HCM, strategic HRM?

For decades, human resources executives have been trained to build administrative processes that can function "by the book" and within a budget - not to think strategically about how to invest in, optimize or measure the return on game-changing talent. Now that stock prices and market values are increasingly driven by talent and other intangible capital and now that the competitive strength of companies, social organizations and countries are no longer dominated by physical assets and resources, some people say Human Resources Management has become strategic. Often the term "HCM" is used to describe this shift in thinking. Do you think it is about time HRM managers take an economic value perspective towards their role and the function of employees? Or is treating people like investments and as ways to earn money not desirable?