This study examines the impact of employee experiences of restructuring and downsizing on well-being. The job demands-resources model was used to develop hypotheses related to job demands in the form of work intensity and job resources in the form of consultation. The job demands-resources model allows for direct incorporation of employee perceptions and does not assume a singular, predetermined consequence of HRM practices. Hypotheses were tested via structural equation modelling on a nationally representative sample of over 5,110 employees from the Republic of Ireland in 2009. The findings indicate that work intensity serves as a conduit through which experiences of restructuring and downsizing negatively impact employee well-being. Notably, consultation served as a buffer, diminishing the extent of this negative experience. The findings illuminate the complex pathways that shape how restructuring and downsizing are perceived by employees and the consequences for well-being. We discuss the theoretical and managerial implications of these findings.