Alogent recently created a new spreadsheet that helps bankers calculate the cost of their current exception tracking workflows.
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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 sent 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 ANWD
You can download the Excel spreadsheet and use your own variables to see what your costs are, and how to maximize the return on your training dollars. Note that to preserve the integrity of the formulas, the worksheet is protected. Data may be entered only into the yellow cells unless you unprotect the sheet. There is no password used.
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