Due to the daily changes in the business world and the need for quick and correct adaptation of employees to the requirements of the work environment, it is essential to detect the working conditions and atmosphere that contribute to the phenomenon of psychological safety and to define its consequences. The aim of this research was to examine the predictors of psychological safety and its consequences, meaning to examine the role of supervisor's gender, subordinate's gender, sector, organization size and transformational leadership in predicting psychological safety and its connection with work engagement and turnover intention. The research was conducted on 547 employees who had to give their assessments on a series of questionnaire measures. With the exception of transformational leadership, which was significantly positively correlated to the criterion, none of the remaining predictors was statistically significantly correlated to psychological safety. Also, psychological safety showed a significant positive relationship with work engagement and a significant negative relationship with turnover intention. Psychological safety proved to be a significant predictor of the mentioned criteria, while controlling for supervisor's and subordinate's gender, sector (ownership) and organizational size. We comment on the obtained results in the context of previous research, define practical implications and limitations of the research and list suggestions for future research.