Why the savvy people are staying in cannabis
“If you are going to do something wrong, do it right” – Aphorism, attributed to many
A few weeks ago, I wrote about why good people are leaving in the cannabis space. The piece clearly struck a chord, as evidenced by the tens of thousands of impressions and comments. Anyone remaining in the industry knows at least a dozen people who have laid off or left for greener pastures. And many of those remaining seem shell-shocked or professionally checked out.
Though our sector is really challenged, I don’t want to sound hyperbolic. It’s not exactly the Walking Dead out there. The employee exodus (or problematic corporate cultures) do not tell the entire story.
In fact, staying in the cannabis sector is a smart career move - and there’s no embarrassment in admitting it. Here’s why:
1. Oodles of opportunities remain
> Cannabis is a large, growing and rapidly professionalizing industry; many companies are putting up strong sales numbers and dare I say turning a profit. Many also believe cannabis to be recession-proof, limiting the eventual downside.
2. Competition for many roles has lessened
> It’s easier to get that promotion when your co-workers or boss exited the firm. Moreover, cannabis is one of the only industries that does not function like a guild or have high barriers to entry.
3. Boom and bust cycles are a natural order of business
> Seasoned people understand that phoenixes emerge out of ashes. Take it from a person that has lived through a few recessions. Cannabis industry fortunes will improve, though the corporate deck will get shuffled.
4. The economy is precarious
> Some macroeconomic headwinds like high interest rates and supply chain shocks impact the entire economy i.e. there is no hiding from pain. Look no further than IT, psychedelics and financial services to see other vulnerable, non-cannabis sectors getting rocked hard.
5. Don’t forget your purpose
> For many, the cannabis mission has not waivered. Plenty of important reasons such as social justice and therapeutic value will motivate people to stay and persevere.
This post is neither a pep rally cheer nor an ode to grit. I have seen firsthand the trials and tribulations of the employee experience. Undoubtedly our industry has systemic and regulatory challenges. I believe the fundamentals of the sector remain strong despite short-term hiccups. The industry is professionalizing. And how many industries are this interesting and fun?
Hang on and enjoy the ride.
#employeeengagement #purpose #turnover #culture