Upskilling Your Team vs Hiring New Talent

Assess your options for growth

One of the strongest ways to build an engaged, high-performing finance team is to focus on upskilling to help retain staff. When you invest in training your existing employees, you nurture talent that already understands your firm’s culture and processes. On the other hand, bringing in new hires can speed up the introduction of fresh skills—yet it also carries hefty costs and time commitments for recruitment and onboarding. Where should you place your energy and resources? Good news: it is often simpler than you think to figure out which path delivers more value to your accounting or audit practice. Below, we will compare two strategies—upskilling existing team members vs hiring fresh faces—so you can weigh your best move.

Weigh the pros of upskilling

Upskilling, at its core, means enhancing the knowledge of your current workforce in areas vital to your business. A 2021 Pew Research Study found that 63% of respondents left their jobs due to a lack of advancement opportunities (Great Place To Work). By offering growth paths, you signal to your team that you value their professional goals.

Build cultural continuity

When you train people who already feel at home in your organisation, you preserve and strengthen institutional knowledge. You also maintain team bonds that thrive on trust and familiarity. According to Robert Half, investing in training is a crucial employee-retention strategy that keeps motivation high and turnover low (Robert Half).

Enhance cost efficiency

More than half of employers use training specifically to address skill gaps internally (CIPD). While you will invest in resources for courses or certifications, you typically avoid the recruiting fees and lengthy onboarding that come with external hires. This boosts loyalty, lowers churn, and can save effort in the long run.

Foster career growth

Upskilling also shows your team there is room for progression. Whether staff aspire to become partner someday or specialise in a new tech-enabled area, continuous learning feeds professional ambition. For example, you might design learning pathways to guide junior accountants toward advanced advisory skills or AI-based audit capabilities.

Factor in external recruitment

Of course, there are times when you need a skill set your current group does not possess. Hiring new talent can deliver instant breakthroughs if you find the perfect fit. Yet the trade-offs are considerable.

Gain fresh perspectives

New employees may spot outdated methods or pioneer more efficient workflows. If your firm has never implemented a modern tech solution, you might want to recruit someone already fluent in that software or practice. That outside viewpoint could spark innovation for your entire team.

Expect higher short-term costs

Tumult often accompanies any new hire. You are likely to spend time advertising roles, reviewing CVs, and interviewing. Once you fill the position, more onboarding follows—introducing firm policies, compliance rules, and team procedures—and that can slow productivity early on. Without strong integration efforts, you risk mismatch or higher turnover later.

Compare the bottom line

A side-by-side look can help you spot the practical impact of each approach. Consider the following summary when deciding how to address your skills gaps:

Aspect	Upskilling Existing Staff	Hiring New Talent
Cost Implications	– Training fees or courses – Less recruitment spend – Reduced turnover and onboarding costs	– Recruitment costs – Possible relocation expenses – Longer onboarding time
Team Dynamics	– Preserves current culture – Builds on existing trust – Increases internal mobility	– Infuses fresh ideas – Requires team integration – Potential culture mismatches
Time Investment	– Can be incremental – Blends with regular workload	– Extensive hiring timeline – Onboarding can span several weeks
Knowledge Transfer	– Deepens expertise in-house – Empowers employees to lead	– Brings new perspectives – Risk of losing existing best practices if not aligned
Future Readiness	– Builds resilience with continuous learning – Supports succession plans	– Fills immediate skill gaps – May require ongoing training to stay updated

You can see how each route carries its own pros and cons. While external hires might solve an urgent need for new capabilities, regularly upskilling your people encourages long-term stability. If you want to dive deeper into how to cultivate a training culture, check out our guide on team training culture.

Decide what works best

Choosing between upskilling existing employees and hiring new staff depends on your firm’s unique goals. If you can outline a clear learning culture development strategy, then upskilling is a natural choice for retaining and motivating team members. Large segments of your finance team may feel more engaged knowing you are ready to invest in their continuous development—a factor that leads to lower turnover rates. On the other hand, if you have an immediate gap—maybe you need a mergers-and-acquisitions expert to guide a major client in two months—recruiting someone with proven credentials could be the fastest way to hit the ground running. You might later bring that expertise in-house by encouraging that new hire to mentor the rest of the team. Whichever path you choose, consider measuring your initiatives. For instance, you can look into our training roi measurement insights to quantify the business impact. That way, you can clarify whether your firm benefits more from bolstering existing staff or welcoming new faces. Good news is, both approaches will help you widen your capabilities. The difference lies in how you handle costs, timing, and culture. Take stock of your priorities, weigh these variables, and decide which strategy underscores your commitment to growth. By focusing on professional development—especially in busy accounting and advisory practices—you will stay agile, serve clients more effectively, and build a workplace that encourages loyalty. You have the data, and the choice is yours. If you nurture your current team’s potential, you can strengthen employee loyalty, keep valuable institutional knowledge on hand, and ultimately upskill to help retain staff who can grow alongside your firm. If you expand your search externally, you can bring in cutting-edge skills quickly and potentially spark fresh ideas. Either way, the path that keeps your people engaged will help your firm thrive in the long run.