Save Time and Money with Online Training
Perhaps you always thought of training as a necessary evil. Every year your team goes without training, performance degrades by 25 percent. And forgoing training can significantly increase your threat vulnerability. But traditional approaches to training are a drain on resources, both financially and in terms of resources. Online training is an approach that considerably reduces the burdens of ongoing professional development. Let's take a look at the numbers behind online training's efficiency boost.
If you think you can save even more money by forgoing training altogether, think again. Research shows that well-trained employees make fewer mistakes and spend less time on recovery, so training means your team can net more productive hours. Consider this calculation:
- An hour of training prevents mistakes and recovery activities that cost your team five hours. So each hour spent training nets five additional hours of productive time.*
- Every year, each CBT Nuggets learner trains an average of 31 hours. So each employee with access to training saves productivity totaling 155 hours.
- At an average rate of $40 per hour, each IT pro engaged in training can recoup productivity worth $6,000.
After subtracting the cost of a CBT Nuggets subscription ($999), regular training can net a savings of at least $4,900 per learner.
*IDC Market Analysis Perspective: Worldwide and U.S. IT Education and Certification.
Resource Savings as compared to Bootcamps
Online training requires significantly fewer resources than traditional technology bootcamps. In a technology bootcamp, the cost to learn a single technology includes not only tuition for the course itself, but also travel to the class location, lodging, food, and all the other incidentals associated with work travel. Here's how the averages of those costs add up:
- The average domestic flight in the U.S. costs $337
- Accommodation at an average conference hotel plus a reasonable per diem for a five-day stay is $1034
- The average IT boot camp tuition for a Microsoft MCSA Windows Server 2012 course is $5,520 (though depending on the technology, it could be even more expensive)
Compare the total cost of a single bootcamp, $6,891 (the average price between four MCSA Windows Server 2012 bootcamps), to the cost for a single employee to access all the training and learning resources from CBT Nuggets for an entire year ($999) and you save $5,892 per employee. Assuming you are only sending each employee to one learning opportunity per year. If your team members attend multiple bootcamps, the savings are greater.
Decrease in Security Vulnerabilities
Another essential benefit of training your team, specifically in security, is mitigating loss in the event of a data breach.
Teams trained in security prevented $15.40 of losses per compromised record. The average data breach affects 29,611 records, resulting in a savings of $456,009.40.
Employees with access to training are more likely to stay and continue serving their organization with new skills.
- The cost to replace a skilled employee is $150,000.
- Trained employees leave 41 percent less often than those without access to training, which makes the total retention savings per employee, $61,500.
An investment in online training with CBT Nuggets yields savings due to increased efficiency, improved allocation of resources, decreased security vulnerability and increased staff retention. With all of those benefits, how can you afford not to train?
Learn more about the CBT Nuggets Learning Experience.