The managerial function involves using today's resources to solve today's problem. The leadership function is about developing today's resources to solve the problems of tomorrow.
An undermanaged, over-led company would descend into chaos; an over-managed, under-led company would find itself irrelevant within a short period. Thus both are critical, but at different proportions at different levels in the organisation.
Most important, there is no ‘HR Perspective’ in this day and age – there is, and always has been, only the ‘Business Perspective’!