Is HR as job category vanishing?

From Smartblog by Michael Morell

The author sees declining number of job titles named HR;  he sees more titles like people, culture.  And at the same time is it a transactional job:  payroll, hiring, training, transfer, pay, leaves, benefits.

Or does the job cover more strategic topics like motivation, human capital, intellectual capital.

I would suppose the changing titles merely involves change in job branding.  Each company would have its own way of configuring the traditional HR job.

What do you think of the HR function?