Studies show that high-quality reciprocal relationships between leaders and followers are positively associated with employee well-being. However, the pathways for promoting this health-enhancing leadership behaviour have not yet been well explored, and most studies have been cross-sectional. The primary objective of this study was to examine the effects of the interplay between job-related resources and leader–member exchange (LMX) on employee well-being, measured as the emotional exhaustion component of burnout. We applied a two-wave paper-and-pencil design, with an 11-month interval, in a sample of 343 employees working in the German healthcare sector. By means of structural equation modelling, we found that job-related resources (role clarity, meaningfulness and predictability) predicted higher quality LMX, which in turn related to lower levels of emotional exhaustion. The results support the important role of job resources in stimulating health-relevant aspects of leadership behaviour, and indicate ways in which leaders can promote employee health and well-being.