Most recent international researches point out that companies are increasingly changing their Human Resource Management (HRM) models from a “Personnel Management” perspective, where people are considered as a cost to be minimized, to a “Human Resource Management” perspective, where people represent the main source of competitive advantage in order to face the business challenges. Concerning this second perspective, literature makes a distinction between two different specific approaches: “valuing people”, based on developing human capital as key factor for succeeding in business, and “strategic HRM”, highlighting the need to coherently link HRM practices and company’s strategic objectives. Based on a survey conducted on 102 companies in year 2009, this paper aims at investigating to what extent HR Departments of companies operating in Italy have shifted towards the two “Human Resource Management” approaches (“valuing people” and “strategic HRM”). The paper consists of four sections: in the first one, the theoretical assumptions of the research are discussed, referring both to the overall distinction between “Personnel Management” and “Human Resource Management” and, in this latter perspective, to the specific characteristics of the “valuing people” and “strategic HRM” approaches. The second section presents the specific research objectives and the methodology adopted, while in the third one the results of the research are illustrated. Finally, the results and their main implications are discussed, highlighting some critical issues affecting the Italian context in the shift towards a Human Resource Management perspective.