There is no evidence-based and generally accepted consensus among the labor process experts on what types of working practices/strategies ensure both high performance in the firms and high quality of workplace well-being. This study was conducted to overcome this knowledge deficiency by using the European Company Survey (ECS)-2019 conceptual framework and dataset. ECS (2019) conceptual framework includes three categories of factors: intra-organizational factors (which are employee voice, work organization, skills availability and skills development), external environmental factors (which are digitalization, innovation, and product market strategy), and outcomes (which are workplace well-being and firm performance). The main objective of this study was to identify how different management systems try to address the dilemma of workplace well-being and firm performance. That is why the European countries categorized into seven categories of Nordic Countries, Continental countries, Mediterranean countries, Anglo-Saxon counties, Northeastern countries, Central Eastern European countries, and Southeastern countries. The results of quantitative analysis, using structural equation modeling, revealed that two groups of countries, namely the Anglo-Saxon countries and Southeastern European countries, have been able to simultaneously improve the workplace well-being and firm performance, through the employee voice. Subsequently, it is recommended for the managers to focus on improving employee participation processes, both directly and through the representatives, so as to increase the overall performance of the organization and workplace well-being simultaneously.