Managing the Psychological Contract in Competitive Labor-Market Conditions

This paper presents a reconceptualization of the PC by incorporating the marketing concepts of 'value' and 'cost' into its tenets. We illustrate the manner in which marketing language may be incorporated into our understanding of the PC by drawing a parallel between consumer-mark...

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Published in:Journal of global business issues 2008-07, Vol.2 (2), p.23
Main Authors: O'Donohue, Wayne, Wickham, Mark
Format: Article
Language:English
Subjects:
Competition
Competitive advantage
Contracts
Employees
Employment
Human resource management
International
Labor market
Marketing
Psychological aspects
Studies
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Wickham, Mark
description This paper presents a reconceptualization of the PC by incorporating the marketing concepts of 'value' and 'cost' into its tenets. We illustrate the manner in which marketing language may be incorporated into our understanding of the PC by drawing a parallel between consumer-market transactions for products and labor-market transaction for employment. This paper suggests that to effectively manage PCs in a competitive labor-market must have a detailed understanding of the costs it's willing to bear, as well as the benefits it receives in the employment relationship. Similarly, it must consider what PC features are most likely to be perceived by employees as representing the most attractive value proposition on offer in a competitive labor market. 1. [PUBLICATION ABSTRACT]
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subjects Competition
Competitive advantage
Contracts
Employees
Employment
Human resource management
International
Labor market
Marketing
Psychological aspects
Studies
title Managing the Psychological Contract in Competitive Labor-Market Conditions
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