This study discusses how ethical human resource management practices have developed over time. The study asks: How did ethical HRM practices change in industrial companies in Finnish society from 1994 to 2014? Did the changes in the economic situation in the society influence the changes in ethical HRM practices? To answer these research questions, we have conducted a survey in the years 1994, 1999, 2004, 2009 and 2014 in Finland. The study shows that ethical HRM practices have strengthened during the 20 year research period.