There's no difference in the code samples you've got there. The parentheses are totally optional.
Differences would arise in a couple of variations, though:
First, if your Employee class had a non-default constructor that you want to provide parameters to, you can't omit the parentheses while still passing arguments to the constructor.
Employee newEmployee = new Employee(employeeId) { FirstName = "David", LastName = "HasselHoff", Email_ID ="dh@fdh.com" };
Second: the next version of C# (9), where type targeting has been improved, so you won't need to include the name of the class if you already declared what type you're creating:
Employee newEmployee = new() { FirstName = "David", LastName = "HasselHoff", Email_ID ="dh@fdh.com" };
Omitting the parentheses in that case would make the compiler think you're trying to create an anonymous type.