Why Cannabis Workers Need a New ‘Why’?
“Meet the new boss, same as the old boss” Pete Townshend, Won’t Get Fooled Again
Talent matters more than ever.
To cope with margin compression, cash flow challenges and low profits, savvy leaders pay close attention to boosting their revenue per employee and labour productivity.
Moving these metrics butts up to a ‘not-so-secret’ industry reality: the widespread exodus (both voluntary and involuntary) of experienced staff and challenges hiring their replacements.
> Risky business
In many circles, cannabis is no longer seen as a cool vocation. In fact, it has garnered a reputation (fairly or not) of being a downright nasty and unprofessional sector to work in.
Pay is often low and relatively uncompetitive versus other industries. Equity-based compensation is not as enticing as it used to be. Finally, career development and management training are often in short supply.
This situation is not entirely surprising. Every new industry has its share of talent management issues.
Cannabis companies looking to sustain growth, manage risk and drive higher profits will need to make a better case to current employees and potential recruits. This is not just an operational prerequisite. Funders and partners will pay special attention to who is at the other end of the phone or making key decisions.
> Upping your game
One way to attract and keep the best people is to define a compelling employee value prop (EVP). A new ‘why’ should have tangible and intangible elements:
1. Tangible – what employees get
Competitive but fair compensation is key but so are non-monetary benefits like training and sabbaticals. The value delivered should vary by role, need and seniority. Often, firms are delivering a competitive package of rewards; your EVP simply codifies and communicates what is already available.
2. Intangible – what employees experience
Talent cares a lot about cultural norms such as empowerment, appreciation, and respect. People desire enriching cultures where they could be happy and grow. These intangibles are regularly manifested through the manager/subordinate relationship. Supporting and empowering positive interactions is vital to improving everyone’s job satisfaction and results.
The significance of an EVP value transcends recruiting and retention. Strong EVPs lead to better managerial practices, improved communications, and aligned roles & responsibilities.
A EVP should reflect your staff’s needs and go beyond kumbaya-style platitudes and over-promising. The EVP must be clearly articulated and living within your organizational activities. While uniformity is important (e.g. with salary bands, option plans etc), there should be some customization; different people and roles need different things.
#HR #employeevalueproposition #retention #recruiting #talentmanagement