Budtender Turnover Analysis

A lot has changed in recent years in the cannabis industry. One thing that remains the same is the importance of cannabis retail sales employees. Also known as ‘budtenders’, these employees still remain as the primary ambassadors of cannabis and the most critical sales conduit for the vast majority of retail sales transactions. The purchase decisions that cannabis customers make are heavily influenced by the employee they interact with, which makes these staff members the heart and soul of the industry.

Because of their extreme importance, budtender hiring, onboarding, and management is one of the most crucial tasks in any cannabis retail operation. One of the great challenges of managing budtenders, or staff in any business, is employee turnover. Turnover is often unavoidable and always costly, so it’s essential to optimize the employee hiring and managing process wherever possible. In this report, we explore budtender turnover in the US and Canada to get an understanding of what is and isn’t normal when it comes to budtender turnover.

The onboarding and training of cannabis employees is a significant part of cannabis retail business and the data backs that up. In both the US and Canada, approximately 55% of budtenders who worked at any point over the previous 12 months had departed by the end of that time period. Nearly a full third (32.5%) of all Canadian budtenders who worked at some point in the past 12 months were both hired and then left within that same time period. When we break down turnover rates by states and provinces, we find that retailers in Illinois are better than average at retaining employees. Retailers in Colorado and Oregon tend to have far lower retention however, with more than a third of budtenders starting and ending their employment in the past 12 months. In both countries nearly a quarter of all budtenders hired in the past year did not complete a full month of work. It does seem, however, that the budtenders with the best performance are the ones that continue working.

Show Notes:
An analysis of employee turnover in cannabis retail
https://www.headset.io/industry-reports/an-analysis-of-employee-turnover-in-cannabis-retail#form

Host:
Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast.
https://www.linkedin.com/in/joshkincaid/

Episode 1029 The #TalkingHedge…
Your Cannabis Business Podcast.
​Covering cannabis products, reviews, business news, interviews, investments, events, and more.
https://www.theTalkingHedgepodcast.com

Music Info:
Song: Beat | Keep On | 2020
Artist: Milochromatic Beats
&
Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018
Artist: LuxrayBeats

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Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers. This is only entertainment.

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