And here are the major differences. The more profit-money goes to the employee, the less goes to the employer. The more profit-money goes to the employee, the more goes to the employer. The portion of profit-money going to the employees is decided between management and employees on the basis of bargaining or benevolence. No portion of employer's profit-money goes to the employees.
Employees make their own profit on their investment of labour.
The employer makes his own profit on investment of his capital and his own labour. No place for workers' union. Union involvement is up to the worker. The individual employee decides how and when to spend the money. Participation in Profit Sharing is regimented by management.