When we were acquired by a F500 public company with >10k employees, they had more HR staff than my entire company. I do wish the TFA had more details on the issues this CEO experienced but I don't think he's exaggerating. My biggest issue was that BigCo's HR dept was the source of a lot of disruption and distraction for my people. Several of my top engineers complained about all the mandatory training sessions, compliance paperwork and online "learning modules" with nanny robo-quizzes. It was a lot.
The thing is, before being acquired we were in full compliance with all state and federal regs, yet somehow there was ~5x more HR burden at BigCo. And managers got all that plus an extra side of mandatory "managing people" training sessions and robo-quizzes. Then managers had to enter detailed quarterly evals and everyone had to participate in a pointless "360" peer review process that couldn't help feeling vaguely dystopian. And BigCo was proud to be the sector leader in employee satisfaction and retention. Everything was first-class, top-quadrant and 'industry best practice" yet my startup had substantially better satisfaction & retention numbers with an "HR Team" of 0.5 people and a tiny fraction the cost, time and cognitive burden on everyone.