Non-disclosure agreement (NDA)
Workforce Management Glossary
Non-disclosure agreement (NDA)
What is a non-disclosure agreement (NDA)?
Also known as a confidentiality agreement, a non-disclosure agreement (NDA) is a binding document that prevents ideas and information being shared with competitors or other third parties.
Why are NDAs beneficial in business?
NDAs are a crucial step towards keeping company information private. This encompasses everything from finances and HR processes to research and development and even negotiations with clients.
By keeping this information in-house, organisations are not compromised and don’t risk having key or sensitive information exposed to competitors who may use it to their advantage as they attempt innovations or to engage with clients.
NDAs are also important tools for employees. By having a clear statement laid out in front of them, it provides clarity around what they can and cannot share. This can work wonders when it comes to confidence and productivity.
How can businesses implement NDAs?
While there are stock standard templates for NDAs, there may also be the need to customise provisions in order to make them industry or state specific. Businesses may also choose to individualise time period clauses given that some pieces of information may devalue over time while others remain imperative for the foreseeable future.
With Roubler’s electronic document management system, HR can create NDAs and effectively communicate them to staff via both desktop and mobile. While reducing the need for paper, this system also takes into account that NDAs need to be signed and can therefore facilitate digital signatures to ensure that the process of sending and signing NDAs and non-compete agreements is seamless.