Kenzi Williams is the Director of Human Resources of a high-tech company. In order to manage the high turnover rate of the IT professionals in her company, she has developed a predictive model for identifying software engineers who are more likely to leave the company within the first year. If the software engineer is predicted to leave the company within a year, he or she is classified into Class 1; otherwise, he or she is classified into Class 0.

Based on the scenario, what does it mean if the classification model has an accuracy rate of 0.98?