Good debate Kiran.
To tell the dark truth, the change is only cosmetic. HCM/HRM are only terms that have been coined, but the work that is happening is still the same. I am not denying the fact that few large organizations have managed to convert their HR function into a "business partner", but, such organizations are few and far in between.
This disconnect is because, in general, the vast majority of the HR/HR departments are totally disconnected from the core business of their organizations. This disconnect results in the failure of the HR function to showcase their productivity in conjunction with the core business, which results in the HR function being treated as an administrative function by the top level executives.
REASON:
The root cause of this issue begins at the bottom of the HR function. The HR executives at the lowest levels of hierarchy; in the course of following their daily chores are not encouraged to learn about the organization's core business. Over time, these HR executives become disconnected from core business. Now, the same HR executives will soon become HR Managers. These HR Managers are so disconnected from core business that when they are asked the question - "How do you contribute to core business?", they struggle to answer that question, most will come up with "abstract answers". Now if you cannot answer that question as a Manager, how will you build STRATEGIES, METRICS and PERFORMANCE MEASURES that make an impact economically, financially and technologically and showcase your performance as an HR function. Believe me, "abstract answers" will never be taken seriously by professionals in an organization, which then leads to HR being clubbed as administrators.
WHAT CAN YOU DO?
Make extra efforts to know organization's "core business". Only if you know the nitty gritties of core business will you be able to contribute to core business. If you just follow your daily chores, you will soon find yourself disconnected from core business. It is easy for professionals at lower hierarchical levels in other functions to stay connected with core business, because their work directly impacts core business. An HR at lower levels of hierarchy has to make that additional effort to stay connected, so make sure you do that.
Hope that answers your question!
Regards,
Om Deshpande