To calculate your ROI, you’ll need to take inventory of the different types of expenses associated with your WIL program(s). Not all WIL programs cost the same. For example, emerging WIL types (micro-placements, online projects, or consulting work, etc.) are low cost and lower risk compared to more traditional placement-based WIL, such as apprenticeships, internships, and co-ops. Below is a list of the main costs to consider in order to calculate your ROI. The full list of costs can be found in the How to Calculate Your ROI: A Step by Step Guide found above.
Recruitment and Administrative Staff Costs
Recruitment and administrative costs can include the wage costs of staff completing administrative tasks or any other costs associated with the recruitment process (advertising, job posting fees, etc.).
One of your employees is spending 10 hours per week over 6 weeks recruiting WIL students, at an hourly rate of $40/hr. They also incurred paid advertising costs of $1,500 for the duration of the recruitment cycle. Your total recruitment and administrative costs are $3,900 ([$40/hr x 10 hr/wk x 6 wks] + $1,500).
Training Staff Wages
This includes the cost of any internal or external staff to supervise and/or train your WIL students for the duration of your WIL program. These hours are considered a cost since they are not being used for the employees' normal activities.
Two of your supervisors spend 20 hours per week supervising and instructing WIL students during their 12 week placement, at an hourly rate of $30/h. Your total training staffing cost is $14,400 (2 x [$30/hr x 20 hrs/wk x 12 wks]).
Student wages include all regular wages, overtime, or other additional financial compensation for food, travel, living expenses, etc.
If your organization hired 10 WIL students for 35 hours per week at an hourly rate of $15/h for a total of 12 weeks, your total cost is $63,000 (10x [$15/hr x 35 hrs/wk x 12 wks]).
Training supplies can include books, learning software, videos, equipment, or other educational fees or external courses offered as part of the student’s WIL experience.
One of your WIL students has been approved to complete a specialized Accessibility training course to design accessible documents for your organization. The cost of the training course is $450.
Material and Infrastructure Costs
Essential equipment and software required by WIL students is also a potential WIL cost. Especially during virtual placements students may need a laptop, monitor, keyboard, etc., depending on the nature of their work. Infrastructure costs relate to any machinery or appliances required for students to complete their work, as well as the cost of the premises and other infrastructure used by WIL students.
You hired 10 new WIL students, all of whom require laptops for the duration of their placement, costing $1,000 each. Five of those students also need computing software installed, costing $500/installation. Finally, your organization is renting out a space in order to conduct a 1 day orientation for all of the students, costing a total of $8,000. Your total material and infrastructure cost would be $20,500 ([ [10 x $1,000] + [5 x $500] ]+ $8,000).
Other costs to consider can include, but are not limited to, insurance costs, taxes, and opportunity costs. Opportunity costs are the value of the production that will be foregone as staff and other resources are used for the WIL program rather than other productive tasks. Read more about each type of costs in the full guide.
Don’t forget to access regional, provincial, national, and sector-specific financial support programs to help offset your costs. Be sure to check out our Financial Supports Catalogue to find which financial supports are available to you.