Background: Intense targets, time pressure, policy changes, and blurred work–life boundaries make employee well-being a strategic issue in distribution organizations. Objective: This study explores how employees make sense of work–life balance and explains how self-efficacy and job stress interact in shaping well-being. Methods: A descriptive phenomenological design was employed at PT Arta Boga Cemerlang JIS Malang. Three informants were purposively selected based on at least one year of tenure and direct experience of work–life balance challenges. Data were collected through semi-structured in-depth interviews, workplace observation, and documentation in January–February 2026. Analysis involved epoche/bracketing, identification of noema and noesis, intentional analysis, NVivo-assisted coding, and eidetic reduction. Results: Five themes emerged: work–life balance as control over time, roles, and recovery; well-being as comfort, security, appreciation, and support; self-efficacy as an agentic resource; stress as a dual experience of distress and eustress; and a dynamic psychological process connecting demands and resources. Conclusion: Employee well-being is not a static outcome but a dynamic process resulting from reciprocal interactions among personal, behavioral, and environmental factors. Managerial implications include calibrating workloads, clarifying policies, protecting work–nonwork boundaries, strengthening self-efficacy, improving supervisory support, and ensuring recovery resources.