According to the Association for Training and Development’s 2014 Industry report, the average company spends $1208 on training for one employee in one year and an average employee spends 31.5 hours in training. However, it’s estimated that only 10-15% of what an employee learns in training gets applied in everyday work. So really, that $1208 per employee only buys 3.2 to 4.7 hours of training that will actually be used and the other 26.8 to 28.3 hours per year are essentially wasted. That’s more than half a week per employee per year.
That’s a lot of money and time to spend for a very slight return. However, the money and time spent on formal learning doesn’t account for the experiential learning and informal development employees get by doing their jobs, collaborating with colleagues, asking questions, and hunting up their own answers when they need to.
Researchers estimate that 70 to 90% of what employees learn comes through this experiential, informal channel. And researchers have also discovered that if you can provide some structure, direction and support for this experiential learning, you can significantly decrease the time it takes team members to learn job skills. You can also decrease errors, absenteeism and turnover.
Pract.us helps you realize those benefits by structuring, managing and validating experiential learning. And Pract.us costs just $60 per employee per year, less for larger teams. That’s about 5% of what an average company spends on training today. But with Pract.us, instead of focusing on formal training with low likelihood of return, you’ll be making everyday informal and experiential learning more effective for your company.