No matter what the industry is, a company must build a great team of employees to be successful. A bad hire at a critical time of company business team development in cannabis could not just stunt growth, but send the company down into a downward spiral.
Business Team Development in Cannabis
For example, if a marijuana dispensary is ready to open for the first time, the entire team needs to work seamlessly together to make sure the company can put its best foot forward. However, if there are initial problems, like if the managers or budtenders are disorganized or there is a determinant lack of communication, it could mean the reputation of the dispensary could be at risk, and the company could lose potential consumers and sales. Most seriously, the company could be at risk of failing compliance regulations. To combat these problems, the cannabis company should vet out their employees carefully to create the best team possible to succeed in the industry.
Challenges of Hiring an Effective Team
A cannabis company needs to take care of their selection, interview, and training process to fit the perfect fit in their business. Building a reliable team that works well together is absolutely vital to the success, and to make sure the dispensary is compliant, professional, and provides excellent customer service.
Not Understanding Company Values
One of the first hurdles that cannabis companies need to overcome when setting up a well-balanced team understands what type of team they need. To craft this dream team, the employer needs to understand what the firm’s values, motivators, and workplace environment currently are. Building a team that fits with the company’s core values and direction helps to encourage growth. If you are hiring someone who doesn’t share these same core values, then you have made a mistake.
No Strong Leadership
One of the most critical parts of any team is the leadership. The leader can hold any position in the company, from lead grower to the general manager. As long as they have effective leadership skills, strong communication, and organizational skills, it doesn’t matter what position they hold. Finding a quality leader needs to be a key focus because it will make it harder to hold on to staff in the future if they don’t have a manager they can trust.
How to Craft a Well-Balanced Team
1. Find the Right Balance.
When a cannabis company is crafting the perfect team, it is essential to remember that everyone needs to fit together well. The inability to work together as a team is what destroys the productivity of the company. Hire someone for their values, potential, and professional goals. You can train someone to build up their technical knowledge, and skill set to fill your individual needs, but you can’t teach values. Start the interview process off by asking what they want out of this job to find out what the right fit is.
2. Pay Competitively
To retain your employees, you must pay them fairly. It doesn’t matter how well they fit in the team, if they aren’t paid competitively they will leave soon or later. Research industry averages for wages and see what you can reasonably give. Be aware that when you invest in human capital, it can pay exponential dividends when you do it right.
3. Set SMART Goals
Set clear expectations from the beginning by using SMART (Specific, Measurable, Attainable, Realistic, Time-bound) goals to keep employees accountable. Your employees should have the necessary tools to do their job effectively. If the systems are continually down and they have to spend their time troubleshooting because of inefficient operations, they will spend wasted time and mental energy on these inefficiencies, causing the bottom line to be affected. Successful businesses make sure to solve problems quickly and provide the correct tools for their employees to succeed.
4. Have a Good Work/life Balance
Ideally, you won’t have to micromanage your employees because you have hired ones who are trustworthy. Consider not having a PTO policy. As long as your employees aren’t abusing it, it can help make their work/life balance healthier.
Another way to have the right work/life balance is to give your employees a flexible work schedule. Giving your employees the freedom to decide when they will spend time with their clients helps give them more control over their lives. It also helps your employees schedule around foreseeable holidays, vacation, and personal plans.
5. Create Personal and Development Programs
Training programs aren’t just about retention; it’s about improving skills and abilities, which in turn will improve your bottom line. When employees can deal with problems more efficiently, they are more productive and can deliver more products or services faster. By learning and growing the craft, you can save the company in labor costs and also improve the job satisfaction of your employees. Employee training, both personal and development programs, are essential for massive ROI’s.
6. Women Leaders in the Industry
Currently, the top cannabis companies are dominated by men. Now, the top five of the highest market cap cannabis companies — Aurora, Aphria, Canopy Growth, Cronos, and Terra Tech — show that men dominate most of their boards and executive teams.
As of September 20, 2018, there was only one woman on the executive team of one of the top five companies and just three women board members. Terra Tech CorpCronos Group Inc, and Canopy Growth have no women on their board of directors or executive team.
Research done by MSCI showed that having women on boards and leadership positions increases workforce productivity, workforce diversity, talent recruitment, and overall economic performance of the company.
Having a woman in a position of power can bring diversity and a different perspective to the growing industry. By these large companies not including women in high-up positions, the cannabis industry will continue on its current trajectory unless there is change. Women can help shape the policy direction for national and international legalization.
The cannabis industry is exploding and now is the time to make sure you have a strong team behind you to capitalize on the growth. Strong communication, hiring people for their values over their current skill set, and providing a healthy work/life balance can keep your employees. In addition, before the cannabis industry becomes yet another negative gender statistic, business companies should consider employing women to add diversity to the workforce. However, the most critical part is finding the perfect team that works together.