Psychological Contract and Employee Retention of Deposit Money Banks in Delta State

Abstract

The study examined the relationship between psychological contract and employee retention of Deposit Money Banks in Delta State. The study used a cross-sectional survey research design method. The target population for this research includes all 411 employees from selected deposit money banks in Asaba, Delta State. The sample size of 203 was determined for this research using Yamen's sample size formula. The study adopted the stratified random sampling technique. The data collection method involved distributing self-administered structured questionnaire to bank employees. The data obtained from the field survey were analyzed using both descriptive and inferential statistical methods. Findings showed that job security, career growth opportunities and employee competence has significant positive effect on employee retention. The study concluded that psychological contracts have significant positive effect employee retention in the deposit money banks in Delta state. The study recommended amongst others that banks should prioritize stability and long-term strategies to demonstrate their commitment to sustaining the workforce. Avoid making hasty decisions that could lead to layoffs or downsizing unless absolutely necessary.