Are our selection and training programs cost effective
Recently updated methods for evaluating the cost effectiveness of selection and training programs are applied in two situations. First an API-sponsored study shows that using tests to hire a board operator saves $21,000 per person per year. When these savings are accumulated over people and time, the savings total into the millions of dollars. The cost effectiveness of training programs can be similarly determined. An interpersonal skills workshop was found to have a return-on-investment of over $400,000, or over 300 percent. The savings that result from such training and selection programs definitely argue that the programs are well worthwhile and that the cost-effectiveness studies to demonstrate such savings are also well worth the investment.
- Research Organization:
- Ethyl Corp., Richmond, VA
- OSTI ID:
- 5374517
- Report Number(s):
- CONF-8405145-
- Journal Information:
- Proc., Am. Pet. Inst., Refin. Dep.; (United States), Vol. 63; Conference: IMOG/NSG meeting, Tampa, FL, USA, 15 May 1984
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
PERSONNEL
TRAINING
PETROLEUM REFINERIES
PERSONNEL MANAGEMENT
COST BENEFIT ANALYSIS
EFFICIENCY
INVESTMENT
PROGRAM MANAGEMENT
INDUSTRIAL PLANTS
MANAGEMENT
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