(This is an abridged version of a story that appears in the October issue of Marijuana Business Magazine.)
The perks beyond salary that a marijuana business can offer prospective employees could be the difference between landing the workforce needed to scale up the company or losing that talent to other firms in the space.
The potential for such a conundrum should spur marijuana businesses to take a serious look at how to strengthen their workforce, create a well-rounded salary strategy and develop an incentive program that can help lure and retain employees.
Compensation plans are typically the largest expense for a business, according to Kara Bradford, CEO of Seattle-based marijuana recruitment firm Viridian Staffing.
“That should be at the foundation of your planning process as a company.”
Bradford and other employment experts offered some insight on how to develop a compensation plan, including:
- Determining your workforce needs.
- Calculating how much you can pay.
- Looking outside the cannabis sector.
- Getting creative beyond salary.
In addition, the experts who spoke with Marijuana Business Magazine recommended that cannabis businesses seek legal counsel while developing their hiring practices and payroll/incentive packages to avoid breaking the many local and federal labor regulations.
Read about the potential need for legal help here.
