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Calculating the Cost of Training
Calculating the cost of training is a difficult task. The benefits of training are unpredictable because of the many influencing factors such as the trainer, the students retention, their understanding and many more variables.
Only a part of this quantifiable equation is known, the hard costs to train. This equation helps you use these known costs to calculate the effectiveness of training one person, five, ten, or more. There is an economies of scale which you need to find to be effective. A mass of employees being trained would have a diminishing return when the student-teacher ratio is excessive, so be careful. Determining how to train and how many is up to you.
TRC Interactive has brought to us a calculator to help on the known factors of this equation. Using some hard costs and depreciation you can calculate the costs and see the benefits of training greater numbers of staff.
The Average cost per participant per day for training is calculated based on your input of these variables:
- Annual Trainer Salary/Benefits/Travel
- Annual Participant Salary & Benefits
- Overhead, Depreciation, Other
- Annual Number of Working Days
| Average Cost Per Participant Per Day = |
ATSB + APSB + O/D |
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ANWD |
For over 33 years, TRC Interactive has been helping banks successfully train their employees by offering a variety of off-the-shelf and customizable solutions to meet all bank training needs, including Teller, Compliance, New Accounts, Lending, Management, and Customer Service. Whether for online, classroom, blended, or virtual training… they offer highly interactive solutions that will get you the results you want! To learn more: visit www.trcinteractive.com | call 1.800.222.9909 | email TellMeMore@trcinteractive.com.
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