Company owners fail to trust employees with intellectual property (IP) fearing staff may try to use it for personal financial gain, a report has found.
According to the survey of over 1,000 business owners in the UK, almost two thirds of respondents (69%) were not convinced their employee contracts provided ‘watertight’ protection against IP being stolen or misappropriated. What’s more, 21% said they did not completely trust their employees with the intangible assets, and a further 22% stated they were ‘unsure’ whether they could trust their staff entirely.
Martin Brassell, co-founder and chief executive of Inngot, which helps organisations define, promote and value their intangible assets, and which conducted the research, said: “Businesses may be surprised – and worried – to know that a significant proportion of their employees might have no qualms about taking valuable company property with them when they leave.
“The ‘intangible’ nature of these assets is part of their appeal, as it means they are highly portable. In general, the more you use IP and intangibles, the greater their value. However, this is only true if a company can exercise proper control over its own property.”
As the government continues to review the role that IP plays in promoting the economic growth of businesses, Inngot has advised that companies ensure that polices are put in place and all records kept.
Brassell added: “Many organisations don’t have policies in place to identify what assets they own, let alone safeguard them properly.
“We would recommend businesses ensure they keep proper records of all their key intangibles, so that these can be clearly referenced in company policies and employment agreements. This is particularly important where items are commercially sensitive, like trade secrets or customer records.”
© Crimson Business Ltd. 2011