The HP Way, also known as the Packard Way, or simply the Way by employees, was a progressive business philosophy implemented at Hewlett-Packard (HP) by its founders Bill Hewlett and David Packard from the 1940s through the early 2000s. It was a form of management by objectives, which emphasized teamwork, innovation, fiscal responsibility, and the obligation to improve society. It involved collaboration between management and the labor force and infused HP's corporate governance, and was a significant factor in HP's employee loyalty.

Bill Hewlett and David Packard were initially inspired by the Stanford University engineering professor Fred Terman. The HP Way first appeared formally in 1957 as a set of six written objectives for the company, with a seventh added in 1966.

The HP Way ended during 2001–2002 under the direction of CEO Carly Fiorina, who merged HP with Compaq and fired thousands of HP employees instead of reassigning them.

The progressive philosophy of the HP Way influenced the early Silicon Valley tech industry and corporate culture. Notably, Agilent Technologies, a laboratory instrumentation company spun off from HP in 1999, retained the HP Way concept even after it was abandoned at HP.

David Packard and Bill Hewlett first met as engineering students at Stanford University in the early 1930s. They were inspired by Professor Fred Terman teachings, emphasizing collaboration and cooperation. When they founded HP, they applied Terman's teachings, thereby influencing companies like Intel, the emerging culture of Silicon Valley, and contributing to the region's development.

HP maintained its connection with Stanford and Terman. Stanford helped HP engineers gain advanced degrees and HP was the second tenant at Terman's Stanford Industrial Park, a collaborative engineering project at the heart of Silicon Valley. Terman recalled in 1973 that the company founders were "ahead of their time" in focusing on employee goals and rewards, and that this was "one of the reasons for the success of HP."

Corporate management author James C. Collins described the HP Way as "visionary" for its time. In the 1940s, it was not common for a company to care for its employees, customers or society, as was illustrated by Stanford business management professor Paul Eugene Holden, who asserted at a conference in 1942 that a corporation should be concerned only about its shareholders. Packard, who was in attendance, stood up and said: "I think you’re absolutely wrong. Management has a responsibility to its employees, it has a responsibility to its customers, it has a responsibility to the community at large." Packard recalled later that his peers "almost laughed me out of the room." He said, "I was surprised and shocked that not a single person at that meeting agreed with me. While they were reasonably polite in their disagreement, it was quite evident they firmly believed I was not one of them, and obviously not qualified to manage an important enterprise."

In July 1977, HP published The HP Way, which described the company's seven objectives: