The field of strategic human resource management (SHRM) has been criticized for lacking a solid theoretical foundation. This article documents that, contrary to this criticism, the SHRM literature draws on three dominant modes of theorizing: universalistic, contingency, and configurational perspectives. Seven key strategic human resource practices are identified and used to develop theoretical arguments consistent with each perspective. The results demonstrate that each perspective can be used to structure theoretical arguments that explain significant levels of variation in financial performance.