PSYCHOLOGICAL CONTRACTS AND CAREER DEVELOPMENT EXPECTATIONS AMONG EMPLOYEES IN SELECTED MONEY DEPOSIT BANKS IN LAGOS

This study, titled Psychological Contract and Career Development of Employees in Selected Money Deposit Banks in Lagos State, Nigeria, investigated the dynamics of employer–employee relationships and their influence on career growth. The problem identified was that many employees in Nigerian banks perceive a gap between organizational promises and actual career development opportunities, leading to reduced satisfaction and potential turnover. The objectives were to examine the prevailing forms and characteristics of psychological contracts, assess employees’ career development expectations, analyze the effects of psychological contract fulfillment or breach on career satisfaction, and identify human resource strategies that can better align psychological contracts with career development. The study adopted a descriptive survey design. Data were collected using a structured questionnaire administered to 100 employees from selected money deposit banks in Lagos State. The instrument captured both demographic characteristics and research constructs, including psychological contract fulfillment, career development expectations, and employee satisfaction. Descriptive statistics (frequency, percentage, mean, and rank) were employed for data presentation, while inferential statistics such as Pearson’s correlation were used to test the study hypotheses and determine the strength of relationships among the variables. Findings revealed that mutual respect, fairness, and trust are the dominant characteristics of psychological contracts in the banking sector. Employees expressed strong expectations for transparent promotion criteria, regular training, and career progression pathways. Statistical analysis showed that the fulfillment of psychological contracts had a significant positive relationship with employees’ career satisfaction (r = 0.652, p < 0.01). Mean scores across constructs ranged between 3.00 and 3.40, with transparent promotion criteria (M = 3.40) and fulfillment of employer expectations (M = 3.40) ranking highest in shaping satisfaction and development prospects. The study concluded that psychological contract fulfillment is a critical determinant of career satisfaction and development among bank employees. It recommended that money deposit banks adopt transparent promotion policies, communicate career development programs more effectively, and conduct regular performance and career review sessions to reduce perceptions of contract breach. By implementing these strategies, banks can enhance employee trust, motivation, and long-term commitment while sustaining organizational performance.