The cannabis industry is growing at a meteoric rate, and that kind of rapid growth can mean figuring out solutions fast with no road map. One of those solutions is executive recruiting.
We’ve been in executive recruiting for over 20 years, and now focus exclusively on the cannabis industry. Over the years, we’ve seen (and helped clean up) mistakes made by companies recruiting on their own. Cannabis has its own unique challenges.
Assuming everyone wants to work in an exciting, lucrative, up-and-coming industry doesn’t mean you’ll have the right candidates tripping over themselves to knock on your door. We’ve put together this quick list of seven myths we’ve seen in recruiting and in the cannabis industry in particular. Knowing what to avoid can save you a lot of grief later on, as your company grows.
“We have an upcoming IPO and certain positions need to be filled now. We can make sure it’s the right hire later.”
It can be tempting to just pick someone who’s qualified to fill a need short-term. But approaching hiring this way, especially at the executive level, invites problems down the road. Remember that human capital appreciates over time if you choose wisely.
Know who you are and what strengths you need to run a company that’s thriving in a month, a year, and for the future.
“We don’t need a specific, detailed hiring process in place.”
It might be true that everyone wants to work for you, but to elevate your company, you need to project professionalism to prospective executives. Your candidates are savvy — they’ll pick up on signs that there’s little or no defined process in place. This will cost you quality talent. Even if it doesn’t result in a hire, every interaction is part of brand building within the candidate marketplace.
We partner with your cannabis company to create professionalized, repeatable processes that will distinguish you in the marketplace and elevate your brand, resulting in strong, deeply compatible hires.
“We can pay whatever we want or can afford.”
Compensation packages can be a tricky matter. If you offer too little, you’re likely to lose top talent to better-paid positions. At the same time, it’s easy to feel passionate about a position that pays more than the average. Over-offering may attract financially-motivated candidates. Without just enough barrier to entry, you may end up with talented individuals who lack the passion required for the cannabis industry or your company, which hurts your company culture from the top.
“Company culture is something we can establish later on.”
Company culture might seem like an afterthought, or something that takes a backseat to the nuts and bolts of creating your company. But failing to create or focus on your company culture is a huge mistake for two reasons: One, there’s no cohesive way of describing your company in a way that’s attractive to candidates. Worse, you might create expectations in an interview that don’t align with the reality of working there. And two, having no defined culture at all tells candidates it’s not important to you — which can cast a negative impression of your company overall.
“All we need to do is post a job and check our networks.”
There’s a difference between pulling an applicant from a familiar pool and tapping into a resource that can locate the best candidate. You might be able to find someone acceptable in your own network. But you’ll never know who you’re missing out on if you limit yourself this way.
“There’s no need to vet a candidate beyond their experience.”
If retention is important to you, rigorous vetting isn’t optional. There may be many candidates that look good on paper, but without a thorough vetting, you might realize too late that a candidate is a less-than-ideal cultural fit, or a poor match for the industry.
As we mentioned earlier, taking time to find the right candidate vs getting someone into the position right away is going to serve your interests — and your candidate’s interests — in the long term.
“If someone wants to work with us, they will continue to apply.”
A bad impression can last a lifetime. If you’re making the assumption that your company/industry is so desirable candidates will continue to flock, think again.
With each interaction, a company has the opportunity to build its corporate brand by gaining brand ambassadors in the candidate marketplace. The best brand will win in recruitment from a corporate culture candidate experience standpoint.
But if you’re careless, mistreating best-in-class executive candidates means they — and their network — will not have any interest in working for the company when they want to hire them down the road.
If you’re embarking on an executive search, you want to do it right the first time. This guide will help you avoid common mistakes, and we’re here to help — schedule a consultation with us today.