Cons of Reskilling Current Employees

Time-Consuming: Reskilling current employees can be more time-consuming than hiring new employees. Employees need time to learn new skills, and the company may need to invest in training programs and resources.

Resistance to Change: Some employees may be resistant to change and may not be open to learning new skills. This can make it challenging to implement new training programs.

How Do I Decide which Option is Better for Me?

When companies need to fill skill gaps, they often face the dilemma of whether to hire new employees or retrain current employees. Unfortunately, there is no one-size-fits-all answer to this question. The decision entirely depends on the company's circumstances, including their budget, timeline, and the specific skills they need.

In some cases, hiring new employees might be the better option. For example, if a company needs a particular skill that none of its current employees possess, it might be more efficient to bring in a new employee with the required skill. Additionally, if the company is expanding its operations and needs a large number of employees with the same skillset, it might make sense to hire new employees. This is because training a large number of employees can be time-consuming and costly.

However, in other cases, retraining current employees might be the more effective option. If the company already has employees with some of the necessary skills, investing in their training can be a more cost-effective solution than hiring new employees. Additionally, if the company values employee loyalty and wants to build a long-term relationship with its employees, investing in their training can be an effective way to show that they are valued. This can lead to increased employee retention and satisfaction.

Another factor to consider when deciding between retraining current employees and hiring new ones is the time frame. If the company needs to fill a skill gap immediately, hiring new employees might be the better option. However, if the company has the time to invest in training, retraining current employees can be a better long-term solution.

It's worth noting that both options have their drawbacks. Hiring new employees can be costly, and there is always a risk of turnover. Meanwhile, retraining current employees can be time-consuming, and there is a risk that some employees might not be open to learning new skills.

Ultimately, the decision between retraining current employees and hiring new ones depends entirely on the company's situation. There is no one-size-fits-all answer, and companies need to carefully consider their circumstances and goals before making a decision. By evaluating their needs, resources, and timelines, companies can determine which option is the most cost-effective and beneficial for their business.

Give Your Employees the Skills They Need

Both hiring new employees and reskilling current employees have their pros and cons. Which option is best for your company depends on several factors such as budget, timeline, and the specific skills needed. Currently, many employees need training in data analytics, which is where a Data Analytics Bootcamp can help.

Pace offers a Data Analytics Bootcamp that can help companies reskill their current employees or provide the necessary skills for new hires. Ultimately, the decision to hire or reskill employees should align with the company's overall goals and budget.