To capture, secure, and nurture talent, companies ought to embrace employee training. Reskilling workers is a way businesses can be proactive in addressing constant technological change. And rather than hiring or outsourcing for every new skill, companies can train existing, trusted employees to handle the shifts in their industries.

Given the rise of automation and technological innovations, research predicts that employees will need new skills to thrive. McKinsey has identified three skill areas that will be most in demand by 2030:

• Social and emotional intelligence—such as showing empathy and working collaboratively in teams

• Technological skills—companies will need employees with advanced technical skills to operate existing and new tools

• Higher cognitive skills—such as creativity and critical thinking

Training on social and emotional intelligence enables employees to thrive in a collaborative work environment, where several different identities and opinions meet. Video can be an ideal method for helping employees develop these skills. By using this medium, employers can create scenarios that illustrate positive behaviors. For example, how to navigate conflict in a professional manner.

As for training technical skills, avoid tedious and old-fashioned manuals. Instead, use narration to explain how a tool works through a voice recording while showing the tool in action. And if you’re teaching employees how to use software, create a screencast of someone using the product while narrating their actions. This multimodal approach to learning is efficient and engaging.

Last, encouraging higher cognitive thinking skills is crucial with automation handling more manual tasks. As a result, companies can dedicate more of their workforce to higher-order thinking, such as creativity and data analysis and synthesis. For these skills, teaching through scenarios is advisable. Picture this: A character confronts a design problem, and, as the story unfolds, the employee is walked through the steps required to arrive at a solution.

For companies, there isn’t a single solution to meet the demand for these new skills. Outsourcing, hiring, and training will all be used to fill new jobs. Of these solutions, however, training proves to be one of the most cost effective.

Moreover, there is a financial advantage to training existing employees instead of hiring new ones. The Center for American Progress found that replacing employees on average costs 21 percent of their salary. Outsourcing also brings its own costs, both monetary and nonmonetary. Compared to managing an employee, it takes more time to oversee freelance and contract agency relationships and ensure that the outsourced work is completed properly.

Beyond costs, training empowers companies to quickly adapt and remain competitive by learning about new techniques and technologies. Outsourcing and hiring take time, as it’s difficult to find and capture high-quality employees and services. Focusing on internal training enables employers to make the most of their current resources and avoid the time and monetary costs associated with seeking external solutions.

Luckily, budgets for reskilling are very flexible. With accessible, affordable software, businesses can create their own training content to grow employees’ skill sets. For companies that want a budget-friendly option, creating in-house training programs is ideal. Video training is particularly easy to create internally. With the right software, you can quickly create high-quality videos for your teams at a reasonable cost.

There is a clear response to these challenges that is both cost effective and sustainable while also increasing company loyalty and motivation: reskilling employees. Hiring and outsourcing work is not as efficient as you may think. Time and money are valuable, and you can save both by implementing in-house video training programs.