How Do You Estimate Training Costs and Create a Budget? Seeking Advice and Sample Policies

Can anybody help me know the process/method of preparing a Training Budget? Is there any formula (if available) for estimating Training Costs? Additionally, if anyone can share a Draft of a Training Policy, it would be of great help.

Hi,

I am attaching a template that you might find useful.

Cheers!

Please give me the context of your question. Are you talking about an annual training budget for an entire organization or organizational unit, or are you talking about a specific training project? Do you want to use benchmarks to set the budget, or do you want to calculate how much it will cost to satisfy specific training needs? Do you have your own internal instructional designers and trainers, or do you outsource all of your training?

There are just so many variables. The same goes for the training policy. If you can tell me about your situation and the context of your need, this would assist in being able to give more helpful advice.

Vicki Heath
Trainer Resources
http://www.businessperform.com

According to HR best practice, for an organization, the training budget should be 4% of the total payroll cost.

Hope this helps.

Regards,
Prachi

I agree that 4% of payroll costs or 1.5% of the company's overall costs can be allocated for the training budget.