Human Resource Management occupies a prominent place in overall working of an organization. Theoretically speaking, all HR Functions, like Recruitment, Selection, Training, Promotion, Wage Administration, Performance Appraisal, Job Satisfaction and Social Security, to name a few, occupy important places in management of employee affairs at large. In practice, it is observed that employees differ drastically in their perceptions about importance and priorities about individual HR functions. Productivity of employees depends tremendously on their views regarding, „which HR activity is most significant to their survival & growth and failure of which individual activities can hamper their performance‟. This paper presents a comprehensive analysis of employee perception regarding relative importance of various HR functions. As an outcome of this study, a rational classification has been provided to various HR functions. The results of this study can become the foundational basis for future research involving approaches like application of Failure Mode and Effects Analysis (FMEA) in Human Resource Management functions which may develop into an innovative concept.