Although it is acknowledged that the intended HRM differs from the implemented HRM, past studies on employee attributions of HRM have mainly focused on the intended HRM by organizations. Little is known about how employees attribute the implemented HRM by line managers. Drawing on Kelley’s (1973) covariation model of attribution theory and Schwartz’s (2012) framework of personal values, this study investigates how information patterns of HRM implementation influence employees’ attributions and how employees’ personal values modify the relationships between perceived information patterns and employees’ attributions of HRM implementation. In addition, it also explores the effects of employees’ attributions of HRM implementation on their well-being. Using vignettes as experimental stimuli, we conducted a one-factor (with three levels) between-subject design with personal values as covariates among 200 academic staff in a Thai university. The results largely support the moderated mediation models, showing that personal values moderated the relationships between information patterns perceived by employees and their attributions of HRM implementation, which in turn influenced employees’ well-being. Theoretical and practical implications of these findings are further discussed.