Workload can be understood as a work characteristic, defined by having much to do in little time. However, workload is subjective: what feels like a high workload to one person may not feel the same to another. This article differentiates between the perception of workload itself and its appraisal as (too) high, just right, or (too) low. To explore this distinction, a large dataset (N = 10,740) was analyzed that includes measures of workload (appraisal) and negative (e.g., burnout) and positive aspects (e.g., work engagement) of employee well-being. The findings show that: (1) Perceived workload only partially aligns with its appraisal. For instance, 20% of employees report a high workload but consider it ‘just right’; (2) Appraisal of workload has a greater impact on health and well-being than the perceived workload level itself; (3) The combination of a high workload with a negative appraisal is particularly associated with poor health and well-being. These results suggest that distinguishing between workload and its appraisal is beneficial. Practically, this means both aspects should be assessed independently to identify and support the group that is most at-risk – those with a high, problematic workload – through preventive measures (download full paper)