Making the psychological contract a practical construct for organisations in managing relationships with stakeholders demands a simple but accurate model of the perceptual dynamics. The model presented here is based upon three meanings of the term value — value as worth, as respect and as beliefs. Aligning the perceptions of employees and the organisation on the nature of the value exchange provides a basis for measuring the quality or ‘perceived fairness’ of the psychological contract in action. The same principle applies to the psychological contract with all other stakeholder groups.
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