Why CBD Companies Should Invest in HR – CannabizTeam
The U.S. CBD industry is expected to reach $20 billion by 2024, according to BDS Analytics and Arcview Market Research. There are various innovative products in the industry, including CBD beer, roll-ons, face wash, makeup, and even pet products, to name a few, with many more on the way. If CBD companies want to succeed, they need to focus on products and marketing. However, if they want to continue to succeed and grow, they have to focus on creating an operable and motivated team. And to create an efficient workplace with a positive company culture, essential human resource best practices need to be implemented. Without HR best practices, a company will likely lose both their best employees and customers.
It All Starts With Leadership
Assembling a superior CBD team starts with inspirational and driven executive leadership. With encouraging leadership and a company vision, a CBD company is setting itself up for success.
Effective leadership is seen through monetary growth, but a steady flow of money into the company isn’t enough. Creating an environment with a positive culture where employees feel satisfied and appreciated is crucial to survive and thrive in the industry. With an exceptional HR specialist or department in place, a company can grow and adapt to the evolving industry. HR helps steer the team toward the company vision while leadership sets its sights on completing other goals.
Benefits of HR
Finding top talent–and retaining those employees–is important to prosper in the CBD industry. To attract and care for valuable employees, an effective HR foundation is absolutely necessary regardless of the size of your company. Strong HR management will improve the quality of performance and the productivity of your staff. Here are a few key ways outstanding HR will improve your CBD company:
Ensuring Regulations and Policies:
HR will make sure employees understand and comply with each of your company’s rules. Structure and consistency are needed to create a positive work environment along with a set way to handle compliance.
An HR professional can plan development training for the team. It can be a challenge for small businesses to develop their employees, but an HR pro can handle the research and organization to set up the most cost-effective way to further train staff. This prevents your company from falling behind in the booming CBD industry.
One of the most common reasons a talented employee leaves a company is because they feel unappreciated. It can be easy to overlook the hard work of employees, but with a skilled HR
department, your staff can get the credit they deserve. Positive reinforcement boosts the well-being of workers and shows them they are valued.
When is the Right Time to Invest in HR?
Bottom line: invest in HR as soon as possible. Some CBD companies have tight budgets, so a temporary absence of HR is permissible. However, it can hold back a company from realizing its
full potential, even if it’s temporary. Without HR in place, the hiring process becomes a bigger challenge, employees feel less motivated, and various projects will suffer. There are many
things to consider for your CBD company, but investing in HR is a no-brainer.