PurposeThis paper aims to theoretically propose and empirically test a research framework that investigates the relationship between high-performance work systems (HPWSs) and organizational performance through the serially mediating mechanisms of employee HPWS-experience attributions of well-being and exploitation, attitudes, and behaviors.Design/methodology/approachMultilevel structural equation modeling through Mplus was applied to a sample of 1,112 employees working at 158 Greek organizations.FindingsThe modeling's findings indicate that the serially mediating mechanism of employee HPWS-experience attributions of well-being, attitudes and behaviors improves organizational performance. Meanwhile, the serially mediating mechanism of employee HPWS-experience attributions of exploitation, attitudes and behaviors was found to weaken organizational performance.Practical implicationsThis study shows that, to improve employees' well-being and weaken employee exploitation through employees' HPWS-experience attributions, senior and line managers should gain competencies and communication skills through training and development programs, successfully communicating HPWS messages to employees.Originality/valueThis study may be the first study to elucidate the serially mediating mechanisms of employees' well-being and exploitation through employees' HPWS-experience attributions, attitudes and behaviors in the relationship between HPWSs and organizational performance.