Why Human Capital Is Your Brand's Greatest Asset: Insights From Experts At Benzinga Cannabis Conference

“Happy people make happy plants make happy gummies,” said Bryan Passman, co-founder, and head hunter at Hunter + Esquire, underscoring the foundational belief that a company's human capital is its greatest asset.

During September's Benzinga Cannabis Capital Conference in Chicago, an insightful discussion unraveled the significance of people in shaping the identity, values and success of a brand.

Amy Larson, the founder and strategic consultant at Jane+Jade, moderated a conversation with Bryan and Karla Rodriguez, VP of Human Resources and Corporate Social Responsibility at Wana Brands.

The Importance of Human Capital In Business Success

Larson emphasized the overlooked aspect of human capital amid conversations dominated by investment, financial assets and regulations. “One of the most valuable assets that any company has, any brand has, is really their people,” Larson pointed out.

Addressing Passman, Larson highlighted the common practice of reducing headcount as a cost-cutting measure during mergers and acquisitions and sought his insight on the implications of such strategies.

Passman advised a “scalpel” approach, advocating for a nuanced understanding of the human capital situation.

“When it comes to cutting headcount, you can either adopt a scalpel or a chainsaw approach. I recommend the scalpel. This means understanding the human capital dynamics of the business you've merged with, acquired, or otherwise integrated. Retain those who positively contribute to the business. Simply aiming for a healthier balance sheet by reducing payroll can have unintended costs. While some of these costs, like the need to rehire, are apparent, others, like the morale hit for remaining employees after seeing talented colleagues let go, are more subtle and long-lasting,” he said.

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Hiring and Retaining Talent In The Cannabis Industry

Rodriguez chimed in, connecting the conversation to the ethos of Wana Brands. She elucidated the necessity of a two-way engagement between the company and its employees, emphasizing the power of conversation.

A recent survey at Wana revealed that a staggering 65% of employees stayed for career development. “We’re cultivators. We’re in cannabis. And that doesn’t stop at the plant, it extends to the people within our business,” Rodriguez explained.

As the discussion flowed, Passman shared insights on recruiting within the cannabis industry. He pointed out the power of brand goodwill, citing the positive atmosphere at Wana Brands as an attraction for top talent. “Recruiting for a brand like Wana is as easy as it can be,” he admitted, underscoring the importance of treating employees well in order to build and maintain a strong reputation.

Employee Retention Strategies And Benefits

Rodriguez elaborated on the dynamics of employee retention at Wana, revealing that the top reason employees stayed was their coworkers, followed by career development and their managers. “Happy people keep happy people in the company,” she observed. The company’s focus on family benefits and innovative solutions like partnerships with co-op workspace daycares reflected their adaptability to the evolving needs of their workforce.

Cultural & Value Fit While Hiring

When the conversation veered towards the challenging task of balancing skill set with cultural and value fit during hiring, Rodriguez distinguished between culture and values. “I’ve had people who would have been wonderful, ‘culture fit,’ but we did not hire them because they did not have value alignment with our company,” she disclosed, stressing the importance of transparent conversations during the interview process.

The sensitive topic of employee exit was not avoided. Passman emphasized a humane approach, “Exit the person with love because they’re going to take part of your business with them when they leave.” Rodriguez urged for a pause and reflection before reaching the decision of termination, advising a comprehensive review of the employee’s situation and the clarity of their job description.

Treating Employees With Empathy And Respect

In closing, the discourse revolved around the profound understanding that employees are not just workers but brand ambassadors, consumers and human beings with lives outside the corporate structure.

In the words of Rodriguez, “I want [the company] to be an important piece of their lives. But how am I fostering the well-being of an employee from a 360 angle?” The acknowledgment of human capital as an invaluable asset resonates deeply, reflecting an enlightened perspective on the symbiotic relationship between a brand and its people.

Want to delve deeper into this topic? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here!

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Image by Benzinga

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.