Talent retention has always been one of the highest priorities of any company as it is often associated with gaining competitive advantages. Organizations operating in the market of new technologies have various opportunities to retain talent and ensure the high morale and performance of their employees. Competitive salaries are only a part of retention solutions such companies can use. This paper includes a brief description of possible talent retention solutions and associated benchmarks that can be utilized at Visioneer, an intellectual imaging technologies developer.
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As mentioned above, high or rather competitive salaries often serve as a potent retention tool. However, this technique can be insufficient, especially when it comes to innovating employees. Intellectual property agreements can contribute to talent retention as employees will secure the ownership of employees’ innovation. Innovators should receive benefits, be it financial or reputational gains. In terms of these contracts, the company should guarantee the protection of an employee’s intellectual property. Since it can be more difficult to protect one’s property for an individual, employees would see this kind of agreement as a strong argument to work for the company for a prolonged period.
Talent retention can also be ensured by the use of patents, trademarks, and copyright. Employees can be retained for a period of at least 20 years if they will receive certain benefits from their involvement in the development of a unique product that is eventually patented. Intellectual property contracts should include a clear and detailed description of the cases when an employee has the right to gain financial bonuses. Trademarks can be instrumental in retaining talent during prolonged periods of time as trademark protection is granted for 10 years, and it can be renewed infinitely.
In order to implement a successful talent retention policy at Visioneer, it is possible to focus on the following central benchmarks. First, signing an intellectual property agreement where the types of data protected are properly outlined, and cases associated with patents and trademarks are described in detail. Second, employees receive the benefits described under the provisions of the agreement on a regular basis. This stage requires certain dissemination of information as other employees should be aware of the fact that innovators’ input is properly appreciated and rewarded. This information can motivate others and make innovators loyal to the organization. Third, pushing the boundaries and motivating employees to come up with new projects and innovations is another important benchmark. The implementation of internal competitions to participate in the development of new products is also a part of this policy. The company can offer additional resources for the creation of an innovative item to the employee who provides an idea with the most considerable commercial potential.
In conclusion, it is necessary to note that talent retention policies for Visioneer must include signing an intellectual property agreement, receiving patents, and establishment of trademark rights. These measures can contribute to the retention of an employee during 10 years or longer periods. Innovators should receive competitive salaries, as well as financial gains for every innovation they develop. At least three benchmarks can ensure talent retention at Visioneer. These include signing an intellectual property agreement, the dissemination of information regarding the provision of some benefits for certain innovations among the employees, and regular incentives motivating employees to come up with innovative ideas. Of course, the amount of provided benefits should depend on the significance of innovation and its contribution to the company’s profit generation.