Purpose- The aim of this study is to enhance the understanding of changes in the psychological contracts of individuals during the economic crisis and the processual nature of experience using a sense-making perspective. Design/approach- Three case studies were conducted in three different organisations (Org-Energy, Org-HR and Org-Construction) in three different industries based in India. In total, 31 semi-structured interviews were conducted with leaders and employees in all three organisations to gain insights into their experiences of the changes implemented during the economic crisis. Findings- The findings present a complicated picture of psychological contracts which involve more than mere inducement-contribution exchange. The findings further highlight a range of cognitive, emotional and behavioural responses to change which were partly influenced by the perceived changes in the psychological contract. The findings also point to the role situational contingencies and other factors play in terms of influencing psychological contracts and participants' responses in the context of the economic crisis. The most significant finding of this research is the role the mass media plays in influencing people's perceptions of their psychological contracts, especially during an economic crisis. Research Implications- The findings offer a basis for future research that could explore the role of national cultures, gender, contemporary media, emotional intelligence and personalities, competing commitments and life outside the workplace in evaluating the psychological contracts and people's perceptions of change. Originality- This study provides insights into the role of context in influencing psychological contracts - an area which is under-researched. This study is one of the rare pure qualitative studies being carried out on the psychological contracts held by both parties in the employment relationship during the global economic crisis 2008.