Training is an investment in your business, and as with any investment there is an initial cost. The costs of training may include:

• tuition costs - ask your training provider for a full breakdown of training costs
• cost of resources required for the training eg, books, raw materials
• possible transport and accommodation costs if training is offsite
• cost of providing facilities for onsite training
• cost of hiring temporary replacements for staff occupied with training
• administration costs, including extra insurance and record keeping
• cost of recruitment and wages in the case of Australian Apprenticeships.

There are numerous vocational education and training (VET) initiatives that minimise the cost of training. These include:

• Funding - the Australian, state and territory governments encourage participation in VET by offering financial incentives and funding for training. As an employer you may be eligible for government funding, particularly in the case of New Apprenticeships.
• Targeted & quality training - accredited training that addresses both your business and employee needs will ensure a positive return on investment.
• Flexible learning - flexible training options such as online learning or inhouse training may be a suitable cost effective solution.

Use our ROI calculator to calculate the return on your training investment.