Today the paradigm of new government management, which applied the privete sector methods in government sector, and has included factors such as reorganization, down sizing, privatization and out sourcing, has roots in practical and scientific thinking of management. In the pattern of this paradigm, the psychological contract with the characteristics of permenant employment and job security which always link employees to organization, has been challenged because its orientation has been to temporary, flexible and contractual employment. This article has reviewed, analyzed and compared the articles and books related to psychological contract and has analyzed the reasons and the changes and the nature of new psychological contract. Today, organization should improvise new methods to increase employee commitment and loyality to find outlet from the challenge of employee job security. In this article employment competency is suggested as a new substitution for job security and enhancement of loyality and organizational commitment. Employment competency is the relative capacity of person to acquire the meaningfull employment resulted from interaction of market and individual conditions. Employment competency is able to bring deplacement and movement to market and has capacity to operationalize hidden capacity through durable employment and availability. Therefore, employment competency can be considered as individual ability for initial employment, job retention, job changes in the same organization and availability to new job in necessary cases.