World Summit on Management Sciences
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Accepted Abstracts

Psychological Contract and Employee Retention in Selected Deposit Money Banks (Dmb) in Awka Metropolis, Nigeria

Nnaji-Ihedinmah Nnadozie Chijioke*
Nnamdi Azikiwe University, Nigeria

Citation: Chijioke NIN (2020) Psychological Contract and Employee Retention in Selected Deposit Money Banks (Dmb) in Awka Metropolis, Nigeria. SciTech Management Sciences 2020. Thailand 

Received: January 18, 2020         Accepted: January 21, 2020         Published: January 21, 2020

Abstract

Employees of Deposit money banks especially those in Awka metropolis have faced several challenges as a result of many restructuring exercises undertaken in response to globalization. These restructuring exercises may have put a strain in their relationship with their employers leading to a feeling of violation, anger, betrayal and resentment. This study seeks to determine the influence of the psychological contract in achieving employee retention in commercial banks in Awka metropolis. The study adopted survey method by using a structured questionnaire to collect primary data using a 5 point likert scale. The sample size of is 127 randomly selected employee of the banks surveyed. Data for the study were analyzed using Pearson Correlation Coefficient. The findings of the study show that there is a significant positive relationship between relational psychological contract and employee loyalty while there is a weak positive relationship between transactional psychological contract and employee job satisfaction. The study therefore concludes that a positive relationship exists between psychological contract and employee retention in Deposit Money Banks in Awka Metropolis. The study recommended that employers in the banking sector should seek to understand the make-up of the psychological contract of their employees when planning their retention strategies while at the same time paying attention to relational psychological factors to ensure employee loyalty.