There is a growing focus on the importance of understanding the antecedents to employee well-being, particularly within the macro-HRM literature. This need is underscored by growing levels of disengagement and mental health concerns in the workplace. This paper offers a different perspective on the relationship between HR systems and employee well-being, by assessing well-being from an eudaimonic perspective. The paper outlines the ways in which social exchange-based models may have missed the mark in helping us to understand deeper forms of well-being in the workplace. The paper then conceptualizes different ways in which HR systems may be employed to encourage more eudaimonic forms of well-being.