Andy D.’s Post

Yay, good news! "Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives - who represent less than 0.75% of workers - can remain in force under the FTC’s final rule, but employers are banned from entering into or attempting to enforce any new noncompetes, even if they involve senior executives. Employers will be required to provide notice to workers other than senior executives who are bound by an existing noncompete that they will not be enforcing any noncompetes against them ... Employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions." https://lnkd.in/gzCeC77V

The U.S. Federal Trade Commission set to ban worker noncompete agreements, signalling a significant shift in employment regulations.   According to the FTC, banning noncompetes will increase worker earnings by up to $488 billion over the next decade and will lead to the creation of more than 8,500 new businesses each year.   These agreements have restricted employees from working for competitors after leaving their current job, often limiting career options and wage growth. The rule, however, does not exempt any specific jobs or industries but will not apply to existing agreements signed by senior executives.   #Noncompete #Employment #Regulation 

#BreakingNews: The U.S. Department of Labor has issued a final rule that will prohibit employers from imposing non-compete agreements on most workers. Under the rule, only senior executives who made more than $151,164 annually can be held to existing agreements in certain circumstances. New non-competes are outlawed. Employers must provide notice to workers bound to an existing noncompete that the noncompete agreement will not be enforced against them in the future. The final rule will become effective 120 days after publication in the Federal Register. This is a win for innovation! #noncompete #employmentlaw #innovation

Big week for corporate organizations that don’t care to improve their company culture: “The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions.” #culture #noncompeteban Full link to Federal Trade Commission here:

Today, the Federal Trade Commission issued a final rule to ban #noncompete agreements for workers across the United States, marking a significant milestone in the fight against unfair labor practices. "Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives - who represent less than 0.75% of workers - can remain in force under the FTC’s final rule, but employers are banned from entering into or attempting to enforce any new noncompetes, even if they involve senior executives. Employers will be required to provide notice to workers other than senior executives who are bound by an existing noncompete that they will not be enforcing any noncompetes against them." This new decision is a great victory for #workersrights! It will give employees nationwide more freedom to pursue new job opportunities and negotiate better terms without fear of being restricted by non-compete clauses. #FTC #NonCompeteBan #noncompete #WorkersRights #unfairlaborpractice #restrictivecovenants

Big win for worker mobility! The Federal Trade Commission just banned non-compete agreements for most workers in the US. This means: ✔ More opportunities: Millions of Americans will now have the freedom to pursue new jobs and start their own businesses. ✔ Higher wages: Workers are expected to see an average annual pay increase of $524. ✔ Innovation boost: The ban is projected to lead to the creation of over 8,500 new businesses each year! How does this affect you? Check out the article to see if the FTC's ruling applies to your current non-compete (if you have one). #WorkerRights #FTC #CareerAdvancement #Economy #Entrepreneur

Not sure this is right 🤔 Banning post-term non-competes in the actual employment contract between worker and employer is very different to banning no-poach agreements between employers. In the latter, the worker has no say whereas in the former he does. The unequal bargaining position between employer & worker should instead be solved by mandatory employee protection laws requiring the employer to pay the worker 100% of his salary during the period in which the worker's job opportunities are restricted - offset, of course, against any income the employee makes during the partial garden leave. #ButThatsJustMyOpinion

Two Words... About Time!!! Noncompetes are a flimsy way to lock in workers. The outcome of this is employees who feel they cannot leave, yet no longer desire to work for you. A person has a skillset, and has to put food on a table. Almost everyone would rather chance being sued over not working in their skillset. Now they won't have to. The article suggests (and I second) "The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions." #thinkoutsidethepanel #bearesource #DOBETTER https://lnkd.in/dt4imxtg

I don't see a negative in this final rule from the FTC. The alternatives appear to be sound options to allow companies to protect their investments. "The Commission also finds that instead of using noncompetes to lock in workers, employers that wish to retain employees can compete on the merits for the worker’s labor services by improving wages and working conditions." YES! "Compete on the MERITS" #FTC #NonCompete #EmploymentLaw #WorkerRights #Antitrust #BusinessNews #LaborLaw #Workforce #Regulation #CareerDevelopment

FTC Announces Rule Banning Noncompetes April 23, 2024 “FTC’s final rule will generate over 8,500 new businesses each year, raise worker wages, lower health care costs, and boost innovation” Today, the Federal Trade Commission issued a final rule to promote competition by banning noncompetes nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation. Under the FTC’s new rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. Existing noncompetes for senior executives - who represent less than 0.75% of workers - can remain in force under the FTC’s final rule, but employers are banned from entering into or attempting to enforce any new noncompetes, even if they involve senior executives. Employers will be required to provide notice to workers other than senior executives who are bound by an existing noncompete that they will not be enforcing any noncompetes against them. The final rule will become effective 120 days after publication in the Federal Register. Read whole article on FTC website. https://lnkd.in/ehqx6R3u