Hiring and upskilling are two different approaches to address talent needs within an organization, and the choice between them depends on various factors including the specific skills required, budget constraints, and long-term goals. Consider you are planning to hire a Digital Marketing Manager, Here's a comparison of the two scenarios:

Scenario 1 - Hiring:

1. Immediate Expertise: When you hire a 'Digital marketing Manager' externally, you can bring in individuals who already possess the skills and experience needed for the job. This is especially valuable when there's an urgent need for the specific skill set.

2. Fresh Perspectives: New hires may bring in fresh perspectives, ideas, and diverse experiences to your team, which can lead to innovation and a broader range of expertise.

3. Scaling Quickly: If your organization is rapidly growing or entering new markets, hiring may be the quickest way to scale your team and meet the increased demand.

4. Specific Skill Gaps: Hiring is suitable for addressing specific skill gaps that are not easily filled through upskilling alone, especially in highly specialized fields.

5. Diversity and Inclusion: It can be an effective strategy for promoting diversity and inclusion within your organization by bringing in a manger from different background.

Scenario 2 - Upskilling:

1. Cost-Effective: Upskilling existing employees is often more cost-effective than hiring externally, as it eliminates recruitment costs, onboarding time, and salary negotiations. The starting salary of a digital marketing manager in India is approx. Rs. 6L p.a. but the upskilled digital marketing executive will still be with you at an annual CTC of Rs.3-4L.

2. Retention: Providing opportunities for employees to upskill and advance within the organization can increase employee retention and job satisfaction. You can have a formal agreement for a period of 01 year to serve, as the company is investing in the upskilling process.

3. Cultural Fit: Upskilling allows you to retain employees who already understand and align with your company culture and values.

4. Customization: You can tailor training and development programs to meet the specific needs of your organization and align them with your strategic goals.

5. Long-term Investment: Upskilling is a long-term investment in your workforce and can help build a loyal, skilled, and adaptable team over time.

Factors to Consider:

- Skill Availability: Consider whether the skills you need are readily available in the job market within your budget. If not, upskilling may be the only viable option.

- Budget: Evaluate your budget constraints. Hiring may require a larger upfront investment, while upskilling can be spread out over time.

- Time Constraints: Assess your organization's timeline. Hiring can be faster for immediate needs, but upskilling takes time to yield results.

- Company Culture: Consider the importance of maintaining and nurturing your organization's culture. Upskilling may align better with preserving your cultural values.

- Long-term Strategy: Think about your long-term talent strategy. Upskilling may be more aligned with building a skilled workforce for the future, while hiring can be more focused on immediate needs.

In practice, many organizations use a combination of both strategies. They hire for critical roles or when specific expertise is required immediately, while also investing in upskilling programs to develop and retain their existing workforce. The right approach depends on your organization's unique circumstances and objectives.

Click here to chat with me, if you are looking for an option to upskill your existing digital marketing team.