Exploring the Contents of Psychological Contract in Life Insurance Sector - The Employee Perspective

Abstract

The paper aims to examine and explore the employee’s expectations of the organisation as perceived by the employees. Employees expect to be rewarded and appreciated additionally than what has been disclosed under the legal contract of employment for their services rendered to the organisation. The Insurance sector of India is one of the largest markets in the world, which is increasing at 32-34% per year. There is vicious competition among companies to attract talented manpower. Understanding the expectations of employees is a must to retain and attract them. The data is collected from the Life Insurance sector employees using a structured questionnaire adopted from the previous studies. Only the employee’s side was included in the study. 350 Questionnaires were distributed, out of which a total of 310 were received, which were complete in all senses. Factor Analysis in SPSS-22 was used to find the employee’s expectations. This study is an attempt to add value to the existing literature in the area of psychological contract contents in India, which is having dearth due to ignorance by researchers, though this area has been explored thoroughly in Western countries.

Keywords: Psychological Contract Contents, India, Life Insurance Sector

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