to his or her concerns and to have a “big picture” chat. Furthermore, he has an open-door policy, under which team members can come in anytime and talk to him.

Kelland is not looking to lay off staff right now; he is trimming costs, not people. And although the current economic situation is tough, he is committed to maintaining service levels as well as to the people on the team.

“I try to be honest, sincere, realistic and caring with my team at all times,” Kelland says. “The things I expect from them, day in and day out, are dedication, discipline, consistency and that they come in with a good attitude.”

Here are some more suggestions for keeping staff morale high:

> Let The Team Know You Are Behind Them. Kelland occasionally sends short, positive motivational email messages to team members aimed at keeping their spirits up and making them feel good about themselves, the markets and their clients.

The messages say things such as: “Way to go, guys!” “Hang in there” and “I’m behind you.” He also stops by workstations throughout the day and asks how things are going, and if there is anything with which he can help. If he finds positive news in the daily newspaper or in Investment Executive, he clips it out and passes it on to his team.

> Keep The Team Focused On Priorities And Assignments. “It’s easy for people to get caught up in what’s going on and neglect their work,” Zuchter says. “You want to keep the team focused and engaged so that they won’t have time to dwell on what might be.”

> Stay Connected With Team Members. Have lunch together to share business and personal information. Kelland treats the team to lunch once or twice a month. “We sit around chat and communicate,” he says. He also occasionally gets team members tickets to low-cost shows and sporting events to boost morale.

> Discourage Gossip. Staff members speculating about who might be getting laid off creates a toxic environment. The best way to prevent speculation is to be up front with whatever information you have.

> Listen To Concerns. “At meetings, have team members voice their concerns and be heard,” says Zuchter. “The key for the manager or advisor is not to refute or rebut, but to listen and take in what the person is saying. When people know that they are being heard, they relax.”

@page_break@> Offer Seminars. Lunch-and-learn, professional-development and personal-growth seminars can be helpful. Have an outside specialist in personal growth come in to make a presentation, Zuchter suggests. Topics can be how to communicate more effectively or how to enhance your personal image.

> Go To The Top. Invite your firm’s CEO or other senior executives to address the staff, so staff will get a sense of the company’s vision and goals and how each team member fits into it.

> Be Honest. Don’t sugar-coat the situation. “Don’t take staff out for drinks,” Zuchter says, “and then let them go a few days later.” IE