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Understanding of HRD in SMEs has frequently been based on impoverished research resulting from underdeveloped theory. This article argues for the potential offered to researching, understanding and practising HRD in small organisations, of taking a discourse perspective on organisation, learning and development. Through a comparative interpretation, from a traditional and a discourse perspective on HRD, of research material collected ethnographically in three small companies, the article aims to contribute to an approach which can deepen understanding of HRD in SMEs by combining three strands that have not generally been integrated: ideas from recent debates on what HRD comprises, perspectives on learning, and a discourse perspective on organisation. The implications for research indicate a need for methods that enable the study of HRD in action – the micro‐processes of development.

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