This article originally appeared in the May 2017 issue of Cannabis Business Times. To subscribe, click here.
Are your employees worried about their job security with a lot of uncertainty? Probably.
Should you, their employer, be concerned about employees who are anxious about their future? Definitely.
The media, both traditional and social, talk to your employees every day. Your employees hear about the amazing growth of the cannabis industry, expected to be many billions of dollars by 2020. The people who work for you also see increased retail outlets in their neighborhoods; they don’t need to be told that demand for marijuana products is growing. Their friends tell them about new job opportunities, especially for experienced workers. They also hear questions about the new federal administration’s stance on legalized marijuana, and they talk to their fellow employees and their friends about what could happen if the feds take a hard stand against the industry. And then it becomes personal: What is going to happen to me? To my job?
Do you know if your employees are anxious about their future? Do they understand your company mission and feel they are a part of it? Do they feel appreciated for the work they do?
Happy employees are more likely to stay with your company. They also tend to be more engaged and more productive. When employees leave for better job opportunities, it is easy to assume they left for bigger paychecks. But recent research tells us that most employees go to companies that offer non-tangible benefits such as interesting work, an inclusive culture, personal autonomy and career opportunities. Especially important to Millennials (likely to be the majority of your employees) is the idea of work-life balance, and a supportive and appreciative work environment.
What are some of the issues your employees are grappling with when they come to work each day?
- The new administration and the federal role in the cannabis industry has produced increased uncertainty; employees see that new cabinet picks have been largely anti-marijuana.
- Millennials are the new workforce (born between 1980 and 1996), and they are more likely than previous generations to switch jobs.
- Marijuana market growth continues to drive demand.
- Evolving state regulations and requirements require continuous flexibility and adjustment to rapid change.
- The uncertainty at the federal level has caused some companies to change or reduce their growth plans or put them on hold, which employees can view as career-limiting or cause for job shifts.
- More states are allowing recreational use of marijuana products, which impacts the size and rate of harvests.
- The industry is expanding to include more large producers, increasing strain on existing talent resources, as well as requiring more management and administration skills.
- Grow operations utilize sophisticated science and technology, which require a skilled workforce; the skills companies will need now and into the future are likely to require equal emphasis on hard technical skills as well as traditional by-hand trade skills.
To read the full article in the May 2017 print issue of Cannabis Business Times, click here.
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