The cannabis industry will add 200,000 new employees over the next five years. Maintaining good can be difficult. One way to limit the experience of different branches of small and large enterprises is to take care of their employees with benefits that exceed salaries.

Although it is legal for the cannabis business to offer employee benefits, they are often overlooked due to their rapidly growing non-corporate culture. This is wrong. More than half of the major employers in all sectors now offer financial health programs that will help ease the pressure on their employees, while small employers, such as cannabis companies, recognize the problem but have only recently started implementing their own programs.

The COVID-19 epidemic exacerbated the financial distress of a significant number of small business employees, who typically work less than large companies, who are more likely to suffer from schedule cuts during the epidemic. Pew Research recently found that 44 percent of Americans surveyed expect it will take three years or more to recover from land lost during an epidemic. One in ten doubts when their finances will be restored.

Financial health plans are just as important for small cannabis organizations as they are for large ones, which bring in a return on investment of up to 3.1 percent based on reduced productivity and labor-based staff costs alone. More importantly, many of the services that can be offered under the auspices of such a program do not weaken the resources of the unemployed.

Following a few important guidelines will lead to effective strategies that will not only help employees better manage the causes of financial stress, but also make the business more successful in the future.

1. Assemble a working group of key players with interested interests

This starts with human resources և employee benefit managers, but retirement members can also. The best programs combine the ideas of the two teams to understand the causes of financial stress ներկայ to present solutions. Maintaining silos will only block the design of programs that will address the substance of the problem.

2. Carry out employee analysis in advance so that solutions are in place

It is easy to assume that the employees of Gen Z և Millennial owe debt on the college loan. But how do the old Millennials և Gen Xers get their first mortgage or refinance? And which groups need the most advice on budgeting, savings and pension planning? The most effective benefit plans are tailored to the specific needs of the workforce. Employee analytics will be provided to get there.

Some approaches include:

  • Data confirming employees’ use of current heavy-duty soft benefits, such as health insurance, voluntary benefits, sick leave, and vacation days, can provide good indicators for program development.
  • Well-structured, confidential employee surveys can identify specific financial health concerns և employer support.
  • The analysis of individuals has enormous value, making a much broader profile of employees than the division of generations. A better understanding of needs is gained by looking at groups of employees not only by age but also by, for example, the size of the workforce, the time spent on the enterprise, the level of employment in the company, and the patterns of benefits.

3. Explore solutions that meet your needs

Gathering a series of solutions to the financial pressures facing employees does not have to break the bank. Many of them may be hidden from the obvious, which is a good reason to check out what already exists among the benefits, but has never really been taken out. Think about employee support programs (EMPs). These tend to not be used, which is a missed opportunity. Financial health services, such as financial advice, are usually included in the EAP service mix. Legal services can be a neglected voluntary benefit. They can be taken out և packaged in a new package.

The types of services that can be included in the program will depend on the analysis of the employees. Usually, however, needs and services fall into different buckets. These include education, which can be online և interactive, seminars or in-person counseling, as well as employer-friendly programs such as 401 (k) և student loan repayment programs.

Other solutions include financial assistance, such as payroll services, which help employees avoid high interest rates on loans. Many of the most essential services cost the employer nothing, but just providing access that employees could not afford on their own can make a big difference in their financial situation.

Because cannabis is still illegal in the federal system, there are a limited number of insurance companies that are willing to provide industry benefits to employees. Working with a cannabis broker specializing in cannabis operations will be crucial to success.

We are coming out of a difficult year that has created new stresses for many Americans. By continuing the recovery process, cannabis companies have the opportunity to withstand the pressures on their employees through financial health programs. Companies will find that such programs are a lucrative offer for both employees and corporate outcomes.

Daniel Bryant Retired ավոր Private Wealth Founder and President for Sheridan Road Financial, a division of Hub International. He is also an additional lecturer, entrepreneur, philanthropist, Iron Man-author Financial health mandate. In addition, he serves as president of The Sheridan Road Charitable Foundation YP as a member of the YPO, The Art Institute of Chicago, Hopkins Center և Oz Arts Board.

Heather Garbers mg magazine

Heather Garbers, CVBS, is Vice President of Voluntary Benefits և Technology at International Insurance Brokerage Hub International, where he is responsible for the Voluntary Benefits Sales Strategy. He collaborates with clients to build optimal registration և communication solutions that will increase employees’ understanding of volunteer program options և engagement.