The cannabis business has never had the legal footing of the tobacco and alcohol industries. That, in turn, has a great effect on what can be offered to cannabis business workers.
While employee benefits for cannabis industry workers are not as robust as those for the major, legal players in recreational drug production, that’s not to say the benefits are paltry or grossly inferior. Still, there are factors to consider.
Recent Employee Benefits
In March 2019, Leading Retirement Solutions has made it possible for cannabis industry workers to have a 401(k) plan. This was long taken for granted by workforce's in other businesses. Now, workers in the cannabis industry have an extra incentive to stay with an employer. It’s a benefit that increases employee loyalty.
However, one of the cons to the new “cannabis 401(k) plan” might be an employer’s response to offering it. Some employers will decrease employee hourly wages to offset their contribution to the plan. If you want your company to best the competition, consider maintaining wages.
Retain Employees with Empowerment
For many years, employees had very little to say about their benefits. The nature of these benefits and how they were handled were trusted to an employer. It was up to the employer to decide how to reward you at retirement. It was also typical not to receive much information along the way about how benefits were changing; the affected people would often find out when it happened.
All that changed with modern computers, cloud data collection, and mobile computing. Employees now expect easy and accurate access to information about their benefits and salaries.
As a minimum, you need to be able to meet those expectations. Better yet, exceed them. Provide more than good information; provide options for employees to act on that information.
If an employee wants a better health plan, he or she should be able to choose it. And he or she should be able to do so sooner rather than later. Should an employee want a change in the benefits package, that employee should be able to redirect contributions to other funds. It should also be easy and quick to make such changes. That’s all possible with electronic decision making.
Employee Benefits Through Human Resources Software
To be able to offer employees outstanding benefits services, you need a great platform. You have to have software that’s built to service constant requests for accurate information. That platform must nicely bridge the gap between human resources and employees.
Because of the nature of the cannabis industry, compliance is a huge issue. The platform for your business benefits the employees. It helps keep the business current with compliance for all regulations. A good platform will prevent fatal compliance decisions and keep the employees employed.
Recent benefits developments in the cannabis industry have made it more on par with typical businesses. There is hope for the future, because trends point to equality.