In the globalized world, managing human resources is one of the critical challenges for today’s organizations. Increasingly it is understood that cultivating Psychological contract among people of the organization is the fundamental aspect of this employee-employer relationships. The psychological contract includes informal arrangements, mutual beliefs, ‘promises’ or ‘expectations’ that are exchanged between the parties in an employment relationship. Four variants of Psychological contracts are Relational contracts, Transactional contracts, Transitional contracts and Balanced contracts. The present study is original one aimed at developing a deeper understanding about psychological contract and employment relationship amongst employees serving FMCG industry in India, taking into consideration strength of all variants of psychological contracts.