If you’re someone who likes to stay ahead of the game, your Q4 is probably full of 2020 planning, end of the year evaluations and goal setting for the upcoming Q1. With preparation on the mind, why wait until next year to set your hiring goals? Starting the year with a robust team of well-prepared and motivated employees is one of the most productive things you can do for your business.
Hiring before the end of the year is part of a larger comprehensive workforce plan. Getting your team ready for the upcoming year is a proactive step in the hiring process, but developing a workforce plan sets your company up for long-term success. Workforce planning is the process of analyzing and forecasting workforce supply and demand, assessing gaps and determining target talent management interventions to make sure your organization can weather changes to your staff. Start planning your 2020 workforce needs in Q4 so you’re ready to kick off the new year with a solidified team. Here are our top five reasons why hiring in Q4 is ideal for your cannabis company.
1. Less Competition = Better Access to Top Talent
Data shows job listings decrease by 35% in December, however the number of job seekers remains steady. Taking advantage of the low cannabis workforce competition gives your company better access to qualified candidates. While your competitors focus on other needs for the upcoming year, use this time to develop a comprehensive job description for the position needs you anticipate for the end of the year and 2020. Pushing your job listings out during Q4 allows for greater visibility among the hundreds of other opportunities, due to the decrease in overall listings in the market. With Green Friday around the corner, starting sooner rather than later means you can prepare for the cannabis rush by hiring seasonal workers to ensure a successful holiday season. Check out our GIGS platform to learn more about hiring seasonal cannabis workers on demand.
2. Catch candidates in the right mindset
In addition to having less job market competition, cannabis candidates are often setting and reevaluating their goals for the upcoming year. Job seekers are more open to exploring new opportunities if they find their current position doesn’t align with their 2020 goals. The end of the year encourages personal reflection and a well-timed job ad could catch the attention of a candidate in this mindset.
With the influx of vacations and holidays in Q4, it’s typically easier for candidates to request time off to attend interview sessions. It’s a win-win situation for businesses — candidates are thinking about new opportunities for 2020 and typically have more time to explore them in Q4.
3. Hit the ground running in Q1
Finalizing your hiring in Q4 allows you to hit the ground running in Q1. You want your team to start the new year motivated and ready to take action — not focused on training and getting caught up to speed. Hiring before the end of Q4 gives you time to properly train and educate your new hires so after the holidays and Green Friday rush, they are ready to start with the rest of the crew. Use your team’s new year motivation to your advantage by finalizing your hiring plans before the end of the year and watch as your new hires make an immediate impact at the beginning of Q1.
4. Use it or lose it
While some businesses may have used up their annual budget, some companies may have additional capital that could be used on hiring staff. If you want to keep the same budget in 2020, use the remaining finances or risk losing the additional funding in next year’s budget evaluation. This isn’t the case for all departments, but sometimes, if you have unallocated budget for the year, your supervisor may decrease next year’s budget to more accurately represent the actual spending habits. Use it or lose it!
We also recognize that not all cannabis companies have an annual budget in place due to ongoing banking setbacks (which the SAFE Banking Act aims to remove). It’s important to start thinking about the budget for additional hires so when an annual budget is set into place, the finance department can take future hiring needs into consideration.
5. Skip the frustration
If you wait to hire someone until you need the help, chances are you’re going to rush through the hiring process just to get someone to fill the gap. Hiring proactively, instead of reactively, gives you time to properly source and vet candidates and focus on finding the right fit, not the first person you come across. The cost of a bad hire can equal almost a third of their salary — that’s over $15,000 lost for a lousy Dispensary Manager hired at $50,000 per year. Bad hires don’t only affect the bottom line, they can tank the team’s morale, too. Workforce planning is a safety net for employee’s attitudes and motivation. It’s better to give yourself time and start the hiring process ahead of a “hiring emergency.” Plus — candidates usually have more free time towards the end of the year, which gives you more time to interview and get to know the job seeker.
Whether you’re actively looking to fill an open position or simply want to get organized around your hiring, Q4 is the time to nail down your staffing needs before the new year. Take the time to plan and watch your well-prepared team crush it in Q4 and beyond.
Learn how Vangst can help take the worry and stress out of hiring for the new year – contact us below!