The aim of this study is to analyse psychological contract fulfilment as a mechanism through which training affects stress in call centres. The hypotheses were tested on a sample of 412 call centre operators, using structural equation modelling to analyse their survey responses. Our results demonstrated that training is negatively related to workers' exhaustion and that the relationship is fully mediated by the fulfilment of socio-emotional obligations. We found that it was the fulfilment of balanced obligations, and not relational obligations, which mediated the relationship between training and exhaustion. Hence, we verified that training was related to lower levels of employee exhaustion through fulfilment of the balanced psychological contract. Our findings highlight the centrality of psychological contract fulfilment to call centre workers, and the importance of training in constructing positive employment relationships with workers. We discuss implications for human resource management in call centres.