August 11, 2023 • 16 mins
Are you ready for a swift, yet enlightening journey through the maze of employee turnover in the cannabis industry? We promise you an illuminating and insightful expedition that uncovers the reality of high turnover rates and their impact on businesses within this burgeoning industry. We unpack the tangible costs associated with high employee turnover, including the burden of recruitment and training, the sting of lost productivity, and the irreversible loss of invaluable industry knowledge. Drawing parallels with other fast-paced sectors, we shine a light on why the cannabis industry is grappling with skyrocketing turnover rates and how businesses can navigate these testing times.
As the cannabis industry matures, keeping employees around for the long haul has become the linchpin of business success. In this episode, we delve into the crucial topic of employee retention, exploring the powerful role of effective management, competitive compensation, professional development opportunities, and an overall inclusive work environment. We round off the discussion by examining the unique challenges and opportunities within the cannabis industry, offering businesses pragmatic strategies to keep their employees engaged and committed. So buckle up for a productive ride through the intricate landscape of employee turnover and retention in the cannabis sector.
Thank you for tuning in to 'Cann Strategy: Elevating Your Cannabis Business Venture'. Our mission is to empower cannabis investors, business owners, and entrepreneurs with rarely shared insider knowledge to navigate the fast-growth cannabis industry.
If you found value in this episode, please leave a review on your favorite podcast platform or share it with a friend. It makes a world of difference.
Also, don't forget to check out our website at www.cannstrategy.com for even more resources and insights into the cannabis business world. We offer a range of consulting services to help you navigate the complex cannabis industry and turn your cannabis business dream into a reality, no matter what stage of the game you're in.
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Have a question or topic you want us to discuss? Email us at info@cannstrategy.com
And finally, if you haven't already, hit that subscribe button so you won't miss our next episode. See you next time on 'Weed Works', and remember: knowledge isn't just power - it's profit!"
Prefer reading? To reference any of our episodes in written format, visit the Cann Strategy blog
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back to another episode of Can Strategy
elevating your cannabis businessventure.
Today, we're exploring a topicthat's on the tip of everyone's
tongue, but often shrouded in ahaze of misconceptions Employee
turnover in the cannabisindustry.
As this vibrant sectorcontinues to flourish across
various nations, there's anunderlying challenge that many
(00:21):
businesses are grappling with asurprisingly high rate of
employees clocking in and outfor the last time.
But before we light up thisdiscussion, let's first unpack
what employee turnover reallymeans and why it's such a
burning issue, not just in theworld of cannabis, but in the
wider business landscape as well.
So get comfy and take notes.
(00:42):
What exactly is employeeturnover?
Employee turnover refers to therate at which workers leave an
organization and are replaced bynew employees.
It can be either voluntary,such as resignation or
retirement, or it can beinvoluntary, such as dismissal
or layoffs.
In 2018, the US Bureau of LaborStatistics noted that the
majority of turnovers werevoluntary, with employees
(01:04):
choosing to leave their jobs.
As we talk about employeeturnover, imagine it like this
it's the rate at which employeesleave a company and are then
replaced by new hires.
Think of it like a revolvingdoor at a busy office building.
People come in and stay for awhile, but then many leave, thus
making space for new faces Inthe world of business,
especially in industries likecannabis.
(01:26):
This can be a pretty big dealbecause it costs time, money and
resources to find and trainsomeone new every time someone
else decides to walk out of thatmetaphorical revolving door.
So, in essence, high turnoveris not the best sign for
business performance.
We'll discuss the reasonsbehind it in a bit, but first
let's understand how exactlyemployee turnover rate is
(01:47):
measured.
Employee turnover rate istypically calculated as a
percentage.
The formula is as simple as thenumber of departures divided by
the number of average employeestimes 100.
For example, if a company hasan average of 100 employees and
15 employees leave during theyear, the turnover rate is 15%,
because the equation would panout to be 15 divided by 100
(02:09):
times 100.
One reason the discussion ofemployee turnover rates fall on
deaf ears with cannabis businessexecutive teams is that they
look to the profit and lossstatement to get their
information and the cost ofemployee turnover isn't usually
given its own line item.
But the truth is that highemployee turnover comes with
high costs to the business.
(02:30):
It's estimated that the cost ofreplacing an employee can range
from one half to two times theemployee's annual salary.
These costs come fromrecruitment, training, loss
productivity and more.
Let's imagine you're running acozy cannabis consumption lounge
.
Now you've noticed that yourstaff is changing faster than
the seasons.
This isn't just a minorinconvenience.
There are real costs andimpacts associated with this
(02:52):
constant change.
First up is recruitment costs.
Think about it.
Every time someone leaves,you're spending money on ads to
attract new talent, spendingmoney on the hours it takes
managers to conduct interviews,and maybe even taking on the
expensive background checks andagent card fees.
Then there's training costs.
Every new barista or staffmember you hire, they're not
going to magically know how tomake that special cannabis
(03:16):
infused latte your regulars love.
Training takes time andresources.
It's like teaching someone theperfect grind and brew method
all over again.
Funny enough, training happensto be something that many
cannabis businesses don't seemto want to take the time or
resources to do.
Well, yet also don't figure outhow to decrease their turnover
rate, thus compounding theproblem.
(03:37):
But that's for another episode.
On to the next cost of highemployee turnover the dreaded
loss of productivity.
New employees may be eager, butmight not be as quick or
efficient right off the bat.
They need some time to adjust.
It's like having a newbie tryto roll a joint for the first
time.
It might take a few triesbefore it looks right.
High turnover can also lead todecreased morale among your
(03:59):
remaining staff.
If people keep leaving, thosewho stay behind might start
wondering if they should belooking for a new opportunity as
well.
This can create a sense ofunease or instability.
It's like seeing your favoritecoffee shop change management
every month and therefore neverseeing that friendly face each
morning who knows your name andyour order.
(04:19):
It feels off.
Then there's the cost of lostknowledge.
Every person who leaves takesaway some of the business with
them.
Maybe they had a specialrapport with customers, or they
knew the ins and outs of theinventory, or it was their
relationships with vendors thatgot you the best deals.
It's like losing a secretrecipe.
Lastly, there's the risk ofoverworking remaining staff
(04:40):
members.
If someone leaves and there's agap before you find a
replacement, guess who ispicking up the slack?
Your existing team, and thiscan lead to burnout and
resentment.
Are you paying them more to domore work than they were hired
to do?
Probably not.
It's akin to asking your car todrive without ever pulling over
to a gas station, it's bound tostop functioning eventually.
(05:01):
Hopefully it is clear by nowthat high turnover is a lot more
than just saying goodbye andhello to employees.
It touches your business'swallet, productivity and overall
vibe.
In the cannabis business, likein any other business, keeping
that staff door from revolvingtoo quickly can be key to
revving up success.
To even try to start reducingcosts by reducing turnover, we
(05:24):
first must understand why theturnover rates are what they are
.
In the cannabis industry.
Reports have been suggestingthat for some roles, especially
those frontline jobs like budtenders, we're looking at a
turnover rate soaring up to 60%or even higher.
Yep, you heard that right.
That is pretty high, even whenyou compare it to other
fast-paced industries such asretail.
(05:45):
Generally, retail businessesexperience an average turnover
rate of 60% to 70%.
Thus, dispensaries alignclosely with this broader retail
benchmark.
However, the elevated turnoverin retail is often influenced by
seasonal employment, young highschool-aged employees and
temporary roles.
Those factors aren't prevalentin cannabis dispensaries.
(06:05):
To truly grasp the reasons forthe high turnover rate in
cannabis, despite the absence ofsome common turnover triggers,
we must delve deep into theintricacies of the cannabis
industry and its workforcedynamics.
There are some uniquechallenges that are making that
staff revolving door spin alittle faster.
First up is regulatorychallenges.
(06:25):
This industry feels like it'sriding a roller coaster
sometimes.
Laws and regulations areconstantly changing and,
depending on where you are,today's legal might be
tomorrow's gray area.
This unpredictability can makefolks nervous about their job
security.
Imagine going to work every daynot knowing if a new regulation
might make your positionobsolete or completely change
(06:46):
the rules of your role.
It may not be the fact that theregulations change so much, as
it is how leadership handlescommunicating the impact of
those regulatory changes to theemployees.
Most leaders aren't skilled atmanaging change, so every time a
regulatory change occurs itfeels like a sudden shockwave
rather than a well-thought-outoperational adjustment.
(07:06):
Listen to episode 17 to learnmore about how to manage change
in cannabis business.
The next thing oiling the hingeson the staff revolving door is
the rapid industry growth.
You know when a kid gets homeafter trick or treating on
Halloween and binge eats alltheir candy, only to wind up
sick to their stomach and moodyfrom their sugar crash.
(07:27):
That's kind of like how thecannabis industry is growing.
Companies are sometimes soeager to fill roles that they
might rush hiring decisionswithout ensuring a good fit.
If the cannabis industry was achess game and your company was
a player, this unrefinedapproach to hiring would be like
making moves in the gamewithout looking at where the
pieces were headed.
It's not a great strategy forwinning the game.
(07:47):
Next up in the causes ofcannabis business turnover rates
is safety concerns.
Working with cannabis isn'tjust about rolling joints and
having a good time.
Employees might be dealing withpotent chemicals, potentially
dangerous tools and equipment or, given the cash-centric nature
of the business, they might facehigher threats of crime.
There are genuine risksinvolved and if these risks
aren't taken seriously by anemployer, it can cause employees
(08:10):
to flee due to feeling unsafe.
Lastly, there is the issue oflower wages.
Especially for those juststarting out in the cannabis
world, the pay might not alwaysbe green enough, if you catch my
drift.
When other industries areoffering more competitive
salaries, it can be tempting forworkers to jump ship.
Dispensaries have the benefitof being able to allow employees
to accept tips, which can beseen as an added benefit to
(08:33):
employees without being anadditional expense to the
business.
While the cannabis industrysurely has its highs, there are
challenges making it a bit of awild ride for employees.
As the sector matures, one canonly hope these bumps smooth out
, ensuring a more stable journeyfor all involved.
Until that happens, how cancannabis companies reap the
rewards of increased employeeretention?
(08:55):
If you're a leader in thecannabis industry, lean in
closer.
According to a Gallup poll, 75%of the reasons employees quit
could be prevented by employers.
This indicates that managementpractices play a crucial role in
retention.
We're going to chat about howyou can keep your All-Star team
sticking around for the longhaul.
Let's be real Money talks andcompetitive compensation can
(09:17):
motivate employee loyalty.
Now, I know budgets can be tight, especially in the aggressively
taxed cannabis industry, buthere's the thing If you want the
best company, you need the besttalent.
And if you want the best talent, you've got to make sure your
paychecks reflect that.
Otherwise, it's like trying tobuy top shelf cannabis with
pocket change you get what youpay for.
(09:39):
Offering salaries that match oreven surpass industry averages
is a surefire way to makeemployees think twice before
looking elsewhere.
Before you scoff at this beingan idealistic expectation, hear
me out.
Consider that your businessmight have an over-hiring
problem because your managementis not hiring the right people
for the right roles.
Then those hired don't receiveadequate training.
(10:00):
And now you are, knowingly orunknowingly, stuck in a
never-ending cycle of trying toget quantity to make up for the
lack of quality.
Here's a proposed alternativeImagine keeping payroll costs
the same and reducing employeeturnover rates, which then
results in reducing the incurredcosts of turnover, all because
you implement improved processesfor hiring which result in a
(10:21):
higher quality of talent onpayroll, demolishing the
practice of a need for hiringfor quantity.
Speaking of quality, thisbrings us to the next effective
method for reducing turnoverProfessional development.
Investing in your team's growthisn't just good for them.
It's good for your business too.
Imagine you're a barista andyou're given the chance to
become a master coffee roaster.
(10:43):
That's the vibe we're going for.
Give your team incrementalopportunities to learn, grow and
climb that cannabis ladder.
It'll boost morale and makethem feel valued and optimistic
about their future with thecompany.
This next employee turnoverreducer should be common sense,
since it speaks directly to abasic human need, but somehow
companies still miss the markhere.
(11:03):
A safe and inclusive workenvironment is key to motivating
people to stick around.
Just as nobody wants to bestuck in a toxic relationship,
nobody wants to work in a placewhere they don't feel secure or
accepted.
That's basic.
This has to do with bothphysical and mental security and
acceptance.
Companies can cover thephysical safety element by
complying with OSHA, having atop tier security system and
(11:25):
plan and not allowing violencein the workplace.
The mental security and safetyelement requires having managers
with good leadership skills,fostering an inclusive
environment that allows peopleto ask questions and provide
feedback, and building apositive company culture.
Benefits and perks also commonlydo the trick of motivating an
employee to stay.
Health benefits, bonuses, extradays off and maybe even a
(11:49):
discount on products these arethe things that sweeten the deal
.
Think of the extra toppings onyour favorite pizza.
They might not be the main draw, but they sure make the whole
thing a lot more delicious.
And last but certainly notleast, never underestimate the
power of open communication.
Employees should feel they cango to their superiors with
concerns, ideas or just to chatabout the newest product on the
(12:11):
shelves.
They should also be able totrust that if there was a
concern with their performanceor an upcoming decision that
would affect their day-to-daywork, then leadership would make
sure to communicate with themfully and clearly about these
things.
Open communication lays thefoundation for a positive,
transparent and trusting workenvironment.
A we can see.
From ensuring competitivecompensation to fostering a
(12:32):
culture of professionaldevelopment, from creating a
safe and inclusive workspace tooffering tantalizing perks and
benefits.
The avenues to enhance employeeretention are varied and
promising.
If there's one overarchingtakeaway, it's this Skilled
leadership is linchpin thatholds everything together,
because it is only with skilledleaders that the implementation
(12:53):
of these solutions is possible.
As leaders in this industry, orin any sector for that matter,
it's essential to understand andact upon the fact that the very
essence of a thriving businesslies in its people.
By investing in them, nurturingtheir growth and ensuring their
well-being, we are not justbuilding teams, we're building
legacies.
(13:14):
Alright, as we wrap up thisdissection of employee turnover
in the cannabis world, let'sreflect on this.
Cannabis industry's instabilityand rapid growth have undeniably
presented hurdles, especiallywhen it comes to employee
retention.
But hey, every challenge is anopportunity in disguise, right?
If you found this episodeinsightful, give that subscribe
(13:35):
button a click and share theepisode with a friend.
Knowledge is always better whenshared.
And if you're in the cannabisbusiness, whether you're a small
startup or a booming enterprise, and you're looking to navigate
these waters effectively, don'thesitate to reach out to Cannes
Strategy, your go-to cannabisbusiness consulting firm for all
your cannabis businessdevelopment needs.
Until next time, keep growing,keep learning, and here's to
(13:56):
making the cannabis industry thebest it can be.
Welcome back to another episode of Can Strategy
elevating your cannabis businessventure.
Today, we're exploring a topicthat's on the tip of everyone's
tongue, but often shrouded in ahaze of misconceptions Employee
turnover in the cannabisindustry.
As this vibrant sectorcontinues to flourish across
various nations, there's anunderlying challenge that many
(00:21):
businesses are grappling with asurprisingly high rate of
employees clocking in and outfor the last time.
But before we light up thisdiscussion, let's first unpack
what employee turnover reallymeans and why it's such a
burning issue, not just in theworld of cannabis, but in the
wider business landscape as well.
So get comfy and take notes.
(00:42):
What exactly is employeeturnover?
Employee turnover refers to therate at which workers leave an
organization and are replaced bynew employees.
It can be either voluntary,such as resignation or
retirement, or it can beinvoluntary, such as dismissal
or layoffs.
In 2018, the US Bureau of LaborStatistics noted that the
majority of turnovers werevoluntary, with employees
(01:04):
choosing to leave their jobs.
As we talk about employeeturnover, imagine it like this
it's the rate at which employeesleave a company and are then
replaced by new hires.
Think of it like a revolvingdoor at a busy office building.
People come in and stay for awhile, but then many leave, thus
making space for new faces Inthe world of business,
especially in industries likecannabis.
(01:26):
This can be a pretty big dealbecause it costs time, money and
resources to find and trainsomeone new every time someone
else decides to walk out of thatmetaphorical revolving door.
So, in essence, high turnoveris not the best sign for
business performance.
We'll discuss the reasonsbehind it in a bit, but first
let's understand how exactlyemployee turnover rate is
(01:47):
measured.
Employee turnover rate istypically calculated as a
percentage.
The formula is as simple as thenumber of departures divided by
the number of average employeestimes 100.
For example, if a company hasan average of 100 employees and
15 employees leave during theyear, the turnover rate is 15%,
because the equation would panout to be 15 divided by 100
(02:09):
times 100.
One reason the discussion ofemployee turnover rates fall on
deaf ears with cannabis businessexecutive teams is that they
look to the profit and lossstatement to get their
information and the cost ofemployee turnover isn't usually
given its own line item.
But the truth is that highemployee turnover comes with
high costs to the business.
(02:30):
It's estimated that the cost ofreplacing an employee can range
from one half to two times theemployee's annual salary.
These costs come fromrecruitment, training, loss
productivity and more.
Let's imagine you're running acozy cannabis consumption lounge
.
Now you've noticed that yourstaff is changing faster than
the seasons.
This isn't just a minorinconvenience.
There are real costs andimpacts associated with this
(02:52):
constant change.
First up is recruitment costs.
Think about it.
Every time someone leaves,you're spending money on ads to
attract new talent, spendingmoney on the hours it takes
managers to conduct interviews,and maybe even taking on the
expensive background checks andagent card fees.
Then there's training costs.
Every new barista or staffmember you hire, they're not
going to magically know how tomake that special cannabis
(03:16):
infused latte your regulars love.
Training takes time andresources.
It's like teaching someone theperfect grind and brew method
all over again.
Funny enough, training happensto be something that many
cannabis businesses don't seemto want to take the time or
resources to do.
Well, yet also don't figure outhow to decrease their turnover
rate, thus compounding theproblem.
(03:37):
But that's for another episode.
On to the next cost of highemployee turnover the dreaded
loss of productivity.
New employees may be eager, butmight not be as quick or
efficient right off the bat.
They need some time to adjust.
It's like having a newbie tryto roll a joint for the first
time.
It might take a few triesbefore it looks right.
High turnover can also lead todecreased morale among your
(03:59):
remaining staff.
If people keep leaving, thosewho stay behind might start
wondering if they should belooking for a new opportunity as
well.
This can create a sense ofunease or instability.
It's like seeing your favoritecoffee shop change management
every month and therefore neverseeing that friendly face each
morning who knows your name andyour order.
(04:19):
It feels off.
Then there's the cost of lostknowledge.
Every person who leaves takesaway some of the business with
them.
Maybe they had a specialrapport with customers, or they
knew the ins and outs of theinventory, or it was their
relationships with vendors thatgot you the best deals.
It's like losing a secretrecipe.
Lastly, there's the risk ofoverworking remaining staff
(04:40):
members.
If someone leaves and there's agap before you find a
replacement, guess who ispicking up the slack?
Your existing team, and thiscan lead to burnout and
resentment.
Are you paying them more to domore work than they were hired
to do?
Probably not.
It's akin to asking your car todrive without ever pulling over
to a gas station, it's bound tostop functioning eventually.
(05:01):
Hopefully it is clear by nowthat high turnover is a lot more
than just saying goodbye andhello to employees.
It touches your business'swallet, productivity and overall
vibe.
In the cannabis business, likein any other business, keeping
that staff door from revolvingtoo quickly can be key to
revving up success.
To even try to start reducingcosts by reducing turnover, we
(05:24):
first must understand why theturnover rates are what they are
.
In the cannabis industry.
Reports have been suggestingthat for some roles, especially
those frontline jobs like budtenders, we're looking at a
turnover rate soaring up to 60%or even higher.
Yep, you heard that right.
That is pretty high, even whenyou compare it to other
fast-paced industries such asretail.
(05:45):
Generally, retail businessesexperience an average turnover
rate of 60% to 70%.
Thus, dispensaries alignclosely with this broader retail
benchmark.
However, the elevated turnoverin retail is often influenced by
seasonal employment, young highschool-aged employees and
temporary roles.
Those factors aren't prevalentin cannabis dispensaries.
(06:05):
To truly grasp the reasons forthe high turnover rate in
cannabis, despite the absence ofsome common turnover triggers,
we must delve deep into theintricacies of the cannabis
industry and its workforcedynamics.
There are some uniquechallenges that are making that
staff revolving door spin alittle faster.
First up is regulatorychallenges.
(06:25):
This industry feels like it'sriding a roller coaster
sometimes.
Laws and regulations areconstantly changing and,
depending on where you are,today's legal might be
tomorrow's gray area.
This unpredictability can makefolks nervous about their job
security.
Imagine going to work every daynot knowing if a new regulation
might make your positionobsolete or completely change
(06:46):
the rules of your role.
It may not be the fact that theregulations change so much, as
it is how leadership handlescommunicating the impact of
those regulatory changes to theemployees.
Most leaders aren't skilled atmanaging change, so every time a
regulatory change occurs itfeels like a sudden shockwave
rather than a well-thought-outoperational adjustment.
(07:06):
Listen to episode 17 to learnmore about how to manage change
in cannabis business.
The next thing oiling the hingeson the staff revolving door is
the rapid industry growth.
You know when a kid gets homeafter trick or treating on
Halloween and binge eats alltheir candy, only to wind up
sick to their stomach and moodyfrom their sugar crash.
(07:27):
That's kind of like how thecannabis industry is growing.
Companies are sometimes soeager to fill roles that they
might rush hiring decisionswithout ensuring a good fit.
If the cannabis industry was achess game and your company was
a player, this unrefinedapproach to hiring would be like
making moves in the gamewithout looking at where the
pieces were headed.
It's not a great strategy forwinning the game.
(07:47):
Next up in the causes ofcannabis business turnover rates
is safety concerns.
Working with cannabis isn'tjust about rolling joints and
having a good time.
Employees might be dealing withpotent chemicals, potentially
dangerous tools and equipment or, given the cash-centric nature
of the business, they might facehigher threats of crime.
There are genuine risksinvolved and if these risks
aren't taken seriously by anemployer, it can cause employees
(08:10):
to flee due to feeling unsafe.
Lastly, there is the issue oflower wages.
Especially for those juststarting out in the cannabis
world, the pay might not alwaysbe green enough, if you catch my
drift.
When other industries areoffering more competitive
salaries, it can be tempting forworkers to jump ship.
Dispensaries have the benefitof being able to allow employees
to accept tips, which can beseen as an added benefit to
(08:33):
employees without being anadditional expense to the
business.
While the cannabis industrysurely has its highs, there are
challenges making it a bit of awild ride for employees.
As the sector matures, one canonly hope these bumps smooth out
, ensuring a more stable journeyfor all involved.
Until that happens, how cancannabis companies reap the
rewards of increased employeeretention?
(08:55):
If you're a leader in thecannabis industry, lean in
closer.
According to a Gallup poll, 75%of the reasons employees quit
could be prevented by employers.
This indicates that managementpractices play a crucial role in
retention.
We're going to chat about howyou can keep your All-Star team
sticking around for the longhaul.
Let's be real Money talks andcompetitive compensation can
(09:17):
motivate employee loyalty.
Now, I know budgets can be tight, especially in the aggressively
taxed cannabis industry, buthere's the thing If you want the
best company, you need the besttalent.
And if you want the best talent, you've got to make sure your
paychecks reflect that.
Otherwise, it's like trying tobuy top shelf cannabis with
pocket change you get what youpay for.
(09:39):
Offering salaries that match oreven surpass industry averages
is a surefire way to makeemployees think twice before
looking elsewhere.
Before you scoff at this beingan idealistic expectation, hear
me out.
Consider that your businessmight have an over-hiring
problem because your managementis not hiring the right people
for the right roles.
Then those hired don't receiveadequate training.
(10:00):
And now you are, knowingly orunknowingly, stuck in a
never-ending cycle of trying toget quantity to make up for the
lack of quality.
Here's a proposed alternativeImagine keeping payroll costs
the same and reducing employeeturnover rates, which then
results in reducing the incurredcosts of turnover, all because
you implement improved processesfor hiring which result in a
(10:21):
higher quality of talent onpayroll, demolishing the
practice of a need for hiringfor quantity.
Speaking of quality, thisbrings us to the next effective
method for reducing turnoverProfessional development.
Investing in your team's growthisn't just good for them.
It's good for your business too.
Imagine you're a barista andyou're given the chance to
become a master coffee roaster.
(10:43):
That's the vibe we're going for.
Give your team incrementalopportunities to learn, grow and
climb that cannabis ladder.
It'll boost morale and makethem feel valued and optimistic
about their future with thecompany.
This next employee turnoverreducer should be common sense,
since it speaks directly to abasic human need, but somehow
companies still miss the markhere.
(11:03):
A safe and inclusive workenvironment is key to motivating
people to stick around.
Just as nobody wants to bestuck in a toxic relationship,
nobody wants to work in a placewhere they don't feel secure or
accepted.
That's basic.
This has to do with bothphysical and mental security and
acceptance.
Companies can cover thephysical safety element by
complying with OSHA, having atop tier security system and
(11:25):
plan and not allowing violencein the workplace.
The mental security and safetyelement requires having managers
with good leadership skills,fostering an inclusive
environment that allows peopleto ask questions and provide
feedback, and building apositive company culture.
Benefits and perks also commonlydo the trick of motivating an
employee to stay.
Health benefits, bonuses, extradays off and maybe even a
(11:49):
discount on products these arethe things that sweeten the deal
.
Think of the extra toppings onyour favorite pizza.
They might not be the main draw, but they sure make the whole
thing a lot more delicious.
And last but certainly notleast, never underestimate the
power of open communication.
Employees should feel they cango to their superiors with
concerns, ideas or just to chatabout the newest product on the
(12:11):
shelves.
They should also be able totrust that if there was a
concern with their performanceor an upcoming decision that
would affect their day-to-daywork, then leadership would make
sure to communicate with themfully and clearly about these
things.
Open communication lays thefoundation for a positive,
transparent and trusting workenvironment.
A we can see.
From ensuring competitivecompensation to fostering a
(12:32):
culture of professionaldevelopment, from creating a
safe and inclusive workspace tooffering tantalizing perks and
benefits.
The avenues to enhance employeeretention are varied and
promising.
If there's one overarchingtakeaway, it's this Skilled
leadership is linchpin thatholds everything together,
because it is only with skilledleaders that the implementation
(12:53):
of these solutions is possible.
As leaders in this industry, orin any sector for that matter,
it's essential to understand andact upon the fact that the very
essence of a thriving businesslies in its people.
By investing in them, nurturingtheir growth and ensuring their
well-being, we are not justbuilding teams, we're building
legacies.
(13:14):
Alright, as we wrap up thisdissection of employee turnover
in the cannabis world, let'sreflect on this.
Cannabis industry's instabilityand rapid growth have undeniably
presented hurdles, especiallywhen it comes to employee
retention.
But hey, every challenge is anopportunity in disguise, right?
If you found this episodeinsightful, give that subscribe
(13:35):
button a click and share theepisode with a friend.
Knowledge is always better whenshared.
And if you're in the cannabisbusiness, whether you're a small
startup or a booming enterprise, and you're looking to navigate
these waters effectively, don'thesitate to reach out to Cannes
Strategy, your go-to cannabisbusiness consulting firm for all
your cannabis businessdevelopment needs.
Until next time, keep growing,keep learning, and here's to
(13:56):
making the cannabis industry thebest it can be.
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