Training: quantifying the financial benefits

Abstract

Outlines a step‐by‐step procedure to evaluate both the costs and the benefits of any training proposal. The evaluation permits owners and managers to make informed decisions about appropriate training methods. The operator is often forced to choose between informal on‐the‐job training and structured off‐the‐job training. Utilizes a financial analysis model for identifying the dollar value of both performance and training. Compares benefits and costs of two different training approaches side‐by‐side to identify the method that will deliver the maximum financial benefit.

An Analysis Oftraining Budgets and Training Needs Assessments in Mid-Sized Hotels in the United States

“…Callan (1994) concluded that customer-care training programs should be developed by hotels to meet the specific needs of targeted markets. Moreover, &dquo;it re-inforces the view that the front-line employees' performance is a core concern of the customer.&dquo; But as Clements and Josiam (1995) pointed out, such exhortations are largely wasted on those who already believe in the efficacy of good training. Small and medium-sized hospitality operations, which make up the majority of the industry, have yet to implement structured training programs.…”

Proactive training system for safe and efficient precast installation

“…The sum of these costs can be considerable. This is exacerbated greatly by the need for apprentices to be continually supervised by more skilled and experienced colleagues for several months or even years [8].…”

An exploration of the relationship between training grants and profitability of UK construction companies

“…, 1993). Furthermore, Clements and Josiam (1995) demonstrated that the financial gains of training outweighed the cost. They followed a framework developed by Swanson and Gradous (1990) that provides a step‐by‐step guidance for evaluating the financial benefits of training.…”