The Federal Trade Commission has issued a final rule making it illegal for bosses to make workers sign noncompetes in any scenario, and voiding nearly all existing noncompetes. This is a game changer for American workers. https://www.washingtonpost.com/business/2024/04/23/ftc-noncompete-agreements/
awesome!
Good. This will actually encourage companies to work harder to retain their talent or spend more to attract talent with better cultures and pay. TC: 105K
I really hope that’s what would follow. But I’m afraid companies will find loopholes not to do anything for employees
Massive labor W, thanks Biden
Can someone TLDR what are my benefits from this?
If you signed a non-compete agreement, it will be void (once the ruling takes effect). Usually these agreements bar you from working at a competitor for a period of time after your employment ends. So for example, if Uber said you couldn't work at Lyft, Grab, etc for 12 months from the time you quit/get laid off/get fired from Uber. These can be very problematic when you work in a niche field (few job opportunities that aren't at competitors) or work at a very diversified company (most other companies are competitors). If you didn't sign a non-compete, then nothing changes for you. But you won't have to ever sign one in the future, if the ruling stands.
It's not valid just yet... "The final rule will become effective 120 days after publication in the Federal Register."
Oooooh life instantly became a lot easier
How does this work for HFT & finance?
It voids any non competes
Hfts use garden leave. so it should not affect them
This was never a problem. Literally everyone is a competiton if you have ever worked for Big Tech.
This is a big problem if you don't work in tech. Non-compete is banned in CA so we never think of it. In other states, this is something you have to think about when switching jobs. For lot of IT jobs they don't care because our jobs are so generic but if your job is very niche these companies will try to block you. The restrictions are like can't work in same field and/or location for like 6 months before you join a competitor. I know at my company there were specialized engineers poached from MFST but were relegated to other specialties for 6-8 months before they could continue what they worked on.
Don't only like very senior staff have to sign non competes? This won't change anything for 99% of staff. Still a good development though
I’m working in bottom feeder gaming company. They made everyone sign noncompetes 🤷♀️
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Wtf I love Biden now