How do you retain employees in an industry that is not fully mature nor even well-defined? As an employer, it will be helpful to have a good handle on what makes a good employee; from this position, you can decide what needs to be done to keep that employee.
Improving employee retention in the cannabis industry is not an academic exercise in hypothetical thinking but planning and study will help your decision-making in this area. Know the industry and its employees and you’ll be able to offer what’s needed to keep talent.
Study the Cannabis Industry
You may have complete faith in everything you’ve done to make your business attractive to employees, but you need to know what the cannabis industry is doing as a whole. You need to know:
- What kinds of business practices are being discarded.
- What’s replacing them.
- How well they work.
- What new markets are replacing formerly profitable, established markets.
- Can you enter that market, and dominate it?
- Can you make that a selling point for your business?
Once recognized as a leader, you’ll be able to get, and keep good talent easier, fostering employee loyalty.
Study Your Competition
To become a market leader, you will have to understand your competition. Consider what they offer, whether or not you can match it or beat it, and how you will make your business stand out.
One way to stand out from your competition is to offer an excellent employee benefits package.
Design an employee benefits package that is above those of your competition. Offer relevant benefits that no one else is offering.
Study the Employee Pool
It stands to reason that understanding your employees can help you retain them. So, it’s important to think about:
- The kind of people your competition hire.
- Where they get them?
- How they screen them?
- How they work out?
Once you understand these things, you should be able to do even better at screening people. Part of retention is making inappropriate hires in the first place. This is critical for the young and growing cannabis industry.
Study Your Place in the Industry
Whether you are number two, at the bottom of the heap, or King of the Hill will determine, in part, what you need to offer potential employees to get them to stay. Stay focused on maintaining a solid reputation as a good place to work.
Study Your Employee Benefits
You have to offer 21st-century style benefits to 21st-century employees. You’re done with pamphlets and books of rules; likewise, the “cattle-call” mass meetings of employees, where benefits are explained by a speaker. Your benefits must be well-defined, current, and adaptable to regulatory changes. And, they must be easily understandable by employees on their own.
Even more importantly, potential employees need to know the details of their benefits, as soon as possible. That means sending access to all the information for the entire benefits package in the offer letter.
Access will be through a specific portal to the company’s information system. Thus, a potential employee can “get the goods” immediately. They can learn the details of the entire salary and benefits package. And they can judge fairly and accurately if they want to work for you or not.
Study Your Future
Finally, to improve employee retention in a business in the cannabis industry, it’s necessary to keep both eyes on the future. Consider how you will grow your business in a way that keeps it adaptable to the sudden and changing demands of the cannabis industry.
By running a forward-looking business that rolls with the punches and makes advances of its own, you are more likely to create a dynamic, satisfied workforce.
With much study comes much knowledge. Use all the information available to make your business stronger and retain your employees.