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Many writings on the changing nature of work portray the employee–organization relationship as a casualty of the modern workplace. This chapter reviews social exchange models of the employee–organization relationship as captured in organizational support and psychological contract theories. We explore the evidence of the extent to which the employee–organization relationship has changed as a result of changes in employment practices over the past several decades. Our analysis considers both overall trends in the employee–organization relationship as well as specific issues tied to temporary and part-time work, independent contractors, tripartite employment relationships, job insecurity, job hopping, and income inequality. The evidence suggests that while certain employment practices threaten the quality of the employee–organization relationship, social exchange models provide useful and relevant frameworks through which to understand the nature of these changes and employees’ reactions to them.