The Cost of Training
Definition of COST according to Merriam Webster:
The amount or equivalent paid or charged for something: price
The outlay or expenditure (as of effort or sacrifice) made to achieve an object
A loss or penalty incurred especially in gaining something
How do you define your cost of training?
Is it strictly the price? Do you include the time and effort of those creating the training and those that attend it? What about opportunity lost because employees are in training and not performing their regular duties? This is especially true of in sales positions.
What is the cost if you do not train your employees? Or, what if after training them, they leave?
Zig Zigglar once stated:
“The only thing worse than training an employee and having them leave, is to not train them and have them stay.”
Add that quote in with one from Richard Branson:
“Train people well enough so they can leave, treat them well enough so they don’t want to”
With those thoughts, I believe you have a recipe for the perfect workplace culture. But it all comes back to cost…
I include all three parts of Merriam Webster’s definition into my calculation of training costs. I have control in each of those parts. Through budgeting money, time management and the use of the proper tools, I can affect the amount paid and the expenditure of effort. I can reduce the loss incurred due to my employees’ time away from their normal job duties, by scheduling the training at slow times of the year or at off hours.
Coming back to my original question, how do you define your cost of training?
At Great Circle Learning we can help you control your cost of training by using the right tools.
Let’s set up a time to talk to discuss your needs and how we can help.