Internal communications and employer branding are recognized as important tools for achieving an inspirational working environment, which is both an aim and a means of differentiation between organisations. A growing number of studies demonstrate a connection between internal communication and employee identification with the organisation they work for, as well as with their perception of employer’s brand. The aim of this theoretical paper is to identify and elaborate theoretical foundations that contributed to the development of these two concepts. For that purpose, marketing schools of thought, primarily social exchange school of marketing thought and relationship marketing are analysed and related to the concepts of internal communication, and employer branding. The analysis shows that social exchange school theories can be applied to describe values that are exchanged through internal communication and employer brand activities, while relationship marketing principles are used when implementing these activities in order to develop positive employee relationships.