There are several different retirement plans available to the small business owner. But no plan offers so many advantages to small business as the Simple retirement plan. The positive attributes include: 1) Easiest to understand, 2) Least amount of paperwork, 3) No compliance reporting and 4) Plenty of flexibility. If you are in business and have less than 25 employees, this is your best option to include a great benefit for your employees.
In this section the handbook should explain the company’s hiring policy and preferences for education, experience, and other abilities to perform the duties of the company. In some situations, other criteria may affect the ability to be employed. The handbook should explain how the company identifies the best employees to fit the mission of the company. In addition this section should explain if there is an employment at will issue, a procedure to terminate such as notice etc. In some situations there may be some legal issues in reference to client matters or proper transfer of information upon beginning or ending the relationship. This usually exists with professionally licensed organizations (medical, legal and accounting). Finally, the issue of Exempt and Non-Exempt status of an employee should be discussed in the handbook. The employee should understand his/her status under the Fair Labor Standards Act.
The employee manual is a guidebook and a tool to explain the policies and procedures for the small business operation. It addresses the basic expectations for performance and conduct of the employee. The manual is only a guide and the employee needs to understand its importance in the overall corporate policies and procedures hierarchy.