A Higher Perspective: Graydon’s Insights
Navigating the Talent Crunch: A New Approach for Industry Leaders
The cannabis industry is on an upward trajectory, with more states and countries legalizing both medical and recreational use. As the industry grows, so does the demand for talent. This surge in growth has brought about a unique challenge in the industry: a cannabis talent shortage. From experienced cultivators and extraction specialists to marketing and legal experts, the competition for skilled professionals in the cannabis space is fierce.
Several factors contribute to the cannabis talent crunch including rapid expansion, regulatory challenges, and the lingering stigma associated with cannabis can deter potential talent from considering opportunities in the industry, limiting the pool of qualified candidates.
In this blog post, we will explore the current talent crunch in the cannabis sector and provide valuable insights for C-suite executives on how to attract and retain top talent.
The Talent Recycling Conundrum
A recent LinkedIn post written by our Co-Founder, Graydon Welbourn sheds light on this interesting industry challenge. Companies are repeatedly rehiring the same talent, which can lead to stagnant ideas and uninspiring brands, campaigns, and strategies. Resumes are increasingly showing candidates who have worked for three to five companies within a mere two to three-year timespan.
Moreover, companies continue to insist on hiring candidates with prior cannabis industry experience. While this preference is understandable and there is a lot of top talent in the cannabis space, it's vital to recognize there are strong candidates with career backgrounds that can translate to the cannabis industry. To maintain a competitive edge and foster innovation, we need to welcome fresh ideas and talent that are eager to enter the industry.
Embrace Fresh Ideas and Talent
The cannabis industry is still in its infancy and has a lot of maturing to do. To accelerate this growth and infuse the industry with new energy, we must actively encourage talent from stable industries such as Consumer Packaged Goods (CPG), alcohol, and pharmaceuticals. These individuals bring unique perspectives, innovative thinking, and the drive to make a mark in an evolving sector.
Professional skills that translate well to the legal cannabis industry, include:
Experience working within a highly regulated sector. Experience and skills developed in highly regulated industries, such as pharmaceuticals, alcohol and banking, are readily transferable to the highly regulated cannabis industry.
Startup experience. There's no playbook for working for a cannabis company—just like at tech startups. The legal cannabis industry is rapidly changing, and there's a need for people who can wear many hats, think of creative solutions and collaborate well across disciplines and departments.
Sales and marketing skills. Cannabis companies are looking for experienced, effective sales and marketing employees to stimulate and drive brand awareness, product demand, and generate revenue. That said, there are multiple legal restrictions regarding how and where cannabis products can be sold, marketed or advertised, varying from province to province.
Agriculture and Science. Many cannabis companies need employees with skills related to agriculture, including cultivating and processing practices, as well as people with expertise in plant science.
Avoid Overemphasizing Cannabis Experience
While experience in the cannabis sector can be an asset, making it an absolute prerequisite for all positions may limit your options. Instead, consider candidates from diverse backgrounds who can quickly adapt and leverage their skills to contribute effectively. As Vetrina Group highlighted, “The fact is, every new position comes with a learning curve, regardless of the industry. As for the cannabis sector, for instance; even within a regulated environment, a great marketing manager can swiftly grasp the regulations and draw upon their previous market experience.”
The idea that new hires should "hit the ground running" is understandable, but it's equally important to recognize that every industry expert was once a newcomer. Providing the necessary training and onboarding support is essential for ensuring the success of individuals transitioning into the cannabis sector.
Diversify Your Talent Pool to Foster Growth
It is important to create a workplace that is diverse and inclusive. A diverse team brings a variety of perspectives and ideas, which can be invaluable in such a rapidly changing industry. Repetitively hiring individuals who have already worked for competitors might not yield the fresh insights and innovation needed to push your company forward. Look for candidates with complementary skills and experiences who can bring a unique perspective to your team.
The cannabis industry is far from reaching its full potential. To stay ahead, foster a growth mindset within your organization, encouraging adaptability and a willingness to embrace change and innovation.
Collaborate Across Departments
To successfully implement these strategies, it's crucial for CEOs, hiring managers, VPs, HR professionals, and all stakeholders to work together. Reevaluate hiring criteria, consider talent from outside the industry, and embrace a more open-minded approach to talent acquisition.
In conclusion, the cannabis talent crunch presents an opportunity for industry leaders to reevaluate their hiring practices and welcome fresh, diverse perspectives. By embracing individuals from outside the industry, providing the necessary support, and fostering a culture of innovation, cannabis companies can navigate the talent shortage successfully and drive their businesses to new heights. After all, the key to growth lies in the willingness to bring new talent to the table and in being open to change.
