Already a multi-billion-dollar global industry, cannabis is young and rapidly expanding. However, regardless of how profitable its future looks, the cannabis industry still faces its own unique set of challenges, one of which is attracting the right talent in today’s candidate-driven market.
ForceBrands’ 2019 Cannabis Talent Market Report, which surveyed full-time hiring decision-makers and leaders across cannabis, found that one way companies were seeking to overcome this challenge was by offering some of the most inclusive and in-demand employee benefits.
Millennial talent currently makes up one-third of the workforce, making it vital for companies across any industry to attract and retain this generation if they wish to continue to grow their businesses. Additionally, recent studies have found that 89 percent of millennials prioritize benefits over pay raises, and 83 percent of millennials would change jobs for better benefits. Family benefits and work-life balance are among this generation’s most commonly desired workplace perks.
While cannabis companies currently offer more typical or standard employee benefits like dental insurance, 401(k) contributions, and paid maternity and paternity leave, it’s the benefits that they’ll begin offering in 2020 that really stand out among millennials. The top five benefits cannabis companies will be offering in 2020 include:
- Commuting Expense Reimbursement (which will be offered by 26 percent of companies)
- In-office stress relief or fun (which will be offered by 21 percent of companies)
- Free meals (which will be offered by 21 percent of companies)
- Summer hours/comp days (which will be offered by 19 percent of companies)
- Student loan debt payback assistance (which will be offered by 17 percent of companies)
To see the rest of the benefits cannabis companies will be offering in 2020, and for more compensation insights, you can download the report here.