Purpose: The aim of the paper is to identify which variables of training policy have a significant and positive impact on organisational performance. Design/methodology/approach: A targeted literature review was conducted to identify and collate a comprehensive range of human resource management and training conceptualisations/investigations. This was the basis for the approach to contrast hypotheses. The paper used a sample of Spanish companies and the method of analysis was regression. Findings: The results obtained in this paper do suggest that the training policy positively correlates with organisational performance, both using objective result measures (productivity and financial performance) and in the subjective measure of perceived financial performance and in intermediate result measures. Research limitations/implications: The study was confined to the analysis of a single Spanish region, and specifically referred to its hotel industry, which means that the results obtained must be situated within that specific context examined. To this must be added that the data were collected from a single source (CEOs) and, of course, it would have been more appropriate to use data from multiple sources. Originality/value: From an academic point-of-view, the research initiative presented here is placed within the new line of development for research into training and performance that tries to overcome the restrictions faced in other publications, trying to go one step further in the search for more specific connections between human resources and performance. From a practical viewpoint, this research work could help hotel entrepreneurs in two ways: first, by providing evidence that the resources allocated by hotel firms to the training of their staff have a positive impact on their profit levels; and second, by showing which variables should be considered to achieve this relationship. (Contains 8 tables, 3 figures, and 3 notes.)