Abstract
The inability to keep the essential human resource of an organization has become detrimental to many of such organizations and the growing complexity in the business environment has forced management to stress on employee retention by adapting various means. This research is aimed at examining the association between contracts which are psychological and employee retention in private organizations. It also examines the extent at which psychological contract dimensions are related with the retention of employees. Cross-sectional and quantitative approach was adopted for the study where a sample of 90 members of Victory Life Bible Church who are employees of different private organizations in Abeokuta was chosen through convenience sampling technique and structured questionnaire was used for data collection. The primary data collected for the study was analyzed using Pearson Correlation with the help of Statistical Package of Social Sciences (SPSS). From the findings of the research, it was confirmed that psychological contract is positively related with employee retention; it also showed that psychological contract dimensions are highly associated with retention of employees. It is recommended by the study that psychological contract be considered as part of the organizations’ strategies to maintain and retain resourceful employees who would coordinate the other resources of the organization towards the attainment of corporate goals and organizational effectiveness.
Highlights
The increased attention placed on using human resource towards the effective and efficient creation of goods and services over the years has put the people in the workplace in an important position regarding competitive advantage for enterprises [7]
The aim of this study is to examine the relationship between psychological contract and employee retention in private organizations and this is further broken down into the following objectives: i
The study concluded that majority of employees in private organizations in Abeokuta are satisfied with the current fulfilment state of their psychological contract with their employers
Summary
The increased attention placed on using human resource towards the effective and efficient creation of goods and services over the years has put the people in the workplace in an important position regarding competitive advantage for enterprises [7]. Psychological Contract (PC) provides a structure with which employee attitudes and main concerns can be monitored, using the dimensions that can be of great effect in ensuring that employees pledge their nearest future to the organization. This is important as any organization that seeks to successfully actualize its goals have to ensure that its human resource and always in position where they give their best to the organization. The business environment has developed widely owing to the competition and globalization of the international markets This has led to increased flexibility for organizational process and enhanced productivity. This study examines the relationship between the psychological contract and retention of employees considering the different dimensions of psychological contract
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