The difference is one of perspective, philosophy, and belief. The entire personnel management concept has historically transformed from "Labour Welfare" to "Personnel Management" and now to "Human Resources Management."
With industrialization, the nature and needs of business, and hence the profile of "manpower," changed—from manual labor to technically skilled professionals and now to knowledge workers and knowledge managers.
Business challenges shifted from "ensuring presence/reducing absenteeism (i.e., LW interventions) to proper maintenance of manpower by timely providing salary, training, and promotion" (Personnel Management) to "right alignment of an individual's needs (ranging from basic to apex level, i.e., self-esteem, professional enrichment, recognition, and meaning of life) with organizational goals" (Human Resource Management).
From considering humans as "commodities" (the one M among the Five) to resources—the supreme resource.
After the Second World War, the progress and development of Japan as a Phoenix made the world realize that it is not the natural resources or capital but humans who are the supreme resource for business and for the country.
A lot can be written on this topic, but considering the shift in perspectives, philosophy, and objectives will provide the right understanding about both regimes.
Regards,
Shailesh Parikh
Vadodara, Gujarat
[Phone Number Removed For Privacy Reasons]