How to Protect Your Business From Employee Turnover
How to Protect Your Business from Employee Turnover
Insights on implementing non-compete clauses, intellectual property agreements, and other protective measures.
Employee turnover has the power to make or break a business. When you are spending too much time interviewing, recruiting and training new employees, your business productivity drastically goes down. The rate of employees leaving also says something about your workplace conditions, level of pay, success and reputation. So, how do you safeguard your company from employee turnover?
How to prevent it from happening
Of course, the most logical step in protecting your business from employee turnover is to prevent it from happening as much as possible. To ensure employee retention, you have to create a workplace that consistently meets your employee’s mental and financial needs.
There are several variables that determine the comfortability employees feel in their workplace. The culture in the workplace, work/life balance, pay that is appropriate to the amount of work done, career opportunities, effectiveness of management and the likelihood of layoffs should be at the forefront of every business owner’s mind.
A nice resume and snappy interview is not all a recruiter should look for. Additionally, think about the likelihood of the potential employee staying in your business for the long-run. Do they have the skills needed to retain a high level of work? Will they be a faithful employee for a long time, or is this simply a ‘gateway job’ for them to get a job that they really want? Are they a good fit for the culture of your workplace, and will they get along with your other employees? The person with the best experience and most pleasant demeanour may not necessarily be the best person for the job.
When an employee does leave the company (employee turnover is inevitable, do not be phased if it happens occasionally) consider their exact reasons for why they decided to move on. Was there anything that you could have done better that would have diminished their wishes to move?
However, employee turnover is not always a bad thing. It can be a healthy byproduct of an evolving business. If so, it is always better to let an employee go rather than attempt to mould them to fit a work environment that does not work for them.
The importance of non-compete clauses
The biggest thing at stake when an employee leaves is not the loss of assistance, but your intellectual property that may be at stake. Non-compete clauses, agreements that prevent an employee from leaving to a competitor, protects your confidential intellectual property. They are a must in employment contracts, franchise agreements, business agreements and more.
The importance of intellectual property agreements
IP agreements are important because not only do they state who intellectual property belongs to, but also provide a legal basis for protection against infringement. As such, they are a vital protection to have when employee turnover occurs because they clearly state your legal rights.
If you have any questions about safeguarding employee turnover, please do not hesitate to contact me. I am here to help.