Employee turnover is a major concern for businesses. Non-compete and confidentiality clauses are commonplace in today’s business world. Discuss the importance of such policies as they relate to protection of trade secrets and other confidential work product.
The non-compete and confidential clauses are very important for trade secrets. The non-compete clause relates to non-working of vendor or employees to work with competitors and maintain confidentiality of sensitive information shared. The importance’s are:
- It helps to maintain the secrecy of critical data of the organization
- It provides high degree of protection for business owners and employees
- It enhances relation with vendor/employees and builds up trust and loyalty
- The vendors can get associated with company and work in future projects which help in mutual benefit of both the parties
- The enhanced integration improvers service level, work quality etc.
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