The present study examined whether turnover experience would affect the nature of the psychological contract between employees and employers. Two reasons exist for this study to look at turnover experience as a determinant of the psychological contract. First, the turnover rate is increasing in Japan, and the need has emerged for the management to work out how to treat newcomers from other organizations. Second, people who can change their employers tend to have some expertise and exhibit considerable bargaining power in their job hunting activities, which may cause differences in the nature of psychological contract between them and those who have continued to stay in the same organizations. The result indicated that some dimensions of psychological contract are differently perceived between the leavers and the stayers. The implications of the study and future directions are discussed.