You’re implementing (or considering) online training, and you need to put together a business case that shows the investment will pay off. But how to do that? It’s rarely as simple as looking at crash or violation costs, so where do you start?
This session will explore the challenges of calculating ROI for training projects in general, and provide some specific tips related to online initiatives. Sections will include:
Compliance How much do you spend on non-compliance?
HOW MUCH ARE YOU WILLING TO RISK?
The true cost of an accident can be staggering. Besides direct costs, indirect costs like poor publicity, lost clients and lost productivity can take a toll. The average cost for a truck accident is $148,279, not including litigation. It would
take an additional revenue of $7,413,950 to pay the accident costs, assuming an average profit margin of 2%. A study of over one million lines of data on truck violations discovered that over 28,000 trucking companies, representing over 200,000
trucks, operated with safety violations. The Federal Motor Carrier Safety Association’s (FMSCA) settlement for non-compliance was $36,262,097 in 2014 with an average fine of over $7,000 per case.