Our ROI framework allows you to measure all of the costs (inputs) and benefits (outcomes) of your WIL program to see if it makes financial sense. The ROI formula below is used to calculate the dollar amount gained for every dollar spent on a WIL program:
Calculating Returns on Investment (ROI)
ROI = (Total value of benefits from WIL - Total costs of WIL) / Total costs of WIL
The ROI of WIL can be difficult to calculate since different types of WIL (apprenticeships, co-ops, internships, applied projects, etc.) have different costs and benefits. But we took all of that into account in our new, first-of-its-kind ROI calculator. Building your ROI framework can help you answer some key questions, such as:
- What are the benefits of your WIL program?
- What are the costs of your WIL program?
- What outcomes are you creating from your WIL program?
- Is there a positive return on investment from your organization's WIL program?
Measuring the ROI of your WIL program can help you justify the expenses of a WIL program and help you compare different types of WIL that might benefit your organization in different ways. The next step will help you to calculate the costs associated with your WIL program.