It’s time for another installment of our series, 5 Myths about E-Learning—Busted with Caregiver Training Advisor, Cassie Grimm!
ICYMI
- Check out how Cassie busted Myth #1: You Need a Computer to Do E-Learning.
- And Myth #2: It’s Only for Tech-Savvy Millennials
Today, she’s busting myth #3!
E-Learning Myth #3: It’s Too Expensive
On paper, E-Learning can appear pricier than instructor-led training (ILT). But this is actually a common misconception! Switching to technology-based learning can save your business thousands of dollars per year. In fact, Training Magazine reported organizations typically save 50-70% when they switch to E-Learning.
The Hidden Costs of ILT
When comparing training options, many business owners simply look at the up-front cost and fail to see the larger picture. While implementing an online learning system might be a larger investment up-front, instructor-led training has many hidden costs:
- Nurse educator salary per hour of training and preparation.
- Cost of outside trainer (if no nurse educator on staff).
- Paper, postage, printing and making copies.
- Snacks and prizes to keep your learners motivated.
A Dollar for Dollar Comparison
Calculate the ROI
The value of professional training and its return on investment (ROI) shouldn’t be difficult to measure. Start by figuring out how much you spend on your caregiver training now. Then look at all the results (or benefits) of that training, such as caregiver retention rates, referrals, reviews and readmission rates.
The Cost of Caregiver Turnover
The biggest hit to your budget is likely caregiver turnover. The average caregiver turnover rate is currently 66% and rising. And, nearly one-third of all healthcare recruiters in the US rank employee turnover as their number one concern.
Turnover decreases the quality of patient care, lowers productivity, reduces morale and, on top of all of that, is very expensive. In fact, The Robert Wood Johnson Foundation reports that replacing a non-medical caregiver can cost as much as 20% of annual pay. For a caregiver making $20,000/year, the cost to replace them is up to $4,000 per caregiver.
So, how do we reverse this trend?
Our friends at myCNAjobs learned that 44% of workers cite a lack of training opportunities as the reason they left their last job.
The solution is clear!
Offering consistent and practical training reduces turnover, stabilizes the care team, and increases client satisfaction.
On average, intheknow e-learning users (depending on how many caregivers you employ), pay about $49 per caregiver per year for access to 125+ e-learning modules, automated tracking, scheduling, grading, reporting, and much more.
So the question becomes;
Would you rather spend $49 per caregiver to keep your employees,
or $4,000 per caregiver to replace them?
Now, it’s your turn.
Take the time to do an in-house cost-analysis and see what you’re really paying for instructor-led training.
Then, request an e-learning quote from me today and to see how affordable e-learning can be!
