Dear Lakshmi Gowda,
Standing orders deal with the statutory provisions for the cases like employee absenteeism, leave, misconduct and so on. Importance of the standing order arises more while conducting the enquiry. While devising the standing orders, company has to anticipate the occasions of misconduct and clearly define in the standing order. If the misconduct takes place that is out of the purview of the standing orders, and if the employee is awarded punishment then labour courts have ruled that the punishment is null and void.
In contrast, HR policies are for the day to day operations. HR policies are made to specify welfare measures, organisation of various events in the years, promotion policy, policy on performance appraisal etc.
Thanks,
Dinesh Divekar