From the course: Addressing Technical Skills Gaps

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Doing a cost-benefit analysis

Doing a cost-benefit analysis

From the course: Addressing Technical Skills Gaps

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Doing a cost-benefit analysis

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- Upskilling and reskilling your team involves time and effort, so there's a cost associated with it. When you create the strategy to address the skills gap, you should consider how much it'll cost you to bridge the skills gap in your existing team versus hiring someone who already has those skills. For upskilling and reskilling, you have to take into account the time that the learning development partner will spend on creating an effective program, the time that the employees will spend going through this program, and the time that will be needed to evaluate them. In addition, you'll need to consider the expenses associated with the learning programs, potential travel costs, and the impact on business operations for the duration that the necessary skills are unavailable within your team. For example, if you don't have anyone on your team for UX design and you are upskilling one of your designers on your team to take on…

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