Question

Q3. It has been argued that training can lead to turnover, but career development can reduce it. Differentiate between training and career development. Why might training lead to turnover while career development might improve retention? Explain.

Q4. According to a 2010 study by economists Angus Deaton and Nobel Prize–winning psychologist Daniel Kahnerman, “high income doesn’t bring you happiness…[T]he further a person’s household income falls below $75,000, the unhappier he or she is. But no matter how much more than $75,000 people make, it doesn’t bring them any more joy.” Do you agree or disagree with this conclusion? Explain your views.

Answer 1

BASIS FOR COMPARISON	TRAINING	CAREER DEVELOPMENT
Meaning	Training is a learning process in which employees get an opportunity to develop skill, competency and knowledge as per the job requirement.	Development is an educational process which is concerned with the overall growth of the employees.
Term	Short Term	Long Term
Focus on	Present	Future
Orientation	Job oriented	Career-oriented
Motivation	Trainer	Self
Objective	To improve the work performances of the employees.	To prepare employees for future challenges.
Number of Individuals	Many	Only one
Aim	Specific job related	Conceptual and general knowledge

Because of the above differences, Training tends to turnover whereas career development leads to reduced turnover and employee retention

b)

I agree with this conclusion. With an increase in the level of Income there will be an increase in desire/wants. Money does,t buy happiness.income is more strongly related to satisfaction than to happiness. We speculate that the Cantril ladder of life is a purer measure of life evaluation than the life satisfaction question, which has an emotional aspect

More money does not necessarily buy more happiness, but less money is associated with emotional pain. Perhaps $75,000 is a threshold beyond which further increases in income no longer improve individuals’ ability to do what matters most to their emotional well-being, such as spending time with people they like, avoiding pain and disease, and enjoying leisure.

According to the ACS, mean (median) US household income was $71,500 ($52,000) in 2008, and about a third of households were above the $75,000 threshold. It also is likely that when income rises beyond this value, the increased ability to purchase positive experiences is balanced, on average, by some negative effects.

A recent psychological study using priming methods provided suggestive evidence of a possible association between high income and a reduced ability to savour small pleasures

Above a certain level of stable income, individuals’ emotional well-being is constrained by other factors in their temperament and life circumstances.