This research looks at the effects of changes in various kinds of motivation for further study on increases in human capital. On the basis of planned behavior theory, it also examines how both motivation for further study and human capital influence an employee's intention to leave his job. Finally, it also discusses the moderating effects of external labor market opportunity and organization retention practices on the relationship between human capital and intention to leave. At Stage 1 of this longitudinal study 1721 questionnaires were sent out and 1004 valid returns were received. At Stage 2, six months later, a further questionnaire was sent out to the original respondents and 603 valid returns were received. The results show that different motivations for further study have significant and varied effects on increases in human capital. They also show that employees choose to transfer to another unit in order to take advantage of their increased human capital while their organization tries hard to retain them. Where external labor market opportunity is high, employees with increased human capital opt to leave their current organization.