The attention which has been given to the role of human resource management in the improvement of ethics at the workplace is driven by some unacceptable changes in the manner in which organizations manage their people thereby imposing a certain number of serious ethical issues. The importance of research of this role is increased in cases of privatization of enterprises, their restructuring, mergingwith other enterprises, downscaling, and outsourcing of operations, which have been shown to be an ethically sensitive area of the Serbian organizations.