The concept of “psychological contract” encompasses the mutual expectations or obligations between employee and organization and the perceived quality of their relationship. From the perspective of many employees, psychological contracts are particularly often breached or violated in times of organizational change. Such violations can be strong drivers for dissatisfaction, reduced commitment, and withdrawal. This chapter presents tools and activities for managing psychological contracts. These can be divided into two areas: managing expectations and making fairness tangible. Overall, the chapter shows why it is important to pay attention to the balance of give and take in the relationship with employees, and what to do in order to maintain this balance.