The most notable aspect of retraining your current team is the ability to preserve and strengthen your company’s culture and institutional knowledge. If your employees have grown and developed with the company, they will be accustomed to internal dynamics, company values, the overall mission, and the company’s standards of doing business. This continuity can be extremely beneficial to ensuring a robust company culture that thrives harmoniously. It can also be a huge bonus when it comes to team collaboration, as your employees will feel comfortable working alongside each other and will understand how to prioritise the business’ objectives with their projects.

It is also worth considering the cost-effectiveness of retraining your employees as opposed to rehiring. Preserving the company culture and cultivating the skills of employees who understand your company’s processes and systems allows them to quickly apply new skills within this familiar framework and context. This can lead to faster productivity compared to new hires who may require more time to acclimate. Recruitment can be costly, especially factoring in onboarding expenses, hiring fees and potential recruitment agency fees. Whilst retraining your team can require costs too, it would primarily be investing in training programs rather than significant upfront recruitment expenses.

Many statistics demonstrate how eager most employees are to learn new skills and broaden their knowledge. For example, according to Lorman Education Services, 87% of millennials believe learning and development are important in the workplace. Whilst retraining current employees can enhance productivity and reduce costs in comparison to rehiring, this statistic also shines a light on the internal benefits of cultivating the skills of your existing team members.

Recruitment may be favoured over retraining in situations where specific skills or expertise are urgently needed, or for an opportunity to diversify the team, introduce new talents, and address skill gaps swiftly without disrupting ongoing operations. However, the benefits of retraining your existing team reach beyond addressing skill gaps, and can actually create a stronger workforce. By investing in the development and growth of your employees, you're not only building a more skilled workforce but also cultivating a culture of continuous improvement and adaptability. Retraining your team isn't just an investment in skills—it's an investment in the future success and sustainability of your business. So, before rushing to hire, consider the potential of unlocking the untapped potential within your current team through strategic retraining initiatives. The payoff could be transformative for your company's growth and resilience.