Save Training Cost and Time with Virtual Reality
Updated: May 6
On an average a company spends 5-7% of its revenue on employee training and for a new hire to handle complex tasks, it takes about 12-18 months. If employee turnover is the major reason for the company to hire new employees, then the company is sure to face a production downtime. In addition to the actual cost spent on training, there are certain hidden costs that include transportation, expert fee, compensations for injuries if any etc., These costs are inevitable in a traditional training method. Importantly, the time spent on training that leads to production downtime also adds to the training cost.
Virtual Reality training which is purely based on visualization and simulation doesn’t require much training sessions when training a mass, because all that the employees would need is a VR headset and they are good to go. They don't have to wait like they do in a classroom session. People can get trained anywhere anytime without having to travel. The employees needn’t depend on the experts as VR training is totally based on gaze interaction. The immersive technology that makes training effective, safe and sound, will reduce the risk of injuries in the field. So, VR safety training can significantly cut down the training cost and effectively train the employees at a minimal cost in a shorter time. When the training is effective, apparently there would be an increase in productivity.
Companies that have adapted to VR safety training have reported that their ROI has increased by 50% on an average adding their employees actively participate in the VR safety training sessions unlike in the traditional training method. This has increased the retention rate which has in turn increased the productivity rate and ROI. Thus, VR safety training is greatly time saving and cost effective training that helps companies get better in terms of safety and revenue.
Meynikara, in its journey of successfully helping many leading companies deploy VR safety training, found out that it is the best training solution for industries that are spending a lot of money and time on traditional training, yet struggling to achieve the desired results.