Exclusive preview: HerbForce cannabis talent marketing report shows fastest-growing job market is ultra-competitive
The cannabis industry is booming. And as a result, it has become one of the country’s fastest-growing job sectors. As such, and being embedded in one of the hottest job markets in some time — a so-called “job-seekers market” in which jobs are more plentiful than qualified applicants — cannabis operations are forced to compete in the compensation packages arena. This is great news for anyone hoping to land a job in the Green Rush.
In order to gain some intelligence on just what’s going on out there, HerbForce, a company that specializes in recruiting for the cannabis industry, has put together a report on salaries and benefits packages based on a survey of industry employers. Pot Network brings you an exclusive preview of this report which is due to be released Thursday, May 9th.
HerbForce’s report explores how the cannabis industry is approaching talent acquisition and retention strategies with benefits and compensation packages.
“Although young, the cannabis industry has already achieved impressive Milestones. In 2018, cannabis soared to become the fastest growing labor market in the U.S.” — HerbForce Talent Marketing Report
In order to gather data, HerbForce, a subsidiary of ForceBrands, surveyed more than 500 full-time professionals across the consumer products industry to examine the CPG talent market in more detail. This cannabis-focused report compiles data from respondents in the cannabis business who make up 10% of the total participants surveyed. Respondents are hiring decision-makers including leaders at the Director, President/VP/SVP, C-suite level.
In their report, HerbForce explores the industry’s talent acquisition and retention strategies, with a focus on benefits and compensation packages. It shows that not only are cannabis employers enticing candidates with traditional benefits such as dental and vision insurance but are also pioneering the development of benefits that will appeal to younger generations seeking a more flexible work-life.
Key takeaways from the cannabis talent marketing report
Below are some of the key takeaways from HerbForce’s report:
- Cannabis offered the highest average raise percentage in 2018 at a staggering 14 percent — more than quadruple the national raise average.
- When it comes to variable pay (monetary incentives), cannabis companies offer individual bonuses (as well as team performance bonuses), commission, stock options, and more. Just 2 percent of cannabis employers don’t offer variable pay incentives.
- Along with the traditional 401(K) and life insurance benefits, companies are offering stock options, equity, and profit sharing with 32 percent reporting offering stock options and 23 percent offering equity.
- More time for leave than any other CPG sector (nearly double the amount offered by the wine and spirits industry)
- A quarter to a fifth of employers offer various types of relocation assistance and reimbursements.
- Almost half of the employers surveyed offer individual bonuses.
- One-third of employers offer referral bonuses.
- More than a quarter offer retention bonuses.
Cannabis employment compensation
The report also lists average salaries for various positions within cannabis operations. Here are some key points from the compensation stats:
- Across all departments, VP compensation shows a low of $175,000 a year and a high of $250,000.
- Chief marketing officers are paid from $250,000 to $300,000 per year.
- Plant/retail operations managers show compensation of $75,000 to 120,000.
Cannabis industry benefits
There are some of the key features of competitive benefits packages in the cannabis industry:
- Attractive relocation packages
- Commuting expense reimbursement
- In-office stress relief initiatives
- Individual bonuses as well as team performance bonuses, commissions, stock options, and more
- Pension packages
- Flex time and telecommuting
- Student loan payment assistance
- Medical insurance including, dental and vision insurance
- Maternity, family, and bereavement leave
- Mobile phone/data expense reimbursement
- Free meals