Human resource managers that incorporate employee measurement and appraisal into HR training generate the most effective performance management and development processes, according to recent study by Best Practices LLC.
The report “Best Practices in Employee Performance Management and Development” shows how training practices have proven profitable, says Best Practices.
The Chapel Hill-based firm says one benchmark partner it looked at developed an apprenticeship program to develop employee knowledge across skill competencies. The program enabled the company to achieve Six Sigma production quality and a 90 percent retention rate for employees who participated in the program.
Another benchmark partner profiled in the report allowed its training budget to make up 3.3 percent of its annual payroll. This decision allowed the company to generate customer price reductions of up to 22 percent, the report states.
Best Practices says the findings are based on information gathered from 70 companies across more than 30 industries.
Best Practices: www.best-in-class.com