{"id":346,"date":"2020-03-11T11:12:00","date_gmt":"2020-03-11T16:12:00","guid":{"rendered":"https:\/\/projectmanagementacademy.net\/resources\/?p=346"},"modified":"2021-12-20T11:40:51","modified_gmt":"2021-12-20T16:40:51","slug":"determine-true-costs-of-corporate-training","status":"publish","type":"post","link":"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/","title":{"rendered":"Determining the True Costs of Corporate Training"},"content":{"rendered":"\n<p>Training managers know that training encompasses much more than what happens during the class itself. There is an infrastructure of talent, logistics, training materials, vendor management, and employee engagement that must come together for effective learning to occur. Training Magazine\u2019s Industry Report, a standard for over three decades, reported in <a href=\"https:\/\/trainingmag.com\/trgmag-article\/2019-training-industry-report\/\">2019 total U.S. training expenditures<\/a> as $83 billion, including the costs of training staff and vendor services. Both direct and indirect costs should be included when determining the true cost of any corporate training effort so that budgets can be determined and the <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/use-roi-to-demonstrate-the-value-of-corporate-training\/\">ROI of corporate training<\/a> calculated.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>On this page:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#types-of-costs\">Understanding Types of Costs<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#direct-costs\">Direct Costs of Corporate Training<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#indirect-costs\">Indirect Costs of Corporate Training<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#cost-breakdown\">Breaking Down the Costs of Corporate Training<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#reducing-costs\">Reducing Costs While Keeping Quality<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#train-together\">Teams that Train Together Perform Better Together<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#travel\">Instructor Travel vs Employee Travel<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#onsite-or-online\">Onsite, Online, or Both<\/a><\/li><li><a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/#invest-to-save\">Invest in Training to Save Money<\/a><\/li><\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/e360-media.s3.amazonaws.com\/2021\/04\/05154613\/7-Secrets-Passing-PMP-Exam-1.png\" alt=\"7 Secrets to Passing the PMP Exam\" class=\"wp-image-98\" width=\"402\" height=\"152\" srcset=\"https:\/\/e360-media.s3.amazonaws.com\/2021\/04\/05154613\/7-Secrets-Passing-PMP-Exam-1.png 803w, https:\/\/e360-media.s3.amazonaws.com\/2021\/04\/05154613\/7-Secrets-Passing-PMP-Exam-1-300x113.png 300w, https:\/\/e360-media.s3.amazonaws.com\/2021\/04\/05154613\/7-Secrets-Passing-PMP-Exam-1-768x290.png 768w\" sizes=\"auto, (max-width: 402px) 100vw, 402px\" \/><\/figure><\/div>\n\n\n\n\n\t\t\t\t\t<script>\n\t\t\t\t\t\thbspt.enqueueForm({\n\t\t\t\t\t\t\tportalId: 3294842,\n\t\t\t\t\t\t\tformId: \"4091cf73-280a-4cd8-be87-aec72cada392\",\n\t\t\t\t\t\t\ttarget: \"#hbspt-form-1778299984000-5393375358\",\n\t\t\t\t\t\t\tregion: \"na1\",\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t});\n\t\t\t\t\t<\/script>\n\t\t\t\t\t<div class=\"hbspt-form\" id=\"hbspt-form-1778299984000-5393375358\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"types-of-costs\">Understanding Types of Costs<\/h2>\n\n\n\n<p><img decoding=\"async\" style=\"width: 300px; float: right; margin: 0px 0px 10px 10px;\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/3294842\/8%20PM%20Underperformance%20Problems.jpg\" alt=\"8 PM Underperformance Problems\" width=\"300\">Ever hear a co-worker say, \u201cif we use the internal training team, the class will be free because we don\u2019t pay for anything.\u201d? Yet, if those same co-workers stood in a hallway staring at each other because there was no training room reserved, no instructor to guide the work, no materials to reinforce key points, and no documentation to include for certifications, they may rethink that \u201cit\u2019s all free\u201d concept. Just as you would for a project budget, it is important to know what items, services, expenses, and fees comprise a training solution\u2019s cost so that you can garner support for quality training for your business. Internal or external, onsite or virtual, all training has a cost.<\/p>\n\n\n\n<p>At a base level, there are <a href=\"https:\/\/www.businessnewsdaily.com\/5498-direct-costs-indirect-costs.html\">direct and indirect costs<\/a>. Direct are those costs that have a 1:1 connection to the specific service or good; they include software, equipment, raw materials, and labor that is specific to the product, department, or project. Indirect costs include generalized costs for the business which are needed to create the service or good; they include overhead costs and are <a href=\"https:\/\/www.businessnewsdaily.com\/5498-direct-costs-indirect-costs.html\">sometimes referred to as the &#8220;real&#8221; costs of doing business<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"direct-costs\">Direct Costs of Corporate Training<\/h2>\n\n\n\n<p><img decoding=\"async\" style=\"width: 220px; float: left; margin: 0px 10px 10px 0px;\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/3294842\/Cost-of-PMP.jpg\" alt=\"Cost-of-PMP\" width=\"220\">When you are putting together a training plan, it is easy to look up a vendor and just quote the price from the website, for example, $599\/person and for a class of 15, that will give you a direct cost estimate of ($599 x 15 = $8,985). That is one item in your potential list of direct costs for training. Other costs of software, equipment, materials, and labor could include but are not limited to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Room Set up \/ Reservation Fees<\/li><li>Software Licenses or Technology Fees<\/li><li>Vendor Travel<\/li><li>Vendor Training \/ Fees<\/li><li>Training Materials with Shipping Fees<\/li><li>Testing Fees (if applicable) for each Participant<\/li><li>Catering \/ Snacks \/ Beverages<\/li><li>Vendor and Participant Parking<\/li><li>Employee Participants<\/li><li>Employee Coverage for Employees Attending Class<\/li><li>Employee Participants Travel costs<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"indirect-costs\">Indirect Costs of Corporate Training<\/h2>\n\n\n\n<p>Some costs are in place regardless of whether a training is held. Those indirect costs do connect to the training because, if there was not a training room available or the employees did not already have laptops, there would be costs to provide those things. Some indirect costs are easier to connect to the training while others can be estimated or not fully calculated.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Employee Administrative Work: Finding and Vetting Vendor, Getting Contract, Scheduling Room\/Logistics, Recruiting, Registration, Communications to Learners, LMS Set Up Time<\/li><li>Wi-Fi \/ Internet Service<\/li><li>Building Maintenance and Housekeeping<\/li><li>Printing of Invoices and Materials<\/li><li>Employee Computers \/ Workstations<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"cost-breakdown\">Breaking Down the Costs of Corporate Training<\/h2>\n\n\n\n<p>That vendor training you found for $599\/person for a class of 15 ($599 x 15 = $8,985), could in fact cost $45,000 or more when all costs are factored. Depending on if you are working on a training proposal, researching the ROI of a training, or managing a company\u2019s overall training budget, you do not need to capture every possible cost. A former Chief Learning Officer provides a great corporate training cost breakdown in his Forbes\u2019 piece \u201c<a href=\"https:\/\/www.forbes.com\/sites\/danpontefract\/2019\/09\/15\/the-wasted-dollars-of-corporate-training-programs\/#7adb778471f9\">The Wasted Dollars of Corporate Training<\/a>\u201d:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn2.hubspot.net\/hubfs\/3294842\/True%20Cost%20of%20Corporate%20Training%202.jpg\" alt=\"True Cost of Corporate Training 2\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"reducing-costs\">Reducing Costs While Keeping Quality<\/h2>\n\n\n\n<p>The great news is that understanding the true cost of corporate training enables you to better manage those costs. There are different approaches which can help ensure your employees get the training they need without breaking the overall training budget. Consider these options to manage training costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"train-together\">Teams that Train Together Perform Better Together<\/h2>\n\n\n\n<p>Obtaining team or <a href=\"https:\/\/projectmanagementacademy.net\/articles\/pmp-group-training-benefit-company\/\">group rates<\/a> can significantly reduce the overall cost per person while increasing the overall business impact of the new skills. You will also have <a href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/why-should-your-company-purchase-corporate-training\/\">higher engagement and built-in reinforcement<\/a> of the learning itself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"travel\">Instructor Travel vs Employee Travel<\/h2>\n\n\n\n<p>Bringing the Instructor on site to deliver the class means your employees do not lose work time or productivity due to travel time. And if there is a flight delay or weather change, your employee remains available for work while the instructor attends to travel challenges. Additionally, you can include limitations to travel fees for the vendor to keep the cost at a fixed rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"onsite-or-online\">Onsite, Online, or Both<\/h2>\n\n\n\n<p>Follow up sessions and coaching can greatly enhance the impact of training. Rather than paying to have the instructor travel back and forth to class sites, use virtual options to provide the follow up to employees. In that way, you support the learning while keeping costs down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"invest-to-save\">Invest in Training to Save Money<\/h2>\n\n\n\n<p>Gallup\u2019s <a href=\"https:\/\/www.gallup.com\/workplace\/238073\/millennials-work-live.aspx\">How Millennials Want to Work and Liv<em>e<\/em><\/a> states that 59% of millennials, 44% of Gen Xers and 41% of baby boomers say opportunities to learn and grow are extremely important to them. That same <a href=\"https:\/\/www.gallup.com\/workplace\/236438\/millennials-jobs-development-opportunities.aspx\">Gallup report<\/a> states that 87% of millennials and 69% of non-millennials rate &#8220;professional or career growth and development opportunities&#8221; as important to them in a job. A well-managed training budget has the potential to save the costs of recruiting, on-boarding, training, and replacement of employees.<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center has-medium-font-size\"><strong>Studying for the PMP Exam?<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 is-style-fill\"><a class=\"wp-block-button__link has-white-color has-text-color has-background\" href=\"https:\/\/projectmanagementacademy.net\/free-pmp-questions\" style=\"border-radius:2px;background-color:#366194\" target=\"_blank\" rel=\"noreferrer noopener\">PMP Practice Questions<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p style=\"font-size:25px\"><strong>Upcoming PMP Certification Training &#8211; Live &amp; Online Classes<\/strong><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><table class=\"table table-striped table-bordered table-responsive-sm font-md mt-5 mb-0 d-none d-md-table\"><tr><td>Name<\/td><td>Date<\/td><td>Place<\/td><td><\/td><\/tr><\/table>\n<\/div><\/div>\n\n\n\n<p><\/p>\n<\/div><\/div>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Training managers know that training encompasses much more than what happens during the class itself. There is an infrastructure of talent, logistics, training materials, vendor management, and employee engagement that must come together for effective learning to occur. Training Magazine\u2019s Industry Report, a standard for over three decades, reported in 2019 total U.S. training expenditures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[15],"tags":[],"class_list":["post-346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-training"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Determining the True Costs of Corporate Training - Project Management Academy Resources<\/title>\n<meta name=\"description\" content=\"Both direct and indirect costs should be included when determining the true cost of any corporate training effort so that budgets can be determined and the ROI calculated.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Determining the True Costs of Corporate Training - Project Management Academy Resources\" \/>\n<meta property=\"og:description\" content=\"Both direct and indirect costs should be included when determining the true cost of any corporate training effort so that budgets can be determined and the ROI calculated.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/\" \/>\n<meta property=\"og:site_name\" content=\"Project Management Academy Resources\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ProjectManagementAcademy.net\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-11T16:12:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-20T16:40:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/e360-media.s3.amazonaws.com\/2020\/03\/18110023\/True-Cost-of-Corporate-Training.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Project Management Academy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PM_Academy\" \/>\n<meta name=\"twitter:site\" content=\"@PM_Academy\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Project Management Academy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/\",\"url\":\"https:\/\/projectmanagementacademy.net\/resources\/blog\/determine-true-costs-of-corporate-training\/\",\"name\":\"Determining the True Costs of Corporate Training - 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