Upskilling is more than a passing HR trend—it’s a business strategy with measurable returns.
Companies that invest in their workforce see financial gains, improved employee morale, and better long-term performance. In a world where technology and business needs evolve faster than ever, upskilling isn’t optional—it’s essential.
Read on for a breakdown of why upskilling your existing talent gets you the most bang for your buck (in more ways than just financial ROI), and how GA’s employee skilling solutions can help you get started today.
What’s the financial ROI of upskilling your team?
Upskilling saves companies money—plain and simple. Hiring new talent is expensive. Between recruiting fees, onboarding, and lost productivity during training, it costs an average of $4,000 to hire a new employee. How can you cut those costs significantly? Upskill your existing talent. Not only will upskilling help to cut hiring costs, but it’ll improve your overall bottom line.
Take Booz Allen Hamilton, for example. They partnered with us on an ambitious, holistic journey to unlock the power of data through reskilling and upskilling 25,000 workforces across 80+ locations around the world. Together, we created the Data Science 5K Challenge—a multi-year project that’s trained thousands in 10-week data-driven sprints.
The result? Booz Allen Hamilton’s growing data capability has secured new and increased contract value and improved employee job satisfaction and retention, including:
- 4% lift in billables for consultants trained in data science.
- 11% improved talent retention of consulting talent.
- 94% proficiency rating across 1,400 consultants in 36+ locations.
The numbers speak for themselves—it’s a clear case of spending now to save (and earn) later.
We can help you achieve similar results. By providing targeted training in areas like AI, data, marketing, tech, and UX design, our programs are tailored to your company’s needs, ensuring your investment drives measurable impact.
Upskilling vs. hiring: The cost comparison
Recruiting new employees to fill skills gaps might seem simpler at first, but it’s rarely the most cost-effective. Beyond the hiring expenses, it takes an average of six months for a new employee to reach full productivity. That’s half a year of ramp-up time, compared to the faster payoff of upskilling your current workforce within eight-12 weeks.
Say, for example, you need a mid-level data analyst on your team. You could either:
- Hire a mid-level data analyst—costing you around $85,000 annually, plus an additional $10,000 (or more) in hiring expenses. Oh, and don’t forget about the six months it takes to get them fully onboarded.
Or
- Train an existing employee to transition into a mid-level analyst role with our employee skilling programs. At a fraction of the cost, in just eight to 12 weeks—with employees gaining practical skills they can apply right away—you’ll have a data analyst ready to hit the ground running. Plus, they’ll already be familiar with your company’s systems and culture.
In a nutshell, upskilling maximizes your investment in your existing talent while minimizing downtime and resource drain. Not to mention, it improves employee morale and retention—which brings us to our next point.
Boost employee morale and loyalty
When employees feel valued, they perform better—plain and simple.
Upskilling shows your team you’re invested in their future, which can significantly improve morale and engagement. Studies show that employees who feel supported are 50% more likely to stay with their company long-term.
Beyond retention, happier employees mean higher productivity and innovation. When your team feels confident and capable, they’re more likely to contribute creative solutions and tackle challenges head-on. Our custom employee skilling programs are designed not just to teach skills but to inspire confidence, helping your employees thrive in their roles and develop a mindset of continuous learning.
Upskilling creates a culture of innovation
Innovation doesn’t happen in a vacuum. It’s fueled by teams with diverse perspectives and cutting-edge skills. By upskilling your workforce, you’re fostering an environment where creativity and collaboration flourish.
Companies like PwC, for example, have embraced this mindset. Their Digital Fitness program equips employees with the tools to adapt to emerging technologies, empowering them to lead in a rapidly changing market. The program has not only enhanced PwC’s service offerings but also reinforced their reputation as an industry leader.
Our employee skilling solutions are built to drive this kind of innovation. By equipping your team with the latest tech and business skills, you’re setting your company up for sustained success.
Why upskilling supports long-term business goals
Upskilling isn’t just a short-term fix—it’s a long-term strategy. When your employees grow, your company grows with them. Here are a few ways upskilling aligns with broader business goals:
- Adaptability: As industries evolve, companies need to pivot quickly. Upskilling ensures your team is prepared for whatever comes next.
- Customer satisfaction: Skilled employees deliver better results, leading to happier clients and stronger relationships.
- Competitive edge: Companies with forward-thinking teams are better positioned to outpace competitors.
General Assembly’s tech training and talent pipeline solutions provide a roadmap for building and sustaining a high-performing workforce. From tailored training plans to ongoing support, we help you future-proof your business.
Measuring the ROI of upskilling: Key metrics to track
How do you know if your upskilling efforts are paying off? Here are some key metrics to monitor:
- Retention rates: Compare turnover before and after implementing upskilling programs.
- Productivity gains: Track output improvements among employees who’ve completed training.
- Revenue growth: Correlate increased skills with business performance metrics.
We can help you set and track these goals to ensure your upskilling strategy delivers maximum value.
Ready to see the ROI of upskilling in real-time?
Investing in your employees isn’t just good for morale—it’s good for business. From cost savings to innovation and long-term growth, the benefits of upskilling are undeniable—and our comprehensive tech training solutions make it easy to take the leap and start seeing results.
Explore our employee skilling solutions to learn how we can help your team thrive. Ready to get started? Let’s build a workforce that drives your business forward.