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Douglas Renwick (2003) said that the personnel function plays the role of guardian of employees’ wellbeing, but on the other hand, he said that personnel managers also tamper with the wellbeing of employees. Looking at Renwick’s theory through Ulrich’s model of personnel managers as guardians of employees’ wellbeing, they play the role of strategic partners, managers of the changes and the role of the employees representatives. Gantz and Hayes (in Payne and Wayland, 1999) explicated a few fields where we can talk of ethical conflict while performing these roles: discrimination, psychological tests, anti-union behaviour, design of work flow, job insecurity, discipline, confidentiality, privacy, and firing because of technological redundancy. In this paper we explore the field of potential and real ethical conflicts of human resource managers.What are the most important values of human resources managers? In which areas do ethical conflicts occur? And how do they solve these conflicts on an everyday basis? We used questionnaires to gather data on these issues. We found out that managers who are in leading positions suffer the most, next are those who have had long tenure. In this situation ethical codes don’t help much.