The Importance of Offering Employee Benefits
To attract top talent, a benefits package is best when it is competitive and relevant, with benefits that are better than average. If the benefits are good enough, they are likely to help improve employee retention too.
Many businesses pursue the “temp-to-hire” practice for new workers. It may seem to offer advantages to the employer. In this scenario, a steady stream of new applicants works without benefits. This continues until they are hired as full-time employees. It is a practice that can backfire for employers, though.
Your business could get a reputation for “churn and burn” hiring. If many temporary employees are brought in with few making the cut to full-time, quality workers may become less likely to apply.
Instead, screen your potential employees carefully. Where possible, offer those who meet your requirements employment with benefits.
As difficult as it can be to hire a good employee, it can be more difficult to keep one. A worker can look elsewhere for employment. And your competition can take talent from you by poaching.
If a competitor can make a good case for a better deal than you offer, it becomes more likely that you will lose employees in this way. That’s a big concern in an industry facing potential massive growth.
If the industry grows significantly, qualified employees may be in increasingly short supply. In a wild, wild, west environment, employers might do anything to get good talent. You need to be proactive to keep your good employees.
Benefits - How to Retain Employees in the Cannabis Industry
In the bad old days in the US, employees got a salary, and not much else, not even health insurance. That changed dramatically, but benefits are now being scaled back. If you don’t follow suit, if you offer a generous benefits package, your company will stand out. You’ll be more likely to attract and keep good talent that will boost your business performance.
Businesses in the cannabis industry should offer some of the usual things, like a good health insurance plan and a sound retirement plan. It will be prudent, however, to adapt your benefit plan’s features to the kind of employees you will be hiring. This is the way to create a progressive, modern, and forward-looking plan that will reflect your progressive, modern, and forward-looking business.
Benefits - the Old and the New
As good as traditional benefits are, they constitute the old way of doing business. They are legacies from the days of paper-and-pencil bookkeeping and mainframe computers. People used to assume their benefits would be there when they needed them, but this is no longer the case.
Today, you need to offer benefit packages in a fluid, supple, real-time environment. Employees need constant, electronic access to their benefits information. That includes retirement fund accumulations, changes in benefit levels, and new compliance regulations.
Another employee benefit is access to accurate information about their employment. They should have access to stored information about their jobs, including hours worked per day or week, overtime, holiday pay, and remaining vacation days.
Knowledge is not only power but also security. When an employee knows where he or she stands, there follows a level of comfort that should help maintain or boost employee loyalty.
Don’t wait for your competitors to start a trend that you must follow. Be a leader. Raise the priority on employee benefits. With a solid staff, you can be more prepared for the future of your industry.