With the advancement of digitalization, management decision-making mechanisms are increasingly being delegated to autonomous systems. The primary purpose of this study is to examine how algorithmic management systems influence employees' psychological contract perceptions within the context of traditional business models through a conceptual model. The model developed within the scope of this research focuses on the autonomy paradox and the digital panopticon effect emerging under the influence of algorithmic direction, evaluation, and monitoring dimensions. As a result of the analysis, it is observed that algorithmic management disrupts the cost-benefit paradigm of social exchange theory. Furthermore, algorithmic management transforms traditional relational contracts into short-term, economically-driven transactional contracts. Moreover, as these non-human systems lack empathy, they primarily conduct data-driven evaluations, leading to an "alienated" psychological contract perception among employees. This study emphasizes the necessity for HR professionals to adopt a more strategic role and position themselves as an element of ethical oversight.