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☆ Nike's aggressive use of noncompetes is stifling hiring at rivals and startups sneaker brands, insiders say
▼ + stars: | 2023-03-18 | by ( Matthew Kish | ) www.businessinsider.com time to read: +7 min

President Biden and the FTC want to get rid of noncompete agreements. Some former Nike workers remain subject to them. The same could be said of sportswear workers in Portland, Oregon. The same day Biden spoke to the nation, at least three former Nike workers were waiting for their noncompete agreements to end, according to a search of LinkedIn profiles. In sportswear, noncompetes have historically been used to guard industry secrets, which brands fight to protect.

☆ Nike's use of noncompetes threatens to stifle hiring at rivals and startup sneaker brands
▼ + stars: | 2023-03-10 | by ( Matthew Kish | ) www.businessinsider.com time to read: +7 min

☆ Top Senate Democrats press Chamber of Commerce on threat to sue FTC over noncompete clause ban
▼ + stars: | 2023-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

Signage is seen on the Chamber Of Commerce Building in the Manhattan borough of New York City, New York, U.S., April 21, 2021. WASHINGTON — Two top Senate Democrats on Tuesday will press the largest U.S. business advocacy organization on its threat to sue the Federal Trade Commission over a plan to ban noncompete clauses. Elizabeth Warren, D-Mass., and Sheldon Whitehouse, D-R.I., are requesting detailed information from the U.S. Chamber of Commerce about its plan to sue the FTC to halt the proposal. The new rule that would bar employers from imposing noncompete clauses could increase workers' wages by $300 billion a year, according to the FTC. A ban in Oregon helped raise wages for lower wage workers by 2% to 3%, according to a 2021 study.

☆ How Do Noncompetes Affect Jobs and Pay? Ask a Hair Stylist
▼ + stars: | 2023-02-13 | by ( Lindsay Ellis | ) www.wsj.com time to read: 1 min

When Karrie Williams graduated from beauty school, she went to work at a Drybar in Bethesda, Md. Drybar’s noncompete clause, she says, barred her from working at another blow-dry salon or taking conflicting one-time gigs like styling hair for weddings, which could pay as much as $250 per updo. Ms. Williams, now 32 years old, says Drybar paid minimum wage at first, but did permit her to do cut-and-color work at other hair salons. The catch: Many of those salons required their own noncompete provisos, too.

☆ Controversial noncompetes now face a possible ban. But one group never had to worry about them: attorneys
▼ + stars: | 2023-01-27 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

The FTC estimates that about 30 million workers are bound by noncompete agreements across the US. However, an American Bar Association rule has long protected lawyers from being forced to sign the agreements. The American Bar Association's Model Rules of Professional Conduct protects lawyers from being forced to sign noncompetes. The ABA's rule contrasts with a similar rule from the American Medical Association that discourages medical professionals from signing noncompetes, but does not ban them. Earlier this month, recruiters told Insider that doing away with noncompete agreements could lead to another wave of employees leaving for better opportunities, or to start their own businesses.

☆ Doctors and Nurses Forced to Give Four Months Notice
▼ + stars: | 2023-01-26 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +3 min

Employees at Concentra must give 120 days' notice before they quit, Bloomberg reported. Doctors, nurses and physicians assistants have received threats of hefty fines for leaving early, according to Bloomberg. The FTC has proposed a rule banning noncompete clauses, which also affect Concentra workers, per Bloomberg. But as noncompete clauses and other restrictive measures become popular among corporations, regulators are firing up an effort to halt them all together. By ending this practice, the FTC's proposed rule would promote greater dynamism, innovation, and healthy competition," FTC Chair Lina M. Khan said in the release.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

☆ How eliminating noncompete agreements could make it easier for workers to change jobs
▼ + stars: | 2023-01-15 | by ( Marguerite Ward | Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Some 30 million workers are subject to noncompete agreements, according to the FTC. The FTC estimated that some 30 million workers are subject to noncompete agreements. In theory, noncompete agreements protect companies from having high-level executives with inside info jump to competitors or start rival shops. Thousands of workers could soon switch jobsMany low-wage workers are subject to noncompete agreements, which the FTC said stifles wages and innovation. andresr/Getty ImagesEnforceable or not, noncompete agreements scare many workers into staying in their current roles, recruiters said.

☆ The FTC's proposed ban on noncompete agreements could create a world of opportunity for entrepreneurs
▼ + stars: | 2023-01-12 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +4 min

The Federal Trade Commission proposed a nationwide ban on noncompete agreements in early 2023. If approved, the ban could help many aspiring entrepreneurs start businesses. If approved, the ban would affect one out of five US workers and could create more opportunities for entrepreneurs, according to the FTC. Banning noncompetes is just one of the policy changes that Right to Start has campaigned for at the state level. "We actually are getting ready for a significant wave of Right to Start Acts across the country this year," Hwang said.

☆ U.S. Chamber of Commerce threatens to sue the FTC over proposed ban on noncompete clauses
▼ + stars: | 2023-01-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

Signage is seen on the Chamber Of Commerce Building in the Manhattan borough of New York City, New York, U.S., April 21, 2021. A major business advocacy group has pledged to sue the Federal Trade Commission if it acts on a proposal to ban noncompete clauses in worker contracts — an issue that has bipartisan support among lawmakers. The U.S. Chamber of Commerce, which represents some 3 million businesses, is prepared to sue if the FTC continues to push for a proposal that prohibits companies from imposing noncompete clauses on employees, President and CEO Suzanne P. Clark told reporters Thursday. The Chamber called the proposal "blatantly unlawful" and ignorant of established state laws where "noncompete agreements are an important tool in fostering innovation and preserving competition." Banning noncompete agreements is "clearly authority that (the FTC doesn't) have and no one has ever thought that they had," Bradley said.

☆ FTC Chair Lina Khan on noncompete ban: Workers are losing $300 billion a year from noncompetes
▼ + stars: | 2023-01-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTC Chair Lina Khan on noncompete ban: Workers are losing $300 billion a year from noncompetesLina Khan, FTC chair, joins 'Squawk Box' to discuss the FTC's recent proposal, the Chamber of Commerce's statements against the proposal and who the proposal impacts.

☆ Ditching noncompete clauses would be a win for workers' rights and employees in low-wage jobs
▼ + stars: | 2023-01-06 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +5 min

Noncompetes prevent some workers in low-wage jobs from leaving for better opportunities. If the FTC succeeds in banning noncompete clauses, it can be an important win for low-wage workers and a pivotal moment in the push for workplace equity, advocates for the change say. Annabelle Chih/Getty ImagesCritics point out that many workers subject to noncompete language aren't high-profile executives who've amassed trade secrets — they're average workers. In 2015, The Verge reported on Amazon's use of noncompete agreements for warehouse workers. "Noncompete agreements help artificially stifle competition in the labor market, allowing employers to keep wages low by limiting workers' employment options," Constant wrote.

☆ Noncompete clauses are bad for competition in ways we should be concerned, says FTC's Lina Khan
▼ + stars: | 2023-01-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNoncompete clauses are bad for competition in ways we should be concerned, says FTC's Lina KhanLina Khan, FTC chair, joins 'Squawk Box' to discuss the FTC's recent proposal to ban noncompetes clauses, how noncompetes would impact the idea of trade secrets and more.

☆ FTC proposes to ban noncompete clauses, says move will strengthen workers' hands.
▼ + stars: | 2023-01-05 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

The Federal Trade Commission proposed a new rule Thursday to ban the use of noncompete clauses in worker contracts, a change that would significantly boost the negotiating power of employees. “The freedom to change jobs is core to economic liberty and to a competitive, thriving economy,” FTC Chairwoman Lina M. Khan said in a statement. According to a 2019 study by the left-leaning Economic Policy Institute, somewhere between a quarter to about a half of all workers are subject to noncompete clauses. The FTC said that 1 out of 5 workers are bound by noncompete clauses. Wilson said she believed the rule was outside the FTC’s scope and would be vulnerable to legal challenges.

☆ Federal Trade Commission proposes banning noncompetes for workers
▼ + stars: | 2023-01-05 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —The Federal Trade Commission on Thursday said it is proposing a rule to ban employers from imposing noncompete agreements on workers and to rescind all existing noncompete agreements. “Research shows that employers’ use of noncompetes to restrict workers’ mobility significantly suppresses workers’ wages — even for those not subject to noncompetes, or subject to noncompetes that are unenforceable under state law,” said Elizabeth Wilkins, Director of the Office of Policy Planning. “The proposed rule would ensure that employers can’t exploit their outsized bargaining power to limit workers’ opportunities and stifle competition.”The proposed rule was cheered by the liberal-leaning Economic Policy Institute. The only source of power nonunionized workers have vis-à-vis their employers is their ability to quit and take a job elsewhere. The proposed rule will be open for public comment for 60 days after which the FTC will review the comments and possibly amend the rule before issuing a final version.

☆ The FTC wants to ban companies from telling their employees they can't work for competitors — and says it'll help workers make $300 billion more a year
▼ + stars: | 2023-01-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The FTC wants to ban noncompete agreements, which stop workers from moving to competitors or starting their own similar businesses. Under the FTC's proposed rule, employers wouldn't be able to impose a noncompete, and past ones would be rescinded. FTC Chair Lina Khan said that noncompetes undermine competition and competitive conditions. Under a new proposed rule, the FTC would ban employers from saddling workers with noncompete agreements that prohibit them from working at competitors, or starting similar businesses. In some cases, workers can't start their own businesses similar to the ones they're working in.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

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