Cost factors of training – how to calculate your training budget
Investment to know-how is one worth making
Training is an important investment which maintains the company’s competitiveness. Various trainings enhance know-how, improve leading strategies and make all the difference in safety-related issues, and are also a significant tool in supporting individual development of employees. Digitalization makes training much more cost-effective and flexible than before.
How does one calculate the costs of training?
The way the training is organized and the number of participants in the training are the two main factors that have an impact in the cost structure of any training. When budgeting, it might be good to consider whether there will be repetitions of the training, as especially in digitalized training the costs mainly arise from the preparative tasks of the trainer.
The factors that make up the costs of classroom training
- the preparations of the trainer
- the participants’ travel costs and travelling time to the training
- the time necessary to the participants’ active involvement during the training
- the travel costs of the trainer and working time during the training
- the potential temp arrangements for both participants and the trainer
- the training space, materials and refreshments
The factors that make up the costs of digitalized trainings
- the preparative tasks of the trainer
- the working time necessary to the trainer’s active involvement during the training
- the working time necessary to the participants’ active involvement during the training
- the elearning-platform
And how to calculate this all?
Here you go – this is a ready-to-use excel sheet for calculating the costs of the training. Downloading is free!
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