Good! If you don't want your SMEs taking your secret sauce to a better employer, then be the better employer.
FTC announces rule banning noncompetes
71–80 of 530 posts
Re: FTC announces rule banning noncompetes
#72The U.S. Chamber of Commerce is likely to file suit: https://www.uschamber.com/finance/antitrust/chamber-comments...
I suspect this won’t survive a challenge in front of the current Supreme Court, unfortunately.
> suspect this won’t survive a challenge in front of the current Supreme Court
It may be aimed at prodding the Congress into action.
Re: FTC announces rule banning noncompetes
#73Why now?
Because excesses finally became so ridiculously over the top that it was finally politically viable to address it. Remember, chain restaurants have started using non-competes to ban servers and cooks from moving to another employer. The situation is finally in the eyes of the general public.
That's just absurd. Non-competes should never apply to commodity-skill jobs. I wonder how often they were ever enforced?
Re: FTC announces rule banning noncompetes
#74Full text of the ruling here: https://www.ftc.gov/system/files/ftc_gov/pdf/noncompete-rule... It's not surprising after thinking about it for a minute, but it did startle me to read that the FTC measures innovation by the number of patents issued. > In addition, the final rule is expected to help drive innovation, leading to an estimated average increase of 17,000 to 29,000 more patents each year for the next 10 year…
I'd say the number of patents filed and granted by practicing entities of small to mid-size would be a pretty good measure of innovation. I think patent fees and complexity should be progressive, esp if you have working hardware and don't just flip the patent to a troll.
Re: FTC announces rule banning noncompetes
#75The U.S. Chamber of Commerce is likely to file suit: https://www.uschamber.com/finance/antitrust/chamber-comments...
Total aside, but I think it is ridiculous that CoC larps as a quasi governmental organization. When in actuality it is a Union of Capitalists.
I don’t get that appearance. Their website does not end in .gov and their about page does not indicate they are an official agency:
Re: FTC announces rule banning noncompetes
#76Why now?
Because excesses finally became so ridiculously over the top that it was finally politically viable to address it. Remember, chain restaurants have started using non-competes to ban servers and cooks from moving to another employer. The situation is finally in the eyes of the general public.
> Remember, chain restaurants have started using non-competes to ban servers and cooks from moving to another employer.
It's so dystopian that this was ever a thing.
Non-competes were supposed to exist to prevent employees from bringing trade secrets to competitors. Instead, they were used to trap people in poorly paying jobs.
Re: FTC announces rule banning noncompetes
#77I am 100% for this, but it makes me sad that the legislative branch has nearly completely abandoned its duty to pass laws in favor of granting the executive branch the authority to regulate just about everything. This is a problem for two main reasons: 1. The executive branch can unilaterally revoke these regulations, making them more volatile. Maybe my non-compete is invalid today, but will it be in 4 years when I a…
[deleted]
Re: FTC announces rule banning noncompetes
#78My attorney friends tell me that the FTC doesn't really have the ability to do this, since contract law is part of state law. (My poor paraphrasing, not theirs.) I've been surprised I haven't seen this mentioned on social media or in the news. Are my friends wrong, or are people celebrating because this is just a step in the right direction even if it may not do anything yet?
Options are also contracts and the FTC seems to have succeeded in regulating those.
That's the CFTC
Re: FTC announces rule banning noncompetes
#79> 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. I absolutely love this.
I didn't know the FTC was this savage lol
Re: FTC announces rule banning noncompetes
#80If I have an existing non compete — what does this mean for me ? Is it invalid?
Going off of the press release, it doesn't go into effect until 120 days after publication and doesn't apply to current senior executives which are defined as "workers earning more than $151,164 annually and who are in policy-making positions." I would also imagine that it will immediately be challenged in court.
Sr execs can’t start new noncompetes