Impact of work life-crisis coping strategies and self- esteem on perceived depression among retrenched employees in banking industry

The problems of perceived depression among retrenched employees of financial institutions have not been systematically  documented. Studies carried only dwelt on perceived anxiety among retrenched. The study assessed the impact of work life crisis, coping strategies and self-esteem on perceived depression among retrenched employees in Financial Institutions. The cross-sectional study had 200 participants made up of 130(65%) males and 70(35%) female. The study took in Banks and Labour Offices. It adopted 2 by 2 analysis of variance, t-independent test and multiple comparisons to test the significance of the psychological and demographic variables on perceived depression among retrenched employees. Five hypothesis were formulated out of which three were confirmed. The study revealed that employees with low self-esteem and high work life crisis reported higher perceived depression than those with high self-esteem and low work life crisis [F (1,196) = 28.649, P<.001). older retrenched employe es with high emotional social support experienced less perceived depressive symptoms than younger retrenched employees with low emotional social support.[ F (1, 196) = 19.233, p<. 001]. Male retrenched employees with high constructive coping plan experienced less depressive symptoms that female ones with low constructive coping plan. [F (1, 196) = 14.487, P<.001]. The study concluded that the psychological implications of work life crises among retrenched people does generate perceived depression which should be meticulously handled by those affected. It is recommended that Government and non -governmental organizations (NGOs) should see to the crisis being encumbered by retrenched people by creating more employment opportunities and also initiate proper control measure to check the menace of retrenchment across financial institutions. The establishment of counselling centres for retrenched people that suffer perceived depression will also help in reducing the emotional consequences of work life crisis and depression on retrenched employees Although, coping strategies are effective in alleviating the depressive symptoms accompanying work life crisis among retrenched people, the available evidence is inadequate to determine the exact component of the strategies that strategies that produced each specific effect. Providing answers for such question will call for further studies which could be applied as spring board for design among retrenched people in Nigeria