The Advisory Academy

Employee Teamwork Teamwork in a dispensary staff is essential for providing excellent customer service, optimizing operations, adapting to challenges, fostering learning and development, boosting employee morale, and resolving conflicts. It enables a group of individuals to work together towards common goals, resulting in a more successful and efficient retail business "It’s amazing what can be accomplished when nobody cares about who gets the credit.” - Robert Yates Teamwork is the collaborative effort of a group of individuals with a common goal or purpose. According to the Future of Work: 2021 Outlook survey, employers chose teamwork/collaboration as the second most important skill a candidate should have, preceded by dependability #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

The Importance of Employee Development (5 of 5) Strong onboarding processes can improve new hire retention by 82%. (Glassdoor) 88% of companies don’t have a good onboarding process (Gallup) A dispensary of 20 employees can expect a turnover rate of 15 to 20% annually. Over five years, that would be 15 to 20 new employees to recruit, onboard and train. Some of you will have an even higher rate. During the five-year period based on a conservative 15% turnover rate, you will invest $70,500 and 360 employee hours devoted to recruitment. At a 20% rate, your five-year investment will be $94,000 and 480 hours. Remember, this does not calculate lost productivity and a probable temporary decrease in the customer experience. The most important characteristic for growth is insatiable curiosity. The minute you know it all, you’re dead. -Jennifer Colosimo #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

Did you know? Marijuana residues were found in William Shakespeare’s home, which we believe could have been an enormous aid in writing all the screenplays and poems. https://lnkd.in/gMPreVVF #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabiscultur #cannabiseducation #cannabiscommunity #cannabiscompliance

Creating a Competitive Advantage (2 of 2) In any retail industry, customers are looking for more than advice, they are looking for a shared experience. They don’t just want a transaction; they want a relationship. Positive relationships will increase your customer’s experience and expand your Market Zone. People will travel further for a better experience. First, please understand that what we are talking about is creating a culture that recognizes your team members as vital to your operation. As simple as it sounds, most businesses ignore the importance of Employee Engagement. They don’t understand why they are not meeting their growth goals. Creating a positive culture of employee engagement where employees are recognized for who they are as people, where they know who and what impact they are making on the lives of others, and where they have a clear understanding of how to measure their performance and progress, will be your competitive advantage. #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

The Importance of Employee Development (4 of 5) According to a Training industry report, companies spend an annual average of 57 hours and $954 to train each employee. A study from Boston College, Harvard University, and the University of Michigan found that soft skills training, like communication and problem-solving, boosts productivity and retention by 12% and delivers a 250% return on investment based on higher productivity and retention. 94% of employees would stay longer at a company if it offered learning and development opportunities (Gallup). Only 7% of employees understand how their role contributes to company goals (Gallup) \ #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

Creating a Competitive Advantage (1 of 2) When we use the term “competitive advantage" in the Cannabis industry, we are referring to those systems you have in place that differentiate you from your competitors. In Retail operations, walk into any of the thousands of dispensaries and what will you see? Basically, the same thing. Kim & Mauborgne refer to this as swimming in the “Red Ocean”. All dispensaries have a “Market Zone”. The Zone is the geographic area where their customers live or work. A dispensary would need to create and execute something very appealing to draw customers from other Zones. So, barring new subdivisions, corporate offices or businesses, your customers are who they are. They’re the only ones you are going to have. #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

Did You Know? George Washington was a grower. George Washington was a prolific hemp farmer, mentioning the plant at least ninety times in his diaries and writings. #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #cannabiseducation #cannabiscommunity #cannabiscompliance

The Importance of Employee Development (3 of 5) Providing e-learning training opportunities increases your retention rate by 60%. Employee development is an integral part of all organizations, at least it should be. In the case of dispensaries, few resources are usually provided to their teams for training and development. The research validates employees value learning opportunities, and the training will have a positive effect on employee retention, thus improving customer loyalty and alignment with your mission. The average onboarding procedure consists of 54 different activities (Zavvy) The average employer spends over $4,700 and 24 days to hire a new worker (SHRM) #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

The Importance of Employee Development (2 of 5) Employee development boosts profitability. Research from the MIT Sloan School of Management showed that an employer’s soft skills training program led to a 250 percent return on investment within eight months. 68% of employees prefer learning at work. 10% of employees resign because of inadequate onboarding experience. (CareerBuilder, 2019) In a global survey of 200,000 people, appreciation for work ranked as the most important factor in job satisfaction, far above attractive salary, interesting job content, and flexible work models. When good job performance is rewarded with more challenging responsibilities, employees stay engaged and have a stronger rapport with their colleagues and leadership. #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance

The Importance of Employee Development (part 1 of 5) What is Employee (Professional) Development? “Employee development refers to any type of professional training employers offer to employees, so they can improve their current skills and learn new ones to further their career growth and meet your organizational mission”. If companies provided higher-quality training and development opportunities, almost 80 percent of employees would stay longer. Professional development is an attractive employee benefit. Learning and development opportunities improve productivity. Employees become more confident when given the opportunity to increase their skills and knowledge, allowing them to complete work more efficiently and effectively. In addition, as employees gain more capabilities, teams can get more done without having to hire additional personnel. #advisoryacademy #theadvisorylxp #cannabis #cannabisindustry #cannabisculture #businessandmanagement #employeetraining #employeedevelopment #cannabiseducation #cannabiscommunity #cannabiscompliance