DEI #’s & Upskilling VS Hiring
Diversity, equity, and inclusion (DEI) is not just a buzzword; it is a critical aspect of building a successful workforce. Studies show that companies with diverse teams are more innovative and make better decisions. According to a report by McKinsey & Company, companies in the top quartile for gender, racial, and ethnic diversity are more likely to have financial returns above their national industry median. Building a diverse and inclusive data analytics team is one area where companies can make a significant impact on their DEI numbers.
One reason upskilling an existing data analytics team is the smarter move for a company trying to bolster its DEI numbers is cost-effectiveness. According to the Society for Human Resource Management, the average cost per hire is $4,129, and the average time to fill a position is 42 days. In contrast, upskilling an existing data analytics team is a cost-effective approach, as the company already has employees familiar with the organization’s culture and processes. Additionally, a report by the Association for Talent Development shows that the cost of training and developing employees is typically lower than the cost of hiring new ones.
Another advantage of upskilling an existing data team is leveraging the team’s existing expertise. The team members have knowledge of the company’s business processes and data, experience working with data from different sources, and a deep understanding of the company’s data infrastructure. By upskilling them, the company can add new skills to its existing knowledge base, making the team more versatile and providing a broader range of insights.
Upskilling an existing data analytics team is also faster than hiring new employees. Hiring new employees can take months, especially for specialized positions. Even after the hiring process is complete, the new hires may take some time to get up to speed. In contrast, upskilling an existing team can be done in a matter of weeks or months. According to a report by the Association for Talent Development, 94% of employees say they would stay at a company longer if it invested in their learning and development.
Employee retention is a critical issue for businesses, and upskilling an existing data analytics team is an effective way to retain talented employees. According to a report by the Society for Human Resource Management, the average cost to replace an employee is 6 to 9 months’ salary for that position. Upskilling the team can demonstrate the company’s commitment to its employees growth and development, leading to greater job satisfaction and loyalty.
Finally, upskilling an existing data analytics team can help build a more inclusive culture. By providing training and development opportunities, the company demonstrates its commitment to providing equal opportunities for all employees. This sends a message that the company values diversity and is committed to providing an inclusive work environment. Additionally, upskilling the existing team can provide opportunities for employees who may have been overlooked in the past to develop new skills and take on more significant responsibilities.
If you are interested in upskilling your existing data analytics team, Colaberry can help. Colaberry offers upskilling programs that focus on data analytics, machine learning, and artificial intelligence. Their programs are designed to help organizations build a diverse and inclusive workforce while also improving their data analytics capabilities. Contact Andrew “Sal” Salazar at [email protected] or 682-375-0489 to discuss your upskilling or staffing needs.
-Andrew “Sal” Salazar
Sources:
- McKinsey & Company, “Diversity wins: How inclusion matters.” https://www.mckinsey.com/business-functions/organization/our-insights/diversity-wins-how-inclusion-matters
- Society for Human Resource Management, “2019 Human Capital Benchmarking Report.” https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2019