This article aims to understand the emergence and development of inclusive human resource management (HRM) in SMEs. The concept of inclusion refers to the professional fulfillment and recognition of employees (Bonneveux et al., 2020). This form of HRM has an integrative aim insofar as it offers the possibility of improving collaboration, particularly between the manager and his employees. In this perspective, we have mobilized in an original way Mauss's logic of gift, coupled with the literature on HRM in SMEs in order to propose a new reading grid. Based on the emblematic case of an SME, a longitudinal qualitative study was conducted over a period of 8 years. The results underline the gap between the expected counter-gifts and those actually provided by the manager, which ultimately condition the employees' adoration. This imbalance in the relationship leads to the construction of an inclusive HRM.