When a key employee announces that he or she is leaving, it can wreak havoc on the business.
Maintaining clients, ensuring coverage, managing investor relations—all of these things come into play with immediate urgency. The inconvenience of an employee departure can turn into a serious problem that requires an enormous outlay of resources if misappropriation of confidential information becomes an issue.
Simply having noncompete agreements with key employees is no longer enough. To avoid making a bad situation worse, there are a few steps to take immediately when a key employee departs, as well as day-to-day best practices that should be integrated into your business and its policies.