This paper is dealing with the relationships between HRM, company performance and employee well-being. The relationship between S/HRM and company performance has received much attention in prior literature, while the employee perspective has been widely neglected in this research tradition. The purpose of this paper is two-fold: first, to identify and evaluate how company performance and employee well-being are related, and, secondly, to evaluate the possibilities of HR policies and practices to impact on company performance and employee well-being. The results indicate that the relationship between company performance and employee well-being is weak and difficult to grasp. And such is the direct link between HRM and employee well-being, which is better explained by typical work-related factors. Instead, HR practices are relatively good predictors of company performance.