As we have already seen in several other posts, there are a lot of costs that you as a business owner or manager would have to consider when building an online marketing department with full time employees.
Apart from the usual employee costs, there are several other costs that several business owners fail to take into consideration. One such cost is the training cost.
The training costs for your team can be huge and unless you want to be caught surprised, it is better to be prepared for the expenses (time, money and effort) you will face down the road for training.
However, it is important to note that, training and education of employees should be considered as an investment and not just as another expense. Sooner or later, you are bound to see the returns of investing in training.
There are costs in several stages when it comes to training:
- Development costs (e.g., salaries and benefits of personnel, equipment).
- Direct implementation costs (e.g., training materials, technology costs, facilities, travel, equipment, instructor’s salary and benefits).
- Indirect implementation costs (e.g., overhead, general and administrative).
- Compensation for participants.
- Lost productivity or costs of “backfilling” positions during training.
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