Hi Gouri,
I was a Lecturer in a B-School and am presently working as a Consultant in OD. Correlation is used to find the relationship between two variables. It explains how the X variable is related in proportion to the Y variable. On the other hand, regression deals with the cause-and-effect relationship between variables, which correlation does not.
For example, job satisfaction is related to work motivation. Correlation suggests that if you are satisfied with the job, you will also be motivated, or vice versa. The correlation coefficient will indicate whether there is a negative or positive correlation.
However, if we state that job satisfaction contributes 56% of the impact on work motivation, it is an example of regression. In regression, we describe the cause-effect relationship. I hope you understand the connection between the two.
Regards, Dr. Kavita