Page 10 - BusinessWest February 6, 2023

EDITORIAL >>
Change, Challenge in Cannabis Sector
To say that the still-emerging cannabis sector has had a profound impact on the local economy, and the local landscape, would be a huge understatement.
Indeed, this sector, now just over six years old in the Com- monwealth, has brought much-needed revenue to area cities and towns, several hundred new jobs, and new life to dormant or underperforming properties ranging from old mills in Holy- oke and Easthampton to the Springfield Newspapers building.
No one really knew just what to expect when this new busi- ness took off, but few could have expected this kind of impact.
And while nothing was easy for anyone getting into this sector — there are steep costs and a mountain of regulations to meet — it has been, for the most part, a ticket to success.
That’s has been.
As the stories that begin on page 31 make clear, the canna- bis sector has already entered a new and exponentially more difficult phase of its existence. Competition is growing, both in this region and in neighboring states; prices are coming down; margins are becoming ever-more thin; and profitability is becoming more difficult.
To make a long story short, the laws of supply of demand are starting to catch up with this sector.
In the beginning, meaning just a few years ago, there was huge demand and not nearly as much supply as there is now. We can all recall the long lines of people around those first dispensaries that opened in this region.
OPINION >>
It was these lines that hinted at just how lucrative this busi- ness could be, and they helped lead entrepreneurs with capital and a sense of adventure to stake a claim during what some came to call a ‘green rush.’
What these entrepreneurs are realizing, and most of them realized it long ago, is that there is a limit when it comes to just how big this pie can become. And as more people want a slice ... well, the slices will get smaller and smaller.
In this environment, communities — smart ones, anyway — will take steps to limit the number of licenses, thus enabling those operating at least a fighting chance to succeed. Mean- while, individual business owners will have to focus on quality, customer service, branding, and, overall, separating them- selves from the competition and finding what it will take to survive in a changing, more competitive environment.
In that respect, they will have to be like business owners in every sector where the consumers have choices and exercise their right to choose.
History has shown that, in situations like this, it becomes a matter of survival of the fittest. And it will be the same with this sector, which has changed the landscape in all kinds of ways and continues to do so.
Cannabis has been a game changer for this region and this state, but now, the cannabis game itself is changing. It will be interesting to watch as the new chapter in this intriguing story unfolds. BW
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Dealing with Change Fatigue
BY VALERIE HARLOW
We’re all facing many types of disruption from ongoing organizational transformation, new approaches on how work is done, economic uncertainty, and politi- cal discourse. Maybe, as an employer, you are seeing and hear- ing things like louder complaints
create and are active participants in identifying, making, and crafting change decisions and outcomes.
In other words, employees own the change planning pro- cess. From there, they can develop individual or team change-
about changes, indifference and disengagement with work and projects, burnout, resistance, negativity, etc.
“It’s not about just telling employees what is happening or what will happen. Instead, it’s involving them from the beginning. They help co-create and are active participants in identifying, making, and crafting change decisions and outcomes.”
implementation plans. Com- munication becomes an open conversation rather than a con- stant marketing message of the change and its benefits.
From an organizational per- spective, it’s also important to have a pulse on the amount, size, and significance of change that is happening or being planned in the organization. This can help to ensure employees are able to participate early on, and it helps the overall organization mitigate any change overload or manage
Change fatigue is not some-
thing to discount or think it will
just take care of itself. It has a
huge impact on attrition, which
will impact your bottom line.
Gartner for HR lists in its “Top
5 Priorities for HR Leaders in
2023” that 43% of employees
who experience above-average
change fatigue intend on staying,
compared to 74% who have low change fatigue.
changes that really are not aligned strategically. This can also prevent change fatigue.
Change is constant and necessary to bring about innova- tion, creativity, and long-term growth and results. Ensuring that your employees don’t burn out or become change-fatigued is an important leadership responsibility. BW
Valerie Harlow is a learing advisor and facilitator at the Employers Assoc. of the NorthEast. This article first appeared on the EANE blog; eane.org
That 31% difference could be a big cost to an organiza- tion — not just the bottom line, but also the impact on engage- ment, productivity, culture, and more.
What can leaders do about it? Focus on moving toward an open-source change strategy and away from the traditional top-down ‘cascading’ approach. Open-source change strate- gies involve employees throughout the process. It’s not about just telling employees what is happening or what will happen. Instead, it’s involving them from the beginning. They help co-
10 FEBRUARY 6, 2023
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