Salary Guide - Budding Talent Cannabis & Hemp Industries

SALARY GUIDE: CANNABIS & HEMP INDUSTRIES

Compensation awareness is critical in understanding the cost of acquiring talent in a competitive environment. Unemployment is at 3.6% according to Bureau Labor Statistics (BLS) as of October 2019. Skilled labor is harder to find and it takes creative and competitive hiring strategies to be successful in finding the right employees to join your team.

Budding Talent is connected to tens of thousands of candidates who are either currently in the cannabis or hemp industry, or with other industries passively seeking the right opportunity. This Salary Guide provides compensation expectations for positions across verticals and variances between geographic locations. Budding Talent is a strategic partner helping cannabis and hemp businesses attract and retain top talent. This guide is one of many tools offered by Budding Talent to keep you a step ahead of the competition.

OVERVIEW

  • Companies need to position themselves as a highly sought out workplace, a place where new employees are excited to come work.
  • One way to make a great first impression is to streamline the hiring process.
  • This gives candidates more confidence to make a transition; especially when they are a corporate professional who doesn’t have
    any cannabis or hemp experience yet.

PROCESS

  • The average interview process is close to 21 days and it takes closer to 42 days to on-board them completely.
  • The longer the process takes, the higher probability of issues like counteroffers, offers from other companies and an overall discontent when it takes too long to be brought on officially.
  • To hire a new employee, you should have: a Job Description, ideal Salary Range and a plan for On-boarding & Training.

BENEFITS

  • There are many benefits to working with Budding Talent , including: knowledge of salary expectations with the first presentation of a
    candidate, lower risk of a counteroffer and a guarantee period that covers up to 90 days.
  • Budding Talent ’s Retent ion Program is helping partners retain new employees after they’ve been placed. We communicate with our candidates throughout the first year of employment.

COSTS

  • According to the Society for Human Resource Management (SHRM), it costs $4k-$8k to hire for a newly created position and up to 50% of an employee’s salary to find a direct replacement.
  • When hiring on your own you can expect to incur costs which are significantly reduced by using a top recruiting agency.
  • Budding Talent also saves your hiring managers' time, while still having control of who to hire through your own internal process.

ABOUT THE SALARIES IN THIS GUIDE

The salaries in this guide are  based on North American data compiled by using averages from 2019 data sources including: public job boards, exclusive and private job opportunities, as well as salaries information taken from candidates in Budding Talent’s applicant
tracking system.

The data was compiled using 5,000+ data points. Salaries can be affected by many factors including: company size, location, benefits
offered, specific skill sets, etc.

Base salary

Low: Only 10% ofthe national workforce - across industries and company sizes - is paid below this figure.

Average: This figure represents the national average across industries and company sizes

High: Only 10% ofthe national workforce - across industries and company sizes - is paid above this figure.

VARIANCES

Variances for specific job markets
Salaries can vary from state to state. Listed below is the cost of  living variances forthe legalized  markets throughoutthe U.S. These variances will allow you to calculate the average salary in a given state. Simply take the average base salary for the position you are researching and
multiply it by the variance for your  state.

Here's an example:
A Director of Cultivation has an average base salary of $110,000. The company is based in CA which has a variance of 129%.

Here is the calculation you
would use:
$110,000 X 1.29 = $141,900

The average base salary for a  Director of Cultivation in California would be $141,900.

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