In this paper the importance of practice of human resource management as of a significant driver of business ethics in companies has been considered. The basic premise of the paper is the fact that the company’s main source of unethical behaviour is situated in its people’s activities which further implies that many measures aimed to apply and improve business ethics belong to the domain of human resource management. Based on research results on a sample of 36 enterprises, the paper attempts to answer important questions as: what are the problems regarding business ethics facing human resource experts and to what extent the existing human resource management practices influence the application and improvement of business ethics in Serbian enterprises.