The dissertation examines the impact that different types of HR outsourcing – out-tasking, functional sourcing, vertical sourcing, and integrating outsourcing – on human capital management and its principal components: leadership capital, cultural capital, workforce capital, cultural capital, and intellectual capital. A collective case study approach is used focusing mainly on the HR outsourcing arrangements between Whirlpool and Convergys, and Unilever and Accenture. Secondary research methods are employed highlighting the need to take into account the type of HR outsourcing when assessing its impact on the HRM process.