Unlocking Success: The ROI of VR Training
Key ROI Areas
Virtual Reality (VR) has revolutionised the way organisations enhance employee skills and knowledge. In this digital age, traditional training methods are being eclipsed by the immersive and interactive experiences offered by VR technology. One of the key factors driving the widespread adoption of VR training is its remarkable return on investment (ROI). Below we will explore some of the ways VR training is creating strong ROI for training departments.
Digital Training Environments
By leveraging immersive learning, companies can optimise training costs and resources, as they eliminate the need for physical infrastructure and reduce expenses associated with travel and accommodation. Digital training environments also offer flexibility and convenience, allowing employees to access training materials at their own pace and convenience, resulting in improved knowledge retention and application. The interactive nature of these environments promotes engagement and participation, leading to enhanced skill development and increased performance, ultimately translating into tangible ROI for organisations.
Long Term Knowledge Retention
By utilising VR technology, employees engage in immersive and realistic training scenarios that enhance their understanding and retention of information. This increased retention translates into improved on-the-job performance, reducing errors, and increasing productivity. Additionally, VR training allows for repeated practice and reinforcement, ensuring that skills are solidified over time, leading to long-lasting knowledge retention and a higher ROI through improved efficiency and effectiveness.
Source: National Training Laboratories
Time Efficiencies Savings
Virtual reality (VR) training has revolutionised the learning landscape by providing significant time efficiency savings for organisations. Through VR simulations, employees can engage in realistic and immersive training experiences that compress the learning curve. This eliminates the need for extensive travel, setup, and physical resources associated with traditional training methods. By condensing the training timeline, organisations can achieve faster skill acquisition, reduced time away from work, and streamlined onboarding processes, resulting in notable time efficiency savings and improved overall productivity.
CHECK OUT OUR ROI CALCULATOR AND SEE HOW YOUR ORGANISATION COULD BENEFIT FROM VR TRAINING
Training courses (average courses attended 1.5/yr): $HIGH $442.50/yr
Time cost (4hrs~): wages cost + loss of productivity: $VERY HIGH $420/yr
Logistics & Travel: $HIGH average cost is not included in this example
Total cost per employee = $HIGH $862.50/yr
Vs
Next World VRSubscription: $LOW $59.90/yr
Time cost (20mins): $VERY LOW $105/yr
Logistics: NONE
Total cost per employee = $LOW $164.90/yr
*prices are indicative in nature and based on industry averages
Scalability
VR training eliminates the need for physical training spaces, equipment, and materials. Instead, all that’s required is a wireless VR headset, making it highly scalable and cost-efficient. By delivering training virtually, organisations can reach a large number of employees simultaneously, regardless of their location. This scalability reduces the time and expenses associated with traditional training methods, such as travel costs, equipment fees and shutdown costs, resulting in significant amplifications of ROI savings.
Example diagram of roll out program
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