SMEs that create employment and wealth in economies face ever-more turbulent environments, such that they need to manage their employees by using advanced systems which enable them to gain a competitive advantage and generate financial performance. Based on the link between HRM and financial performance, this paper first explores their direct relation and then analyses the mediating variables involved in workplace well-being, reputation, and the creation of social value, which play a key role in said relation, drawing on the postulates of HPWS since these are proactive and well-developed HRM practices. This is a key research topic as it allows us to understand better the antecedent variables of well-being, reputation, and social value associated with HPWS and how they affect financial performance. For the empirical analysis, we use a sample of 1,136 Spanish SMEs and model a system of structural equations using Partial Least Squares (PLS). Results show the firm’s capacity to enhance workplace well-being, create a better reputation and create social value, and how these function as an intervening mechanism in the relation between HPWS and financial performance, exerting an individual as well as a joint mediating effect that explains how the former has a positive impact on the latter.

在经济中创造就业和财富的中小企业面临着越来越动荡的环境，因此他们需要通过使用先进的系统来管理员工，使他们能够获得竞争优势并产生财务业绩。本文基于人力资源管理与财务绩效之间的联系，首先探讨了它们的直接关系，然后分析了在工作场所幸福感、声誉和社会价值创造中起关键作用的中介变量，借鉴了HPWS 的假设，因为这些是积极主动的和完善的 HRM 实践。这是一个关键的研究课题，因为它使我们能够更好地了解与 HPWS 相关的福祉、声誉和社会价值的前因变量以及它们如何影响财务绩效。对于实证分析，我们使用样本 1，136 家西班牙中小企业并使用偏最小二乘法 (PLS) 对结构方程系统进行建模。结果显示了公司提高工作场所幸福感、创造更好声誉和创造社会价值的能力，以及这些能力如何作为 HPWS 与财务绩效之间关系的干预机制发挥作用，发挥个人以及联合中介作用，解释前者如何对后者产生积极影响。