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In each organization, there are some unspoken expectations and agreements between an employee and the employer about guidelines and standards. It is commonly assumed that female employees face different issues and obstacles in the workplace than male colleagues. The psychological contract's effect on female employees’ motivation and retention was explored in this study. The study focused on the core parts of the psychological contract, which influence female employees’ motivation and retention. Primary data was collected from 188 female millennials working in five private healthcare sectors at Kolkata using survey questionnaires through Google forms. To establish a suitable match for the constraints, a descriptive study employing structural equation modeling and confirmatory factor analysis was employed to ensure a good fit for the measurement tools. According to the conclusions of the study, factors like work-life balance, rewards and recognition, and job enrichment under psychological contracts are essential for employee motivation. The findings also indicate that, these factors of the psychological contract have a strong impact on employee motivation. According to this study, employee motivation has a mediating function among the factors of psychological contract and Employee retention. Finding further suggests that enriching the psychological contract encourages female Millennials in the workplace to attain the optimum efficiency of the organization and catalyst to employee retention. This research specifically recommends suggestions to senior management, policymakers, and regulatory authorities in India's private healthcare sectors, specifically for female millennials to take into account the variables investigated in this study to boost employee motivation to accomplish organizational efficiency. As because the study is limited to female Millennials working in private healthcare sectors in Kolkata, its cohort and geographical area are limited. This methodology may be tested in other segments of society, including the retail, travel, tourism, hospitality, and the information technology industries, with separate age cohorts, different geographical locations, and bigger data sets to open up a new research horizon.