Shweta
Both are the sides of same coin. Employees hand book of any organization basically contained all the HR policies i.e. leave policy, loan/advance policy, short leave policy, attendance marking policy, LTA/Medical Reimbursement policy so on and so forth prevailing in the organization and same can be handover/issued to employees during the induction/orientation of the employee so that there may not be any ambiguity and the employee needn't approach to HR department time and again to know the policy.
I hope your query may be clarified.