How to evaluate ROI on different models of IT Training?
Last updated on Jul 01,2020 2.3K Views
VardhanVardhan is a technology enthusiast working as a Sr. Research Analyst at...Vardhan is a technology enthusiast working as a Sr. Research Analyst at Edureka. He has expertise in domains like Big data, Cloud computing and...
How to evaluate ROI on different models of IT Training?
From California Gold Rush to IT boom to latest Cryptocurrency movement, human history has demonstrated that it is the early adopters who reap the maximum benefits from new opportunities. Identifying golden opportunities before others do, makes all the difference.
The early bird gets the worm. The early worm… gets eaten. -Norman Ralph Augustine
As new Technologies emerge, they bring demand for engineers and companies are ready to pay premium. For example, PHP Developers were paid highly between 2005-2009 and as more PHP developers entered the market, the salaries came down. We have seen this happening across so many Technologies since IT boom. So, it is very important for us to be aware of upcoming Gold mines in Technology and up-skill ourselves accordingly. And for that, Training is required. For most of our readers, the question isn’t Should I train or not, but What is the best type of training model for me?
Training requirements depends on individual to individual but all of them require the investment of Money, Time or Effort and today I will help you evaluate the ROI of an IT training.
Self-learning vs Classroom Training vs Recorded videos vs Online Instructor Training
Online Instructor-led Training
Note: To achieve the same amount of ‘Learning’ across different training models, the investment metrics are listed above.
Confused Between Different Models of Learning?
The table above, has a brief description about the training models. Let me explain each of the models here in detail.
Training Model 1: Self-Learning
Self-learning is the de-facto training model adopted by all of mankind since inception. Ever since our time as Nomads, up till today, the human’s tendency is to Watch, Learn & Grow. There’s no doubt that we as individuals can learn a skill on our own.
Knowing more is better than knowing none.
I personally learn a lot from Blogs, YouTube videos and Books. Since the information which is freely available is unstructured, it only contributes to small chunks of relatable information.
No investment in the form of Money
All learning resources are free: Blogs & YouTube videos (Online), Books (Offline)
Freely available content is unstructured & at times incomplete
Not the best option for professional learning
Gaining practical knowledge is challenging; you won’t be industry ready
Steeper learning curve with no external help
No scope for group discussion and collaborating with ideas
Suitable for those with above average intelligence
Just like how athletes and sportsman have high performance coaches, even you need ProfessionalInstructors who can structure the concepts and streamline your understanding of concepts.
Are You Getting the Best Out of Your Training?
Training Model 2: Classroom Training
This is the traditional approach followed by humans for thousands of years. But clearly, the trend is changing now because nobody these days want to travel afar amidst the traffic and chaotic schedule. Yes, the returns are equally good in this model, but, is it worth it? When it’s time for change, it’s time for change.
Learn Online, Learn Now!
More reliable & over all learning guaranteed
Doubts can be immediately clarified
Discussion with other participants will help in more learning
More practical knowledge means more job opportunities
More Energy & Effort invested in travelling to the physical classroom
World class instructors not guaranteed
World class infrastructure is also not guaranteed
Well, you’ll be investing more time in travelling, rather than learning, through this model when compared to Online training. And, your returns here, will be as good as the returns from Live Online Instructor training, and you can certainly look forward to better job prospects.
Training Model 3: Self-Paced/ Recorded Videos
This is the most common training model today and the recorded videos are your training material. The Time spent & Effort put in for learning is your biggest investment because the recorded videos are your only source of learning. Doubts in concepts will leave you hanging and you will only half-learn the concepts without any motivation.
Cheaper than Online instructor-led training and classroom training
More flexibility because you can go through video during free time
You can get the recorded videos from the best instructors
You will be in a comfort zone & not accountable to anyone; hence learning is less
Any doubt that arises cannot be clarified immediately; hence learning is hampered
Course completion rate is very less globally (which means you might not finish all classes)
You will get bored easily (because there is no experience sharing)
Very less scope for project exposure
Go for this model, only, if you’re a super-genius, or if you’re not too serious with your training. Moreover, Time & Effort to self-learn will be far greater investment compared to Money.
The returns in the form of learning is not much because you will learn nothing other than the content covered in the videos. Certifications are not valuable, and you’ll still be lacking in hands-on experience.
No matter how much you invest, you will only learn as much as your teacher. [banner_cta label="Explore Edureka’s Exhaustive List of Self-paced Courses." button_url="https://www.edureka.co/search/self-paced" button_label="Take A Look!"]
Training Model 4: Live Instructor-led Online Training
Nobody these days has the time and energy to walk up and down the stores for shopping. What E-Commerce has done to traditional shopping, is exactly what E-Learning has done to traditional learning. Gone are the days of physical classroom environment.
Change is the only constant.
The instructor will deliver the classes online, explain the concepts, perform practical hands-on and if you get a doubt, immediately ask the doubt (via voice or message). In my opinion, the future is Online training.
World class instructors guaranteed; best instructor from any geography
World class infrastructure for practicals guaranteed
Immediate doubt clarification from the instructor
You can collaborate with other learners for group discussion
Scope for project discussion
Steeper learning curve; but with guaranteed help
Constant reminders to attend classes; hence higher course completion rate
Certification gained has greater value
Slightly costlier when compared to other training models
No room for staying in comfort zone
Class timings are not flexible
Strength and growth come only through continuous effort and struggle. -Napoleon Hill
Agreed that, you will be investing heavily in the form of Money, Time, & Effort. But the returns are also the greatest only when invested in such a way. In short, your earnings in the form of certifications, hands-on exposure, and experience gained will take you the closest to newer job prospects.
Learning is the First Step to Mastery
To summarize, Training is very important and regular upskilling is a way to ensure better growth than your peers. Do not get stuck with older learning models of self or classroom learning and give that as an excuse for not upskilling yourself. Industry today recognizes online training and it has emerged as the future of learning, as we know it.