Although research has shown that the use of high-performance work systems (HPWS) is associated with employee outcomes, our knowledge of the meanings employees attach to HPWS systems and how these shape employee outcomes is still limited. This study examines the signalling impact of enacted HPWS on HR well-being and HR performance attributions, and how these influence happiness- and health-related outcomes. Using multilevel data (1,065 employees nested within 150 work units) obtained from multiple sources (line managers and employees), our results show that coverage of HPWS was positively associated with the two HR attributions. In addition, HR well-being attributions were associated with higher levels of commitment and lower levels of job strain. HR performance attributions were associated with higher levels of job strain. The findings of this study highlight the importance of taking into account how employees attach meaning to enacted HPWS in order to predict employee outcomes.