Cannabis companies face many hurdles in the world of human resources, from complex state regulations to banking. When you're searching for a partner to help you with these and other HR issues, you need a partner that understands the unique challenges of the cannabis industry.
Companies operating in the cannabis industry not only face legal and compliance challenges, but also face stiff competition in an increasingly saturated industry. Add this to all the HR tasks you're juggling and it can quickly become overwhelming.
Teamployer recognizes the difficulties you face and can help you overcome them. As a Professional Employer Organization (PEO) specializing in the cannabis industry, our cannabis HR experts can help you navigate the most complex issues facing your business, freeing you up to focus on your core needs.
1. Rapid Industry Growth
The cannabis industry is growing at rapid rates, even more than most other industries. Job growth is being fueled by more states legalizing recreational marijuana use. While the fast job growth in the industry is great for business, it can be a challenge for HR leaders to attract and retain the best talent.
That's where your PEO can step in and help. We understand the unique challenges facing cannabis companies when it comes to talent acquisition. We know that you need to set yourself apart from the competition to ensure that your company's jobs are filled and you can continue to expand. With our guidance, you can be a leader in the cannabis industry growth.
2. Technology & Data
Because of the countless nuances surrounding the cannabis industry, the rapid growth, and the ability to break into new markets as more states legalize recreational marijuana, the right technology, and data collection methods are crucial. Most businesses need comprehensive HR software to help them manage all facets of HR and the cannabis industry is no exception.
When you're looking for a complete HR software for your business, don't be swayed by a one-size-fits-all solution. Your cannabis business is not like most other companies, requiring expertise unique to your specific industry.
3. Legal Pitfalls
Cannabusinesses face larger legal challenges for HR, especially taxation. In-house HR teams are overwhelmed with compliance and regulation. This can lead to serious issues for your company as your team is overworked, understaffed, and possibly unprepared for cannabis-specific legal regulations.
Getting something wrong — even when it’s an honest mistake — can lead to serious legal consequences, including fines and penalties. To help you ensure absolute compliance and avoid having to pay out costly fines and penalties to government agencies, Teamployer can give you access to HR experts who can make sure your cannabusiness is compliant with all regulations, especially those specific to the cannabis industry.
4. Federal Banking and Payroll
Because recreational marijuana is not legal at the federal level, federally insured banks cannot take your money or loan you money. That means you may struggle to get a business loan, financing, and even pay your employees.
If your business cannot bank with federal banks, you have difficulties running payroll and remitting taxes. While efforts are being made to increase cannabusinesses’ access to federal banking, there is still much work to be done. As that work moves forward, you still have a business to run and employees to pay. With Teamployer, you can navigate these complexities and ensure your business runs smoothly and remains financially stable.
5. Impact on Bottom Line
Many businesses, especially small businesses and cannabusinesses, often see HR as a pure cost and an additional expense to the company. That's why many companies simply forego HR solutions in hopes of “just figuring it out.”
While hiring full-time HR staff is expensive, it can be an investment in your company. To increase the ROI of your HR staff, take away some of the mundane and legally challenging duties and let them focus on building an attractive company culture that helps you hire and retain the best talent in the cannabis industry.
Don't just look at HR as a sunk cost, especially a cannabis PEO. With Teamployer, you get access to cannabis HR experts who can help guide you and your internal HR team. Building better employee retention starts with onboarding and requires absolute compliance with many industry-specific regulations. Teamployer can handle these legal issues for you so your internal HR team can focus on your employees’ needs.
Get the Right Cannabis HR Guidance
Your job is to support a company culture where all of your employees are welcomed and given the tools they need to thrive. Offering best-in-class benefits, competitive compensation, and a positive work environment goes a long way to keeping your staff employed with you. Especially if you lack internal resources, partnering with an HR outsourcing company can help supplement and support your internal team.
Teamployer offers the cannabis-specific HR support you deserve. You know all too well the regulations and compliance that you need to adhere to, more so than most other industries. Partnering with a PEO that understands those same concerns and has intimate knowledge of the cannabis industry and the unique challenges you face is a must.
Teamployer is here to help you build new policies, update your procedures, streamline your integrations, and ensure you hire the right talent the first time. Speak with Teamployer today to find out more about how we can help you shed some of the mundane duties on your plate while getting access to HR experts who understand the cannabis industry.