1.Decreasing the CTC by few percent,
2.Decreasing the Training cost for the Company,
3.Increasing the number of suggestions generated by the employee,
4.Increasing the number of quality circle projects that the employees take up,
5.Increasing the nominations for valuable external training sessions,
6.Decreasing the absenteeism by few notches,
7.Managing the budget alloted to increase the return in terms of employee productivity, ie., units/man-year or something similar,
8.Decreasing the employee turnover, if any,
9.Ensuring some desired percentage of employee engagement,
10.Improving inter-dependence among different departments, can be innovative.

The above mentioned are few objectives that a HR can concentrate at. There can be a lot more. I expect others to contribute much more than what I did.

Regards,
Manan