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The video tutorial discusses the importance of the employee handbook as a key communication tool between a company and its employees. It emphasizes that a well-written handbook outlines expectations for employees and describes what they can expect in return, reflecting the company’s unique culture. When drafting the handbook, it is crucial to consider applicable federal, state, and local laws. Companies may need different handbooks for exempt, non-exempt, and unionized employees. Additionally, the handbook should serve as a welcoming document, setting the work environment's tone with a mission statement or a message from the president or CEO, introducing the company to employees.