I would say it's a mixture of both, as academics nowadays also becoming more into a type of business. Embracing SHRM is a good approach such as the student (customers) oriented departments etc. would be serving as the open flowing communication channels that provide continual feedback, figure out how to retain and attract the right students while providing the appropriate courses (services) etc. that could benefit the overall business and bringing up the academy's public image.
The relationship between the two is inseparable, the integration of the two can create the maximum benefit.