The study of the impact of Human Resource Management (HRM) on small firm performance is a neglected area of research in the literature. This paper seeks to help to fill this gap by examining the impact of High Performance Work Systems (HPWSs) on a number of company performance. The empirical study reported, carried out on a sample of 96 companies with between 10 and 100 employees, shows that the implementation of HPWSs is positively related to company profitability, but not to productivity and lab our turnover. These findings make clear the importance of size of firm in the analysis of the impact of HPWSs on company performanc