In Sweden all non-compete clauses that has been challenged by a court has been thrown out. Unless they have been backed by compensation. Too few cases has been tried to establish a floor for this compensation, but numbers thrown around indicate that you should be prepared to pay around 60-80% of the salary during the non-compete period.
New York may ban noncompete employment agreements and Wall Street is not happy
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Re: New York may ban noncompete employment agreements and Wall Street is not happy
#12In Sweden all non-compete clauses that has been challenged by a court has been thrown out. Unless they have been backed by compensation. Too few cases has been tried to establish a floor for this compensation, but numbers thrown around indicate that you should be prepared to pay around 60-80% of the salary during the non-compete period.
On Wall Street it is typical to get full salary for the non-compete period, but in some cases that may be a modest fraction of total compensation including bonus/other incentives.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#13I'm always happy to sign a noncompete – and add a line about how the company will pay my full rate for the duration.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#14Non-competes should, at minimum, be banned for anyone not making in the top 10% of salaries.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#15Non-competes shouldn't be a thing for most employees.
Unemployment in eg the US is fairly low. So you can pick companies which have less stringent non-competes (or non at all).
Limiting yourself to voting with your wallet/feet, while corporations use every trick in the book, is like trying to win at chess using only pawns.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#16Non-competes can work out if the rules actually favor the workers. I had one while working for a HFT in Germany and would sign it again.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#17I've heard about a good compromise option existing in a country in Europe: noncompete agreements are not banned completely but are limited to last just half a year after the employee leaves the company. It can also last much longer in case the employer agrees to keep paying half the salary to the former employee.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#18Non-competes shouldn't be a thing for most employees.
Unemployment in eg the US is fairly low. So you can pick companies which have less stringent non-competes (or non at all).
Jobs on offer are fewer than number of unemployed.
Therefore jobs are scarce.
Only when there is a vast surplus of jobs will competition do the work. Until then you need regulation.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#19> New York may ban noncompete employment agreements and Wall Street is not happy I though capitalism (Wall Street) was about competition. /s
It's about voluntary contracts, too.
It can only be voluntary if everybody has an alternative job to go to.
While firms only hire if there is a profit to be made, and people have to earn to eat the 'no deal' stand off isn't an option.
Re: New York may ban noncompete employment agreements and Wall Street is not happy
#20New Yorks leads the pack as usual. If you want to understand why continental European salaries are mostly low , don’t only look at the social security cost, but also at the labor law which is a middle aged indentured servitude heritage wrapped with worker rights bullshit : in France, 3 months notice period, up to 8 month of trial period, non competes with ridiculous comp. are very common for startups and Mid Sized businesses, same as non sollicitation, exclusivity clauses (generally all in a combo). Plus you get shunned if you job leave your master too quickly (ie less than 1 or 2 years depending on sector). And if you get fired be prepared for the Wild West of reference checking (nothing that can legally protect you from an ex bully who wants you to pay the price of daring leaving), loosing full health cover, and so on.