Researchers have focused on linking objective measures of change exposure, such as the number of downsizing activities implemented, with employee well‐being. This has meant that less attention has been paid to employees’ subjective experience of change. The authors examine relationships between employees’ perceptions of the extent of change and the frequency of change and insomnia and psychological well‐being. They propose direct and indirect relationships via resistance to change between employees’ subjective experience of change and well‐being. Data were collected from 260 employees from a range of different organizations and industries. Respondents completed surveys at two time points, separated by four months. Results revealed significant indirect relationships between subjective perceptions of change and insomnia and employee well‐being via affective resistance to change at Time 1 and Time 2. In addition, employees’ subjective reports that change was very frequent were initially positively associated with T1 behavioral resistance to change but also were negatively associated with T2 behavioral resistance to change. Discussion focuses on the importance of managing employees’ perceptions of change. Practically, the authors consider the difficult choices that confront managers when seeking to implement and ‘sell’ change within their organization.