Embracing new technology is one of the healthiest things you can do for your company—as long as you do it strategically. Technological advances let you stay ahead of the competition, pivot quickly, meet business needs, and expand your offerings to win new customers and make the most of existing ones.

But new technologies also demand new skills. Technology today is advancing at a faster pace than ever, and every year there are new skills demanded of your team, giving you two options: hire from outside your organization or provide training to ensure that at least some of your current employees have the skills to move into positions that open up.

Bringing on new tech talent is expensive, but there’s also a fairly steep cost usually associated with training your current team members. Which factors are most important for you to consider when you’re deciding which way to go?

Let’s look at some of the more important considerations as we weigh the pros and cons of upskilling vs. hiring new tech talent.

A Little Planning Goes a Long Way

To bring down costs and make sure you’re prepared, it’s very helpful to define the skills you need to get your organization working up to speed with its current and new tech tools. Doing this as far ahead as possible will deliver the most benefits.

Clarity at this stage will give you a realistic picture of what you have, compared with what you need and where you need to go.

Be as specific as you can. For instance, let’s say you’re planning to start working on several new features or integrations for an existing product. Based on this, you determine that you will need a DevOps engineer and two cloud architects. However, the project is not beginning immediately; at this point, you’re planning six months out, so you have

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