Efficiency assessment of the expenses on further training of a company’s staff

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Journal paper

Creative Economy ^{(РИНЦ, ВАК)}
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Volume 10, Number 12 (December 2016)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=27486967
Cited: 6 by 07.12.2023

Abstract:
The article is dedicated to the problems related to determination of the efficiency of the expenditures on education and on upgrading of the staff’s skills. A mathematical model of an economically efficient personnel training has been proposed. This model is based on identifying an optimal combination of expenses on training, training efficiency, number of the employees who have undergone skills upgrading. The sequence of the efficiency calculation of the personnel training has been described in details. The described model provides the instruments for a quantitative expression of training results of a company’s personnel. Realization of all the stages will enable to determine expediency of the expenses on education and also to correct the means for training the company’s staff. The proposed parameter "elasticity coefficient of the efficiency of education according to the expenses on education" enables a quantitative comparison of the efficiency of training and the expenses on training when organizing the educational programs in different ways. The research results presented in the article may be used by economists, entrepreneurs, professionals and researchers in the field of management, project management.

Keywords: further vocational training, economically efficient training of the company’s staff, model for the education efficiency assessment, efficiency of expenses on personnel training, elasticity coefficient of the education efficiency

JEL-classification: M12, I20, M53

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