In order to improve internal communication within organizations, it is necessary to understand it better. This study explores the potential impact of internal communication on employee engagement and employer attractiveness by testing the mediating effects of social exchange quality indicators. A survey of 1,805 employees was used to test the relationships between internal communication satisfaction, employee engagement, and employer attractiveness and the potential mediating variables; reflecting the perception of the social relationship between an organization and its employees. The results showed that communication satisfaction correlated positively with the social exchange quality indicators (psychological contract fulfillment and perceived organizational support) and both outcomes—employee engagement and employer attractiveness. Additionally, the social exchange quality indicators partially mediated the relationship between internal communication satisfaction and both employee engagement and employer attractiveness. Our findings were consistent with the theoretical models in which internal communication satisfaction leads to higher employee engagement and employer attractiveness.