“…While the monetary returns refer to an increase in worker's productivity which is expected to elevate his future earnings (Lynch, 1992;Mincer, 1989a;Pischke, 2001;Evertsson, 2004), non-monetary returns refer to returns such as promotion, employment stability (Büchel & Pannenberg, 2004) and job security (Bassanini, 2006;Lang, 2012), all of which are expected to rise with the training investment. Although there are only few empirical studies concentrating on the relation between training and nonmonetary returns, recent studies have pointed to a weak correlation between training and wages which is in contrast to the human capital theory (Pischke, 2001;Leuven & Oosterbeek, 2008;Görlitz, 2011).…”