Tag: corporate life

5 Ways to discourage unfair competition from your former employees

When a former employee parts way with a company there is either a sense of fulfillment from a job well done or a bitter sense of resentment from a company that they never wanted to work for in the first place.

As people grow and evolve in their business endeavors, they may often seek alternate opportunities that suit their long-term vision that your company cannot provide to them. When a former employee parts way with a company there is either a sense of fulfillment from a job well done or a bitter sense of resentment from a company that they never wanted to work for in the first place.

No matter the feelings of the employer or employee post leave, there are five steps you can follow that will protect you and your company from unfair competition from your former employees.

1. Set proactive contracts

While someone can leave your company at a moments notice and face no resistance with what assets and information they take with them, proactive contracts that you set before even hiring employees in the first place should be a priority to ensure the protection of your information and valuable company assets.

2. Confidential information

By having a confidentiality statement in place for your company and its employees, you are able to control what valuable company information can and cannot be shared with the public or other corporations. Having a team to look over your business contract, such as Corpus Christi Business Lawyer, you can have peace of mind knowing that you have an established contract that legally restricts the information that may be shared about your business.

3. Ensure legality of competition

Legal issues as mentioned in the last point are some of the more common issues, but the vast array of business lawsuits are primarily filed in the cases of breaching confidentiality or and the employee going to another competitor with information that could lead to unfair competition. Luckily, the employer has plenty of power against confidentiality breaches if they were proactive and had conditions set in place for such scenarios.

4. Duty of loyalty

An issue many companies face is employees lining up to work with another firm with similar interests and transferring clients and sales to their new company before finishing their work with the previous company. Commonly known as a duty of loyalty, precautions like these legally forbid the sharing of information before termination so if any information or assets were transferred before the employee left your company could very easily take them to court.

5. Maintain a positive relationship

While most of the previous points have been about the legal aspects and various court instances that would cause chaos for any companies involved, maintaining a friendly and positive relationship with previous employees will relieve tension in the future and encourage fair competition among companies. Making sure to treat the individual with respect and understanding will also encourage them not to break any contracts due to the nature of your positive relationship

Conclusion

With many laws and restrictions placed on both employers and employees, it is always best to leave any legal issues to the experts and remember to maintain positive relationships with everyone you work with to prevent the chance for any unfair competition in the future.

Dhivya Suryadevara: First female CFO of General Motors

General Motors, a renowned carmaker company has appointed 39-year-old Dhivya Suryadevara as its first female chief financial officer (CFO).

General Motors, a renowned carmaker company has appointed 39-year-old Dhivya Suryadevara as its first female chief financial officer (CFO).

Education

She studied in St John’s Senior Secondary School in Mandaveli,Chennai. She later earned a degree from the Ethiraj College for Women in commerce and went on to pursue Chartered Accountancy at the Institute of Chartered Accountants of India.

Suryadevara did her MBA from Harvard University and went on to get her bachelor’s and master’s degrees in commerce at the University of Madras.



Early Life

Following her father’s death when Suryadevara was young, she and her two sisters were raised by a single mother.

“My mom had to raise three children on her own, which is difficult to do anywhere, let alone in India. She wanted to make sure there were no corners cut when it came to our education and to prove that we could have the same resources as a two-parent household. Her high expectations made us want to do better, and we learned that nothing comes easy. You have to really work hard to get what you want.” said Suryadevara.

Career Beginning

She began her career at PricewaterhouseCoopers before moving to investment banking at UBS. At 25, she joined GM as a senior financial analyst at the treasurer’s office, and she’s been with the company ever since, eventually becoming one of the youngest chief investment officers of GM Asset Management.