Employee retention has always been a massive part of the conversation around employment, but 2021 proved it might be the most crucial aspect. With The Great Resignation affecting companies at all levels, it’s essential to evaluate the best way to move forward. Here’s the dilemma: do you upskill your existing employees or hire new talent? Here are a few pros and cons of each so you can determine which is the best choice for your business.
Hiring Fresh Talent
Sometimes, it pays to get a new perspective on your team. When that feels like the right move, posting the job and hiring an outside candidate can be the best solution. Bringing in external skills and another mindset can give your team the energy it needs to succeed and help your entire staff reach their potential on the job.
Cost, Time, and Onboarding
However, bringing in new team members does have a cost to consider. Not only is it expensive to hire someone new, but you also have to take the time to go through the hiring process, and then you’ll need to onboard your new team members. Onboarding includes training and getting someone up to speed with how your company works, which can take several months or more for someone new to get in sync.
Entry Level Hiring
If you think training your existing team is a better option, know that replacing entry-level employees will always be less expensive than hiring qualified experts. Plus, your current team already has experience working within your company structure, so focus on upskilling and replace more entry-level roles with new candidates.
Career development is a huge draw for many new employees. They want to know a company is invested in their future, and upskilling offers an avenue toward growth. When you demonstrate that you develop your talent, it will improve employee morale and your employer brand for hiring newer, entry-level employees who will also be interested in career growth.
Upskilling or reskilling is the idea that you can train current talent to take on new roles, including more advanced technology. So when you need to add a skill to your roster, investing in training will provide additional motivation to help employees not feel so stuck in their current jobs. That change of pace can be all you need to reinvigorate struggling employees.
Are you looking to hire top talent in 2022? Contact the team at CornerStone Staffing to see how we can help.