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The legal marijuana industry is growing by leaps and bounds, and with that growth comes new challenges for business owners and human resource departments. As the industry continues to evolve, businesses will need to stay ahead of the curve in order to overcome various difficulties.
In this article, we’ll discuss some of the most common industry issues competent cannabis HR consulting companies can help you overcome. Read on to learn more!
From attracting and hiring the right employees, keeping them motivated, and ensuring that the company is compliant with regulations, the cannabis industry presents a unique set of challenges for HR professionals. Let’s take a closer look at some of these challenges:
The first issue and major concern for all cannabis businesses is compliance. This is no wonder, as being in compliance status makes the difference between staying or going out of business. Keeping in compliance in the marijuana business can be viewed as a near-Sisyphean undertaking given the complexity of regulations and the federal classification of marijuana as an illegal substance.
Finding qualified budtenders and other dispensary staff can be difficult due to the relatively new nature of the industry and the lack of an established talent pool. When hiring, you’d have to count with the lack of formal education and rely on employee self-training and passion. In addition, many people are still reluctant to put their experience in the cannabis industry on their resumes for fear of legal discrimination.
To overcome this challenge, operators need to find ways to invest in the hiring process and onboarding programs, as well as retention plans. Even though employee turnover is inevitable, you can implement certain processes that will help you overcome loss, such as continued and transparent performance reviews.
There are many issues that surround the IRS 280E tax code that operators need to be aware of. It prevents businesses from deducting expenses related to Schedule I and II substances from their gross income. This is why you should seek guidance from legal and tax professionals to overcome this challenge. They will be able to prepare you for IRS audits, help you with records, tracking tasks, and maximize your deductions.
Securing finances from a marijuana-friendly institution is a challenge for operators nationwide. Some investors and financial institutions choose to avoid the marijuana industry completely. This is why you should seek support from law firms, insurance companies, technology, and consulting firms that specialize in helping operators grow their businesses in a cost-efficient manner.
Technology is inseparable from running a successful marijuana business. However, the problem is that more and more operators tend to use a variety of different software tools for each part of their business operations. This can lead to additional complications as not all systems are compatible. In order to create accurate reports, experienced human resource managers should aim to integrate their payroll, scheduling, timekeeping, and applicant tracking systems.
When you need specialized banking and HR solutions for your marijuana operation, your safest bet is Green Leaf. We offer comprehensive support to our clients and provide you with the necessary guidance as you navigate the complexities of tax legislation and compliance. Apart from helping you overcome initial challenges and allowing you to access resources, we can help you establish a positive company culture, give you effective tools to screen your candidates, and streamline your everyday operations.
Make a significant leap forward by giving us a call today!