The Cost of Time
Traditional classroom training requires employees to take time off from work, travel to a training location, and spend hours sitting in a classroom. Long-form training courses lock employees to their deck, mindlessly flipping through pages. This results in lost work hours and disengaged learners, costing companies valuable time and money. Conversely, microlearning allows employees to learn at their own pace, anytime, anywhere, reducing the need for travel and lost work hours. It’s a smart and practical choice for your company.Calculating Cost Savings
To calculate the cost savings from time savings, consider the following:
Time Spent Learning: Calculate employees’ hours spent on traditional training and multiply it by their hourly wage. Studies have shown that micro-content can equate to up to 22% faster completion.
Travel Expenses: Calculate the cost of travel, accommodation, and food for employees attending traditional training.
Productivity: Calculate the increase in productivity due to eLearning and multiply it by the hourly wage.
Knowledge Retention: Consider the time saved by increasing knowledge retention, reducing the need for repeated training, and allowing employees to quickly review material when a knowledge gap arises. Microlearning has shown up to 20% better retention.