Lost in all the talk of the $700 billion Wall Street bailout — and how us taxpayers want to make sure those Wall Street fatcats don’t float away on golden parachutes packed by the U.S. government — is the fact that tens of thousands of regular folks in the financial services industry have lost their jobs, and are continuing to lose them.

I met with a friend the other day who is in the mortgage business, tied to one of the big Wall Street firms. He’s not a fatcat. He also has a wife and two children under three to support. He already lost his own mortgage business due to the bursting of the housing bubble, and was fortunate to find a job with a Fortune 500 player. But as we know now, even those companies aren’t safe anymore. He’s worried about losing his job again.

As Marcia Robinson at BullsEyeResumes writes:

In March 2008 Bloomberg reported over 34,000 job losses had already happended in the financial sector on Wall Street. By March 2008 Lehman Brothers, had already cut 18% of their employees and Merrill Lynch had eliminated 4.5% jobs. Add to that the job losses from Bear Stearns’ collapse and fast forward to more job losses when Lehman Brothers filed for bankruptcy and Merrill Lynch gets acquired by Bank of America…

Before we relegate these disappearing jobs to just finance executives on Wall Street, we should know that these job losses go well beyond the boardroom. Think about technology staff, administrative support workers, lawyers and employees who will lose their jobs across all functional sectors like Human Resources, Marketing and Operations…

If all the finance pundits and economists are right and jobs will continue to disappear until 2010, folks in the financial sector have to get comfortable with change and hang on for a bumpy ride.

I offered some tips on “life after Wall Street” in a CNBC story that you may wish to check out.

The most accurate predictor of employee satisfaction within an organization is a high level of employee trust and confidence in upper management, according to a study by the Hay Group. The striking fact that management dynamics impact employee psyche more than co-worker relations, office location, or compensation and benefits speaks to management’s important role in fostering a positive, productive work environment.

This can be a relatively simple feat for managers who remember the ABCs of good leadership:

Accountability: A willingness to accept responsibility or to account for one’s actions.

Good leaders align their actions with their words, earning the right to ask the same of employees. Good leaders refuse to shift blame, instead admitting their mistakes and learning from them. When management offers empty promises and feels a need to appear perfect, it signifies misguided leadership and probably a disillusioned staff as well.

Believability: The quality of being believable or trustworthy.

Good leaders know that, without credibility, they have nothing. It is a matter of being genuine, not superficial, when interacting with employees. One path to establishing believability is to simply deliver on promises made to employees. This is sometimes easier said than done, as schedules get crowded and the distracted manager may simply forget.

If this mistake is realized, a good leader will talk it over with any affected employees. On the front end, leaders can establish credibility by keeping a record of promises, asking employees for reminders, or making statements like, “I’m not going to make a promise in this instance, because I am not certain I can deliver.” This expresses not only natural human weakness, but a willingness to be held accountable.

Compassion: Sympathetic consciousness of others’ distress with a desire to alleviate it.

There are few things more distressing to employees than leaders who appear to care only when they need something. Workers can easily discern whether their supervisors are demonstrating true compassion. This might involve inquiries into the welfare of employees and their families, or an “open door policy” by which employees feel free to air on-the-job grievances.

Leaders should also demonstrate good listening and comprehensive skills, evidenced by follow-up inquiries showing that the leader remembered details of the original conversation. Remembering names of employees’ family members can also foster a sense of compassion. Although keeping notes will help leaders meet this goal, it can be very difficult in high-turnover work environments. However, as the Hay Group study indicates, employee turnover could be drastically reduced by managers who practice the ABCs of good leadership.

With the U.S. unemployment rate at a four-year high, $100K+ job searches are often taking six months or longer — and many executive jobseekers have become discouraged. Here’s some advice for those of you who find yourselves in this boat:

1. Take three days off — completely off

As executives who have been out of work for several months know, searching for a job is no vacation. For most, the stress level of searching is higher than that of even the most demanding job. Making the pressure worse is the fact that $100K+ professionals are often their family’s sole breadwinner. So before you attempt to recharge your job search, you should first step away from the computer, get out of the house, clear your head and recharge your body and mind.

2. Turn off CNBC and throw away the newspaper business section

Certainly, it’s useful to keep up with business news that might lend direction to your job search; unfortunately, most out-of-work executives overdo their news consumption. During a down economy, this can be dangerous to your psyche — because the media tends to pile on the doom and gloom. Don’t let CNBC give you an excuse for not finding a job.

3. Reduce your use of online job boards

This might seem like the last thing you should do when you’re having trouble finding a job, but the fact is, most jobseekers are spending too much time searching online - and they’re ending up feeling frustrated and isolated as a result. According to Kelton Research, most online jobseekers spend an average of 50 hours per month searching the Web for jobs. That’s too much time — particularly for $100K+ jobseekers, who are only interested in a small subset of the jobs they must wade through. Restrict your searches to an hour per day, at most, so you can use your time more productively.

4. Get third-party critiques of your resume and interview skills

If you’re qualified for the $100K+ jobs you’re applying for, there must be some reason you’re not getting them. Now’s the time to put ego aside and seek help from friends and associates. Hire a professional resume writer to spiff up your vitae. Stage mock interviews and seek candid feedback. Some people assume that executive jobseekers, because of their experience level, don’t need help preparing for interviews - but I’ve found this is simply not the case. Executive jobseekers are expected to have a high level of knowledge about the company where they’re interviewing, to ask great questions, and to have powerful but concise answers to almost anything thrown at them. Preparation and practice are essential.

5. Consider executive temping

Executive temping is a fast-growing field, and is relied on by many companies during periods of economic uncertainty. If you have in-demand skills like IT or accounting, it’s a great way to network, to keep your skills sharp - and to get your foot in the door with a future employer. And by working through a staffing firm, you don’t have to put your own consulting shingle up — which tells people you are looking for a full-time job.

6. Widen your search parameters

Many jobseekers have a very focused idea of who they are and what their next job should be — which is not always a bad thing. But if your search has stalled, you’re better off broadening your search across industries and job titles. For example, when searching online, enter a keyword like ‘marketing’ rather than a more specific one like ‘vice president of marketing communications.’ By expanding your search criteria, you will win more job interviews — which will sharpen your interview skills and could lead to a job that (perhaps surprisingly) is perfect for you.

7. Network in unexpected places - online and off

Networking is the single most important part of your job search, because most openings are never advertised - including more than 75 percent of executive jobs. Most $100K+ jobseekers are aware of referral groups and industry networking mixers; many also use online networking sites for professionals, like LinkedIn. While these are valuable, don’t restrict your networking to these ‘official’ activities. You might be just as likely to make a connection that leads to your next job at a church meeting or a dinner party. Online, try social sites like Facebook and Twitter. Finally, consider volunteering; it’s not only a great way to network, but it’s a fulfilling use of your time while you’re between jobs.

8. Deepen your network

In addition to broadening your network, it’s equally important to deepen your network. Call former colleagues, bosses or clients and ask them to lunch or to a ball game. Spend time really listening to the people you meet at industry events, and follow up afterwards — for example, by sending them an e-mail linking to a news story that reminded you of your discussion with them. How far someone is willing to go to help you in your search — or even whether they will remember you when they hear of an opening — is directly related to your ability to build real relationships. And that’s a far better way to spend your time than poring endlessly over job-board listings.

A career can resemble a marathon. Often, even the most excited “runners” in the beginning stages can bottom out in Dullsville mid-race. The drudgery and monotony of their job can seem overwhelming, as though they’ll never get ahead. In such scenarios, it may be time to jump off the hamster wheel and embrace a few strategies for maintaining career momentum.

1. Strike a balance. Your career is not your life; making it so is a recipe for resentment and exhaustion. Find hobbies, volunteer for deserving causes, go on a vacation or spend time with family and friends. Keeping your life full and balanced with many different activities will often spur a transformation in your on-the-job attitude and success.

2. Learn new skills. Unquestionably, the workforce is changing and technology is holding the reigns. In many careers, if you don’t have the skills to keep up, you will get left behind. Take classes and read books to keep your skill set sharp and your name atop the list of promotable employees.

3. Mentor others. The new generation of workers is hungry for mentorship and guidance. You have the expertise and they have the excitement. Combining the two can prove beneficial to both. Protégées will gain valuable knowledge of their industry and career life in general. Mentors, on the other hand, will pick up on the contagious career excitement emanating from the entry-level worker. They may pick up a few valuable tech skills as well.

4. Change directions. Maybe your workload is too great, your colleagues are unhelpful, or you simply realized your last decade was spent in unfulfilling work. Develop a practical plan and transition gradually. Whether it’s a job change or career change, take action to create gratification and personal fulfillment in your work. Then, little by little, the marathon will start to look more like a sprint.

RiseSmart is pleased to announce that marketing executive Telisa Yancy is the winner of the RiseSmart Executive Education Sweepstakes. Yancy will attend an executive education course at the University of Chicago Graduate School of Business, with all program fees paid by RiseSmart.

Yancy, formerly vice president of global media and multicultural marketing for Burger King Corporation, entered the sweepstakes while visiting the RiseSmart Web site. She said in the press release issued today that continuing education is vital for executives who wish to remain competitive in today’s senior-level job market.

Yancy will have fees paid – up to $7,250 – for one of more than a dozen executive seminars and programs offered at Chicago GSB. The self-employed innovation and marketing consultant has enrolled in the executive program “Leadership as Performance Art,” to be held in October 2008.

Through the lens of theater, “Leadership as Performance Art” engages participants with perspectives and skills necessary to become more authentic actors in connecting to diverse audiences, and more powerful directors in bringing forth the talents of others within an organization.

We are very pleased to award Telisa this opportunity to attend an executive program at one of the world’s leading educational institutions. We couldn’t have asked for a more deserving or gracious recipient. We hope that her experience with Chicago GSB will prove to be an indispensable asset as she moves forward in her career.