Conceptual and Theoretical Perspectives on the Human Resource Management–Leadership–Well‐Being Link: Reviewing 20 Years of Empirical Research

ABSTRACT Human resource management (HRM) practices and leadership (LS) both impact the functioning and experiences of employees at work, or, in other words, their well‐being (WB). Over the last two decades, the body of empirical research on employee WB that considers aspects of HRM and LS has been growing. There is a myriad of theoretical perspectives, such as job resource theories, social exchange theory, and HRM theories, that can serve as the foundation for empirical inquiry. In addition, the interplay between HRM and LS in impacting employee WB can be conceptualized in many different ways, for example, parallel effects, moderation, and mediation. This literature review takes stock of two decades of empirical HRM–LS–WB research, examines its theoretical and conceptual assumptions, and its temporal developments. We find that the field views the link between HRM, LS, and WB predominantly as an exchange between employee and employer, has a strong tendency to combine social exchange theory with other theoretical frameworks, and is shifting to theories that place the employees at the center of inquiry (e.g., motivational theories). In terms of the interplay between HRM, LS, and WB, we observe a shift toward conceptualizations that focus on the enabling potential of LS and HRM for each other as well as models that focus on the indirect—rather than direct—effects of HRM and LS on WB. We discuss the findings and implications for future research.