How much does Training Really Cost?
This is not a trick question. Nor is the answer, "The fees paid to the training company." These fees typically represent only about 7-10% of the actual cost of the training. The bulk of the cost - nearly 84% - typically lay in Lost Production and Lost Wages.
So, by asking this question, you will learn the opportunity cost of lost production and the wages paid during the "training time" for each employee. This number should prove to you that education should always be classified as an investment in your personnel's future. It also might deter you from selecting the "low bid" when you fully understand the true cost of training.
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