How Much Do Companies Need to Invest When Considering VR Training?

But how much do you need to invest to make VR worthwhile? As you’ve probably guessed, the answer really depends on what you want to achieve. So to help you better understand your options, here’s everything you need to know about investing in VR training.

What is VR training and why is it becoming so popular?

VR training is an immersive and lifelike learning experience used to simulate work-related challenges in a risk-free environment.

Depending on the training requirements within your industry, VR can be used to simulate a workplace where employees can enhance their understanding and skills for their particular roles.

In fact, a recent study from PwC found that learners were four times faster when training using VR and 3.75 times more emotionally connected to the content. 

And if that’s not enough to prove VR deserves its place in the workplace, learners were also 275% more confident when applying new skills in their roles!

What’s more, those who work in dangerous environments, such as a construction site, can learn without risk in a safe virtual environment where mistakes don’t have consequences. Learners can also repeat modules and exercises as many times as necessary to feel confident they can perform a particular task before they ever set foot in the workplace.

For surgeons, where mistakes potentially lead to serious consequences, VR training can be used to practice intricate procedures before they’re performed in real-life theatre. It means trainees and learners can focus on learning rather than the fear of failing.

The benefits of VR training over other training

While there are a number of different types of training organizations can leverage to get the most out of their employees, there are some distinct advantages of investing in VR training:

Collaboration and scalability

Unlike the geographical restrictions that come with a dedicated training center, businesses who opt for VR as their go-to training platform are free to deliver training anywhere in the world.

Not only does this mean you’ll save money on renting training centers and hiring guest speakers, but it also means your team can get going with learning straightaway, instead of wasting time commuting.

Hands-on practice

Having the opportunity to replicate a real-life scenario before entering the workplace gives employees the knowledge and confidence they need to perform their roles to the highest standard.

Without VR, learners are restricted to traditional classroom teaching methods, where knowledge is often exchanged without any hands-on experience to solidify different techniques.

Why simply tell your learners how to perform a task when you can use VR to show them in intricate lifelike detail?

Optimize performance data

Putting together staff training is all well and good, but if you’re not measuring the impact it has on performance, it becomes somewhat pointless. With VR, monitoring and evaluating learning progress is made easy using biometric feedback, which tracks learners’ body movements, interactions, and responses.

Once data is reviewed, adjustments can be made to the training to fill knowledge gaps and improve performance for any given task, whether it’s dismantling an engine, responding to a health and safety scenario, or operating on a patient. 

How much do companies need to invest when considering VR training?

The amount a company needs to invest in VR depends on the scale, functionality and complexity of the required training program. 

According to Roundtable Learning, fully customized virtual training content can cost anywhere between $50,000 and $150,000 or more depending on its scale and complexity.

Although these costs may seem high initially, the investment made into VR can be quickly balanced by the accelerated learning experience and performance of employees.

Factors to consider before making an investment in VR training

It’s no secret that many high-profile companies have reported positive business outcomes due to their investment in VR. And with more businesses starting to follow suit, it seems VR will soon be leading the way as a preferred training tool.

In fact, ABI research predicts that the VR training market will grow to $6.3 billion by 2022, up from $216 million in 2018. However, before you decide to jump on this trend, there are three important factors to consider:

1. Performance goals

Depending on the scale of your program, VR can be a considerable outlay for many businesses. So before you start integrating headsets into your training, think about the return on investment you’ll want to receive.

For example, if you wanted to train learners to deal with high-pressure environments or perform high-risk procedures, VR can provide the necessary experience you won’t find in a traditional classroom setting. As such, learners are better prepared to perform in their roles and are ultimately more valuable, confident and productive members of your business.

2. Scale of training

For lower-risk positions, such as front-of-house hotel staff, training can often be delivered in person. But if you’re a hotel chain with properties across the globe, onboarding thousands of new employees in person becomes impractical. 

In these situations, integrating VR into your training program will not only save you time and money, but it’ll also ensure each new member of your team is receiving the same level of standardized training no matter their location.

Based on this logic, the bigger the scale of your operation, the more likely it is you’ll see a higher return on investment for your integrated VR training.

3. Record participant feedback

Even though a reputable VR provider will take the time to fully understand your training requirements, improvements can always be made to the user experience.

For this reason, put a feedback system in place where employees can record any constructive criticism about their VR experience. As an employer, you must be ready to iterate any necessary changes as and when they’re required.

Final thoughts

VR can be a powerful tool in the learning toolkit but it’s important to remember that not all costs are monetary and it’s crucial to invest the necessary amount of time and planning to make sure the program is worthwhile and will demonstrate a true return on investment.