- A 2017 study by McKinsey & Company showed that high performers tend to be 400% more productive than average ones.
- This outlook has shaped Flora Growth’s hiring strategy for 2022, with the appointment of several key individuals whose proven talents and productivity are seen as critical to the company’s goal of delivering the most compelling customer experiences, most recently with the appointment of Elshad Garayev as Flora’s Chief Financial Officer (“CFO”)
- Mr. Garayev’s appointment marks the latest addition to a growing list of leaders ready to elevate the company to another level of international performance
In a study conducted in 2017 by McKinsey & Company, it was established that high performers tend to be 400% more productive than average ones. The study, which involved over 600,000 researchers, athletes, politicians, and entertainers, also revealed that, in a business setting, the gap rises exponentially with a job’s complexity, sometimes by an astounding 800% (https://ibn.fm/SYsVD).
The study’s objective was to highlight the importance of hiring the right people for the right job. It was also meant to show why having the right talent on the team can reduce the time it takes to complete tasks and how long it would take to achieve organizational objectives.
Most notably, the study noted that for a business strategy involving cross-functional initiatives requiring three years to complete, if 20% of the average talent working became 400% more productive, it would take less than two years to complete. Conversely, if these individuals were 800% more productive, it would take less than one.
These dynamics continue to shape the overall hiring approach and process for various organizations in different industries, and Flora Growth (NASDAQ: FLGC) is no exception. Since the beginning of the year, the company has been committed to looking for the best talent in the job market and devising ways to increase their productivity. Its management fully understands that doing so would not only lessen the time taken to achieve its short-term and long-term goals but also significantly cut down on its overall operational costs, thereby creating value for its shareholders.
Flora Growth ushered in the new year with the appointment of Tim Leslie as chairman of its newly formed advisory board. It would later bring Derek Pedro, an industry-leading cannabis genetics and cultivation expert, on board as an advisor and named Vessel founder, James Choe as Chief Strategy Officer.
In February 2022, Flora Growth announced the appointment of Jessie Casner as the company’s Chief Marketing Officer, and, in March, made two changes to its board. Then, in early June (https://ibn.fm/pxyLZ), Flora announced the appointment of Holly Bell as the new Vice President of Regulatory Affairs in a move that sought to position Flora to make “thoughtful, educated, and bold decisions regarding strategic distribution, cultivation and sales plans.”
So far, all of Flora Growth’s appointments have been geared toward strengthening its human resources and moving the company closer to its objectives. Its latest appointment of Elshad Garayev is no different. Mr. Garayev was brought on board to serve as Flora’s Chief Financial Officer (“CFO”) effective on the business day following the date the company will file its mid-year financial results with the Securities and Exchange Commission.
“I am very excited to join Flora and to become its Chief Financial Officer,” Garayev noted.
“As one of the largest cultivators licensed by the government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain,” he added (https://ibn.fm/5ncEY).
Garayev will lend over 25 years of experience in finance, having served in various financial leadership roles in Amazon, Boeing BP, and RPK Capital. He is well versed in supporting successful organizations through developing and implementing accounting and reporting policies and building high-performance finance teams.
Mr. Garayev adds to a growing list of competent, experienced, and capable individuals ready to take on the challenges ahead and elevate Flora Growth to another level of performance. These individuals are set to increase the overall productivity of the company’s workforce, allowing Flora to build a design-led collective of plant-based wellness and lifestyle brands that offers the world’s most compelling customer experience.
For more information, visit the company’s website at www.FloraGrowth.com.
NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC
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