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No of people is not an issue so far as they are skilled enough even though less in nos. Of course, if job is quite voluminous then it is a separate issue.
So, in my opinion, for an effective HRM, what is more important is that people in charge of HRM should be more conscious about quality to deliver quality.
And their approach can make lots of difference in the organization.
If a few HRM's with multi skill approach, can perform their job better, than many with unique skill approach, then, Why many? Just to enter big numbers into the expenses record?
More people in HR may not be bringing a good result except multi skilled.