The purpose of this study is to have a better understanding of the main aspects that affect the psychological contract established by individuals facing a changing process on their organizational work relationship. This study focused on the competence management implementation as a competitive advantage. In terms of resource management strategy, the concept of competence is an important instrument to measure different individual responsibilities and contributions to the organization. On the other hand, the organization performance will depend on how individuals interact with the management system in order to maintain a positive psychological contract. Therefore, a qualitative case study with exploratory characteristics was developed based on several interviews done with employees from a company that belongs to the petrochemical sector, called Technip S.A. This firm is implementing a competence management methodology. These interviews were based on previous questionnaires and their purpose was to identify the social reality of the organization based o its individuals` expectation, before and after changing events. The main results of this study confirm a reciprocity relationship between individuals and organization, that a change in the work relationship can either reinforce the psychological contract or violate it, and the individuals` comprehension will directly depend on their pre-existent psychological contract. Finally, this study suggests that the success of a competence management system implementation depends on understanding the psychological contract of those involved on the changing events.