Organizations of the private as well as the public sectors, in the context of their efforts to become more effective, engage in a variety of human resource development activities, part of which are formal and informal training. In this article we examined the effects of the perceived training effectiveness by employees on their motivation and job satisfaction. The sample of the study consists of 506 employees and supervisors from five large companies. It was found that, in line with our hypotheses, a very strong positive relationship exists between perceived training effectiveness and job satisfaction and similarly, between training effectiveness and work motivation.