Cheaper to train a current staff for a new skill you need or hire a new staff that has the skill?

[King Belieal]

There are times that businesses would need new skill sets in their team. And there is always two options available to the business. One is to hire a new staff with that skill or train one of your staff to acquire that skill.

Which would be cheaper between the two options?

 

[Kera]

If I have staff that is absolutely loyal, I would rather train him or her for that skill. If no loyal staff, I would hire a new person that has that skill.

 

[Fire&Rain]

Training your current team usually comes out cheaper than hiring someone new. Bringing in fresh staff means paying for recruitment, onboarding, and sometimes higher salaries. Teaching an existing employee a new skill often costs less and keeps them motivated too. It’s more about investing in what you already have instead of starting from scratch.