Whether in a workplace or elsewhere, saving time and money is always the platinum standard. In today’s rapidly evolving business landscape, companies are constantly seeking innovative ways to enhance their training programs while managing costs effectively. Virtual Reality (VR) has emerged as a game-changing technology in the realm of workforce training. The booming technology offers immersive and engaging experiences with the potential to revolutionise how organisations approach employee learning and development. But does VR actually lower training costs? Is it more expensive than traditional training? How much does virtual reality training cost? This blog delves into these questions and explores the benefits of incorporating VR training in the workplace.
The challenge of traditional training
Traditional training methods often face significant hurdles in terms of effectiveness and cost-efficiency. One of the most pressing issues is the rapid decline of knowledge retention. Studies have shown that learners forget a staggering 70% of training content within 24 hours, and nearly 90% within a month. This alarming statistic highlights the need for more impactful and memorable training solutions.
Enter VR training
Virtual Reality training offers a promising solution to the challenges posed by conventional training approaches. By creating immersive, interactive environments, VR has the potential to dramatically improve knowledge retention and engagement among learners. VR training has been shown to significantly increase knowledge retention and engagement compared to traditional methods. The immersive nature of VR experiences allows learners to interact with realistic scenarios, making the training more memorable and applicable to real-world situations. Another benefit of VR training is the boost in confidence it provides to learners. By allowing employees to practice skills and procedures in a safe, virtual environment, they can build confidence before applying their knowledge in real-world situations.
How much does Virtual Reality training cost?
The exact cost range of VR is difficult to gauge as there are several factors that account for the cost based on the complexity of the projects including bespoke or off the shelf content, number of scenarios, amount of interactions, length of each module, etc. Luminous XR’s off the shelf training content with ten headsets ranges from £4,500 – £5,560 per year, whereas, bespoke training content would be higher. Luminous XR also offers a no-code content creation tool, FLOW, for developers with basic Unity experience to create bespoke training content. A creator package to develop content on FLOW along with a demo PORTAL to test multiuser capabilities and content can be tested for free, and the cost to create and host XR training content for clients starts from £1,450.
Is VR training cheaper than traditional learning?
Yes, in the long term. While the initial investment in VR tech for training may seem substantial, it is essential to consider the long term benefits which make it more cost effective than traditional training.
According to a study conducted by PwC analysing the effectiveness of training with VR, the technology requires a 47% higher initial investment compared to traditional training, despite the decreasing cost of software creation over time.
However, the study finds that when offered to a sufficient number of trainees, training in immersive environments is more cost-effective as it takes less time to cover the same content, making it a better investment. Applying this reasoning to specific figures, the study estimates that with just 375 students, the implementation cost would be equal between a traditional educational model and one based on VR. Based on these variables, further calculations show 52% cost reduction with 3,000 students and 64% reduction with 10,000 students.
Cost benefits of VR training
Reduced Travel and Venue Costs
VR training can eliminate the need for expensive travel and venue rentals associated with traditional training sessions. Employees can access training modules from anywhere, reducing logistical costs and increasing flexibility.
Scalability
Once developed, VR training content can be easily scaled across an organisation, allowing for consistent training experiences for all employees without incurring additional costs per learner.
Minimised Downtime
VR training can often be completed more quickly than traditional methods, reducing the amount of time employees spend away from their primary duties. This increased efficiency can lead to significant cost savings in terms of productivity.
Safety Training Cost Reduction
For industries with high-risk environments like aviation, manufacturing and defence, VR offers a safe way to conduct hazard recognition and safety skills training without exposing employees to actual dangers. This can lead to reduced insurance costs and potential savings from avoided accidents.
