An up-to-date, carefully drafted employee handbook tailored to your company’s particular needs is a strong line of defense to minimize both litigation and liability.As your company changes, so do the federal, state and local laws, and so should your employee handbook.High Roads fully expected this result, as benefits and human resources staffs have been caught up in understanding the implications of health care reform and taking the steps to implement new plan designs and procedures required by the Patient Protection and Affordable Care Act (ACA), while dealing with resource cuts due to the struggling economy.As was the case in the 2009 survey, the majority (72%) of employers had never asked—or did not know if they have asked—their employees about their SPDs.And if you don’t have one at all how do you expect your employees to clearly know your company policies?Here are ten reasons why your company needs an updated employee handbook in 2014.Only 27% of respondents plan to make that change within the next year, and 46% expect it will be two years or more before the change occurs.Updating, Costs As was the case in 2009, half of the respondents continued to update the information in their SPDs by using SMMs, but 31%—up from 20% last year—are reissuing SPDs instead.
In the news virtually every week, you read about large, well-known companies suffering from the loss of sensitive corporate information at the hands of employees.
Therefore, if your company is still using a handbook from 2012, you need to update it.
If your company is using one created under the George W.
Bush administration, you probably need to create a new one.
If your company is using an internet searched or a generic handbook, you definitely need to create a new one that addresses policies related to your industry.
from Spencer’s Benefits Reports: More than 70% of large companies surveyed do not know how much money they spend to create, store, and distribute summary plan descriptions (SPDs) to their participants, according to the annual SPD Trends Survey from management consultant High Roads.