What is the Cannabis Industry Salary Survey?
Cannabis At Work in partnership with Global Governance Advisors (GGA) confidentially collects salary data from LPs and produces a report of aggregate salary and incentive data for 80 benchmark positions. This salary survey was established in 2017.
GGA brings extensive experience in compensation strategy, executive compensation, and board governance from the cannabis, pharmaceutical, nutraceutical, banking, and mining sectors (to name a few).
How is the data collected?
Participating organizations receive an Excel template to populate their data and submit to GGA. GGA is the only company that sees the raw data and keeps it confidential and secure. Once the data is collected, GGA goes through a thorough QC process to ensure data integrity before publishing the report.
LPs that have participated in a previous survey will receive a pre-populated Excel template with their historical data, so all that is required is editing the data set.
How is the data reported?
The data is reported in aggregate; no individual company data is published. For each benchmark position, aggregate data from all participating organizations is provided to show salary medians and ranges, as well as incentive information. Additional data cuts are provided for small, medium, and large LPs, as well as for West and East coast companies. The data is published as a PDF document.
What is the cost?
For 2022, there is no cost to participate. However, only participating companies will be able to access the data. If your company doesn't participate, you will not be able to purchase or access the published report. We have structured it this way to remove any financial barrier to participation and to incentivize high participation rates across LPs.
What’s in it for me?
Cannabis companies need to closely manage their people costs and compensation structures today as they face industry-specific financial constraints. They are also dealing with broader market forces, including high-inflation and low unemployment. Cannabis companies walk a fine line between hiring and retaining good talent, and managing cash flow in a turbulent economy.
The Cannabis Industry Salary Survey is one important tool in your toolbox. Employees that are unhappy with perceived low wages may look for other employment to try to combat their decreased buying power during times of high inflation. Given the low employment rate, they will likely have options if they want to jump ship. Given this complex environment, it is now more important than ever to understand the market forces impacting your wages and compensation structure.
To sign up or learn more, contact us.
