You know the feeling. Your tech team has an ambitious roadmap for the year ahead but you’re struggling to find the talent to execute it. Do you upskill your existing staff or hire new people? The answer, of course, is both. Upskilling and hiring are two sides of the same coin when it comes to developing your IT talent bench.
The trick is finding the right balance between upskilling and hiring for your unique needs and situation. With the right mix, you’ll have an IT team poised to take on whatever challenges your roadmap throws at them.
What Is Upskilling? Definition and Benefits
Upskilling your existing IT staff is investing in your company’s future. It means providing training and development opportunities so your employees can gain new skills and advance their careers. For any tech company, upskilling has significant benefits:
- Cost savings. It’s cheaper to train current employees than hire new ones. You don’t have the added costs of recruiting, onboarding, and ramp-up time.
- Retention. Employees appreciate opportunities to learn and grow. Upskilling programs show your team you value them and want to support their professional development. This boosts job satisfaction, loyalty, and retention.
- Adaptability. The tech landscape is always changing. Upskilling helps ensure your staff’s skills and knowledge stay up-to-date with the latest technologies, frameworks, and best practices. This makes your company more adaptable and competitive.
- Promotability. Developing your team’s skills opens up more opportunities for internal promotions. This motivates your employees and allows you to fill leadership roles with people already familiar with your organization and values.
- Productivity. As your staff gains new skills through upskilling, their work becomes more efficient and effective. They can take on more responsibility and deliver better results.
While hiring new talent also has a role to play, upskilling should be an integral part of your IT talent development strategy. Focusing on growing your team from within has significant benefits for both your employees and your company. Upskilling leads to a more engaged, motivated, and productive workforce—and a future-ready organization.
The Pros and Cons of Hiring New IT Talent
Hiring new talent has some obvious benefits. You get fresh skills and perspectives, and extra hands to help with the workload. But it also comes with challenges, like the time and cost to recruit and onboard people.
- Pros: New hires bring new skills and fresh ideas. They can hit the ground running with the latest technical knowledge and help fill skill gaps. More people means more resources to get work done and less overload on existing staff.
- Cons: Hiring is expensive. It can cost thousands to post a job ad, review applications, interview candidates and onboard new hires. It also takes time – often months – to find and hire the right people.
New hires also require training to get up to speed, and there’s no guarantee they’ll work out. Even with the best hiring practices, the reality of a new job and company culture may not match someone’s expectations.
So, how do you decide whether to upskill your current team or hire new talent? It comes down to a few factors:
- Skill needs: If you have major skill gaps or need specialized expertise, hiring may be better. For more general or emerging skills, upskilling is a good option.
- Time constraints: If you need skills or staffing fast, hiring may be the only way to fill the need quickly enough. Upskilling takes time for people to learn and apply new skills.
- Budget: If money is tight, upskilling is the more budget-friendly choice. You only pay for training costs, not the higher expense of recruiting and salaries for new hires.
- Company culture: It may be easier to upskill existing staff who already understand your company culture and values. New hires take time to get up to speed on cultural elements that can’t be taught.
In the end, the right approach depends on your unique situation and needs. The good news is you don’t necessarily have to choose one over the other. Blending upskilling and hiring new talent may be the perfect solution.
FAQ: Answering Common Questions About Upskilling and Hiring in IT
Do we have to choose between upskilling and hiring?
Not at all. Upskilling and hiring are two sides of the same coin when it comes to developing IT talent. The key is finding the right balance for your organization’s needs and resources.
- Upskilling allows you to build on the knowledge and skills your current employees already have. It’s often more cost-effective and helps boost employee retention. However, it may not address short-term gaps or the need for specialized skills.
- Hiring new talent injects fresh perspectives and expertise. But the hiring process can be time-consuming and expensive. New hires also take time to onboard and become fully productive.
The solution is to utilize a combination of both upskilling and hiring. Upskill your current staff to fill some needs, but don’t be afraid to hire when there are skills gaps that can’t be easily addressed internally or when workloads demand it. An agile, blended approach will serve your IT talent development strategy well.
How do we choose which roles to upskill vs hire for?
Several factors determine whether upskilling or hiring is the better choice for a given IT role:
- Skill level required: Highly specialized or advanced skills may be better to hire for, while more general or emerging skills can often be developed through upskilling.
- Availability of internal candidates: If you have employees who show aptitude and interest in a new role, upskilling them is an obvious choice. But if not, you’ll need to hire.
- Timeframe to fill the role: If the need is immediate, hiring may be necessary. Upskilling typically takes 6-18 months for employees to become fully proficient in a new role.
- Employee retention: Giving current employees opportunities to upskill and advance their careers leads to higher job satisfaction and retention. This should be a consideration if retention is a concern.
By evaluating these factors for each role, you can determine whether upskilling or hiring—or a combination—is the smartest strategy. The key is being flexible and willing to adapt your approach to the unique needs and constraints of each situation.
Striking the Right Balance
So there you have it. Upskilling and hiring are two sides of the same coin when it comes to developing your IT talent. Focus too much on one or the other and you risk missing opportunities or wasting resources. The key is finding the right balance for your unique situation. Maybe you have ambitious employees ready to take on new challenges with some training. Or perhaps you have key roles to fill quickly where outside talent is needed.
The bottom line is that you need to take a holistic look at your talent needs and map out a strategy that leverages both upskilling and hiring. Give your existing staff a chance to grow into new opportunities. But don’t be afraid to bring in new talent with skills you need now. With the speed of change in tech, standing still is not an option. Take action and invest in developing an IT team that will drive your organization into the future. The time you spend finding the right balance between upskilling and hiring today will pay off in the long run.
