Rubbish. That’s a cop out plain and simple.
There’s always time to train staff and there’s always an extra few bucks laying around, or perhaps you could give them an effective pay rise by asking for 5% less hours but for the same wage? How about a bottle of wine every now and then? A few tickets to the movies, etc?
If you think you don’t have time to train new people up then hiring new ones wouldn’t make a difference anyway.
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You might notice I said ‘don’t think you don’t have time’ rather than ‘don’t have time’ because that’s exactly what it is. You’re being your own blocker.
The resources are there to re-hire for the same role, so go for it. If YOU CHOOSE not to allocate the time to train someone then you’re actively setting yourself up to fail.
So, the real question is, are you prepared to put in the hard yards and take the extra time to do what you need to make the business/business unit a success by negotiating with the current employee or allocating time to train a new person or will you actively work to let it fail?